A Finite Population Correction Factor Is Needed in Computing the Standard

question 112

Multiple Choice

A finite population correction factor is needed in computing the standard deviation of the sampling distribution of sample means

• A)whenever the population is infinite
• B)whenever the sample size is more than 5% of the population size
• C)whenever the sample size is less than 5% of the population size
• D)The correction factor is not necessary if the population has a normal distribution

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Definitions:

LPT

Longest Processing Time, a rule used in job sequencing problems to schedule jobs in descending order of their processing times.

Critical Ratio

A measure in project management and operations research indicating the urgency of a task based on its due date and the time remaining to complete it.

Production Value

The total worth of goods and services produced within a given period, measured often in terms of the cost of production or market value.

Job Assignment

The process of allocating specific jobs or tasks to employees based on their skills, experience, and availability.