A Group of Statistics Students Decided to Conduct a Survey

question 57

Multiple Choice

A group of statistics students decided to conduct a survey at their university to find the average (mean) amount of time students spent studying per week. Assuming a population standard deviation of six hours,what is the required sample size if the error should be less than a half hour with a 95% level of confidence?

• A)554
• B)130
• C)35
• D)393

Comprehend the implications of setting standards on employee motivation and performance.

Recognize the integration and utility of standard costs in cost accounting systems.

Understand the use of variance analysis as a tool for management by exception.

Appreciate the potential advantages and disadvantages of using standard costs.