A Survey of Corporate Executives Is Being Planned to Determine

question 56

Short Answer

A survey of corporate executives is being planned to determine their mean amount of weekly work time. A pilot survey indicated that the mean work time per week is 50 hours, with a standard deviation of 10 hours. It is desired to estimate the mean weekly work time within 5 hours. The 95 percent level of confidence is to be used. How many executives should be surveyed?

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Definitions:

Mailbox Rule

is a legal principle stating that an offer is considered accepted at the time the acceptance is mailed by the offeree, not when the acceptance is received by the offeror.

Offeror

The individual or entity that proposes the terms of a contract to another party, initiating the offer in a contractual agreement.

Conventional Values

Conventional values are traditional norms and moral standards that are widely accepted and practiced within a culture or society.

Recognized Authority

An individual or entity acknowledged and respected for their expertise or power within a specific realm or society.