For Each of the Following Situations Related to Determining the Average

question 18

Short Answer

For each of the following situations related to determining the average weight of a National Football League player,indicate how the appropriate sample size would change by using the letter I (increase),D (decrease),or N (no change).Assume that all other factors are held constant.
___ 1.The desired level of precision changes from 20 pounds to 10 pounds.
___ 2.The sampling risk increases from 5 percent to 10 percent.
___ 3.The number of football players in the population increases from 1,400 to 1,600.
___ 4.You initially want to estimate the weight for offensive linemen only but decide to in include quarterbacks,running banks,and placekickers.
___ 5.Your initial sample estimate changes from 250 pounds to 230 pounds.

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Definitions:

Labor Cost Variance

The difference between the actual labor costs incurred and the standard labor costs for the actual production achieved; it is used for monitoring labor performance.

Standard Cost

A predetermined cost of manufacturing, purchasing, or using a product or service, used in budgeting and variance analysis.