Suppose a Department Store Wants to Estimate the Mean Age

question 76

Short Answer

Suppose a department store wants to estimate the mean age of the customers of its contemporary apparel department,correct to within 2 years,with level of confidence equal to 95%.Management believes that the standard deviation is 8 years.The sample size they should take is .

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Definitions:

SWOT Analysis

A strategic planning tool that identifies Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning.

Met Museum

Refers to The Metropolitan Museum of Art in New York City, one of the world's largest and most prestigious art museums.

Environmental Scan

The process of systematically collecting and analyzing external and internal environments to identify trends, opportunities, and threats.

SMART Objectives

Goals that are Specific, Measurable, Achievable, Relevant, and Time-bound, used to guide project management and achievement evaluation.