What Is the Required Sample Size to Be 95% Confident

question 97

Essay

What is the required sample size to be 95% confident that the observed average time is within 2% of the actual value if the process has a standard deviation of 1 minute and mean of 50 minutes?

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Definitions:

Sample Size

The number of observations or data points used in a sample for the purposes of statistical analysis.

Mean Deviation

A measure of the average distance between each data point in a set and the mean of the data set, reflecting the dispersion or spread.

Deviations

Differences between observed values and some reference value, often the mean of the set.

Conservative Estimates

Estimates made cautiously to ensure that the actual value is not likely to exceed the estimated value.