How Large a Sample Should Be Taken to Estimate a Population

question 57

Short Answer

How large a sample should be taken to estimate a population proportion to within 0.01 with 90% confidence if the proportion is known to be around 5%?

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Definitions:

Inventory Equal

A term indicating the state where the counted physical inventory matches the recorded inventory numbers in the books.

Ending Raw Materials

The inventory value of raw materials available at the end of an accounting period before being used in production.

Ending Inventory

The total value of all inventory a company has in stock at the end of a fiscal period.

Beginning Inventory

The value of a company's inventory at the start of an accounting period; the starting point for determining inventory levels over a period.