You Want to Build a 95% Confidence Interval Estimate of the Mean

question 17

Multiple Choice

You want to build a 95% confidence interval estimate of the mean of a large population.You want the margin of error to be no more than 3.You estimate that the population standard deviation is 42.How big a sample should you select?

• A)634
• B)753
• C)1016
• D)212
• E)196

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Definitions:

Standard Costing Systems

Accounting methods that use standard costs for direct materials, labor, and overhead to assess the efficiency of operations.

Cost Minimisation

A business strategy aimed at reducing expenses to improve profitability without compromising on the quality of the products or services offered.

Predetermined Manufacturing Overhead Rates

Rates used to allocate manufacturing overhead costs to products, calculated before the actual costs or activity levels are known.

Direct Labour Hours

Direct labour hours refer to the amount of time spent by workers directly involved in the manufacturing process of a product or service.