If σ Is Unknown and There Is No Preliminary Sample

question 69

True/False

If σ is unknown and there is no preliminary sample available to estimate σ, the range divided by four can be utilized to determine an estimate of σ when finding sample size.

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Definitions:

Benefits Plan

A specific arrangement by an organization that outlines the non-wage compensations available to employees, such as health insurance, retirement contributions, and time off.

Outsourcing

The business practice of hiring a party outside a company to perform services or create goods that traditionally were performed in-house by the company's own employees.

Benefits Administration

The management and operation of an organization’s employee benefits program, including health insurance, retirement plans, and other non-wage compensations.

Flexible Benefits Plans

Employee benefit plans that allow workers to choose from a range of benefit options tailored to their individual needs.