To Compute the Necessary Sample Size for an Interval Estimate

question 41

Multiple Choice

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

• A) ​use the sample proportion from a previous study.
• B) ​use the sample proportion from a preliminary sample.
• C) ​use 1.0 as an estimate.
• D) ​use judgment or a best guess.

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Definitions:

Economic Order Quantity

A formula used to determine the optimal order size that minimizes the sum of ordering, holding, and stockout costs.

Optimal Batch Size

The most efficient quantity of items to produce in a single batch, minimizing the total costs associated with setup, holding, and production.

Freshness

The quality of being recently made or obtained, which is especially important in the context of perishable goods.

Artisanal Bread

Bread that is crafted in small batches using traditional methods and often featuring high-quality, locally sourced ingredients.