For a Time Study, the Three Factors That Determine How

question 116

Multiple Choice

For a time study, the three factors that determine how large a sample size to take are

• A) the level of confidence, the z-value, and normal time
• B) needed accuracy, desired confidence, and standard deviation of the initial sample
• C) the level of confidence, the z-value, and the work sampling idle percent
• D) actual time, normal time, and standard time
• E) actual time, standard time, and mean time

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Definitions:

Restrictive Policy

This refers to a fiscal or monetary policy aimed at reducing the amount of money circulating within an economy, often to curb inflation.

Setup Equipment Costs

The initial costs associated with purchasing and installing new equipment or machinery for use in operations.

Shortage Cost

The costs incurred when demand for a product exceeds the supply, including potential lost sales, customer dissatisfaction, and additional operational costs to manage the shortage.

Investment In Inventory

The resources allocated by a business to purchase goods and materials held in stock for the purpose of resale or production.