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A Research Firm Needs to Estimate Within 3% the Proportion

question 39

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A research firm needs to estimate within 3% the proportion of junior executives leaving large manufacturing companies within three years. A 0.95 degree of confidence is to be used. Several years ago,a study revealed that 21% of junior executives left their company within three years. To update this study,how many junior executives should be surveyed?


Definitions:

Payback Period

The payback period is a capital budgeting metric that measures the time required for an investment to generate cash flows sufficient to recover its initial cost, helping assess the risk and efficiency of an investment.

Net Present Value

The difference between the present value of cash inflows and the present value of cash outflows over a period of time, used as a method for evaluating the profitability of an investment.

Complex Equipment

Machinery or systems that involve intricate components and functionalities, typically requiring specialized knowledge to operate.

Skilled Workers

Individuals possessing specialized training, knowledge, or ability in their professional areas, contributing to their proficiency and efficiency at work.

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