To Compute the Necessary Sample Size for an Interval Estimate

question 24

Multiple Choice

To compute the necessary sample size for an interval estimate of a population mean, all of the following procedures are recommended when σ is unknown except​

• A) ​use the estimated σ from a previous study.
• B) ​use the sample standard deviation from a preliminary sample.
• C) ​use judgment or a best guess.
• D) use .5 as an estimate.

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Definitions:

Capital Expenditures Budget

A budget allocation for purchasing and investing in long-term assets and projects.

Minimum Cash Balance

The lowest level of cash that a company or individual aims to maintain to meet operational and emergency needs.

Cash Budget

A financial plan that estimates cash inflows and outflows over a specific period to manage liquidity and ensure financial stability.

Borrow

The act of receiving funds from another party under the agreement to return the principal amount along with interest.