(A) What Sample Size Would Be Required for the Production

question 87

Essay

(A) What sample size would be required for the production personnel to be approximately 95% sure that their estimate of the average number of errors per issue is within 4 errors of the true mean? Assume that the editor's best estimate of the population standard deviation ( ) is 10 errors per issue.
(B) How does your answer to (A) change if the editor wants the estimate to be within 3 errors of the actual population mean? Explain the difference in your answers to (A) and (B).

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Definitions:

Interim Balance Sheet

A financial statement showing the financial position of a company at a certain point in time, often prepared for a period shorter than a fiscal year.

Work in Process

An inventory account that represents goods that are in various stages of production but are not yet completed.

Materials Requisition

A document or electronic form used to request the transfer of materials from inventory for production or other internal use.

Time Tickets

Documents used to record the amount of time an employee spends on various tasks, commonly used for job costing.