In an Effort to Estimate the Mean Length of Stay

question 58

True/False

In an effort to estimate the mean length of stay for motel guests at a major national motel chain, the decision makers asked for a 95 percent confidence, and a margin of error of ±0.25 days. Further, it was known that the population standard deviation is 0.50 days. Given this, the required sample size to estimate the mean length of stay is about 16 customers.

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Definitions:

Behavioral Approach

A method in psychology and management focusing on the study of observable behavior, emphasizing the external behaviors of people and their reactions in specific situations rather than internal states like feelings and thoughts.

Productivity

Productivity measures the efficiency of production, often quantified as the ratio of output to input within a certain period.

Quick-Fix Mentality

A mindset that prioritizes immediate solutions to problems, often at the expense of addressing underlying issues.

Management by Best-Seller

A management approach where strategies and practices are adopted based on popular business books, often focusing on the latest trends or successful leader insights.