Which of the Following Statements Best Illustrates the Concept of the "Level

question 86

Multiple Choice

Which of the following statements best illustrates the concept of the "level of confidence" or z value chosen in sample size formulae?

• A) by setting z at 1.96 it means that the manager could expect, if she conducted the survey many, many times, the value of p would fall within the sample error range 95 percent of the time
• B) by setting z at 1.96 it means that the manager could expect, if she conducted the survey many, many times, the value of p would fall within the sample error range 5 percent of the time
• C) by setting z at 2.58 it means that the manager could expect, if she conducted the survey many, many times, the value of p would fall within the sample error range 95 percent of the time
• D) by setting z at 1.96 it means that the manager could expect, if she conducted the survey many, many times, the value of p would fall within the sample error range 99 percent of the time
• E) by setting z at 2.58 it means that the manager could expect, if she conducted the survey many, many times, the value of p would fall within the sample error range 1 percent of the time

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Definitions:

Review Interval

The scheduled time period between assessments or evaluations of a system, process, or set of data to ensure accuracy and efficiency.

Standard Deviation

A statistic that measures the dispersion or spread of a set of data points relative to its mean, indicating how much variation exists from the average.

Demand Aggregation

Combining demand from different sources to gain efficiencies in supply chain management, such as bulk purchasing or centralized distribution.

Regions

Geographically defined areas characterized by certain distinguishing features, which can be natural, social, economic, or political.