When the Sample Size Is 10 Percent or More of the Population

question 70

True/False

When the sample size is 10 percent or more of the population size,the standard error formulas will overestimate the standard deviation of the population mean or proportion.Hence,these should be adjusted by a finite population correction factor.

---

Definitions:

Variable Maintenance Costs

These are expenses that fluctuate in direct proportion to the level of activity or production, such as the costs of repairing machinery which increase with more intensive use.

Equipment Services Department

A division within an organization responsible for maintaining, repairing, and ensuring the operational efficiency of machinery and equipment.

Fabrication

The process of constructing products by combining diverse materials through various manufacturing techniques.

Assembly Departments

Specific areas or segments in a manufacturing facility where components are assembled into final products.