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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING:
It has been reported that 1.7% of the work force will retire this year.Consider a random sample of 200 workers.
-What is an estimate of the standard deviation of the number of people who will retire this year? Use the Poisson approximation to the binomial.
Sample Proportions
The fraction or percentage of samples in a category or exhibiting a characteristic, used to estimate population proportions.
Population Proportions
Refers to the share or percentage of a specific subgroup within the overall population.
Variance
Variance quantifies the spread of data points around the average value, showing the extent of their dispersion.
Sample Proportions
The percentage of times a characteristic occurs in a sample as compared to the total sample size.
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