If the Estimated Population Standard Deviation Based on Previous Studies

question 37

Multiple Choice

If the estimated population standard deviation based on previous studies is 20 percent, the acceptable error is plus or minus 5 percent, and the z-value for a 95 percent level of confidence is 1.96, the needed sample size is approximately:

• A) 48.
• B) 210.
• C) 61.
• D) 153.
• E) 196.

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Definitions:

New-product Prototype

An initial model or sample version of a new product, built to test the concept or process, typically before mass production or market launch.

Firm's Overall Objectives

The overarching goals or aims that guide a company's operations and strategy, such as profit maximization, growth, and market share.

Screeningevaluation

Screening and evaluation involve the process of assessing and reviewing potential projects, candidates, or ideas to determine their viability or suitability before proceeding to more in-depth analysis or implementation.

Market Testing

The stage of the new-product development process that exposes actual products to prospective consumers under realistic purchase conditions to see if they will buy.