In Order to Estimate the Mean Salary for a Population

question 34

Short Answer

In order to estimate the mean salary for a population of 500 employees,the president of a certain company selected at random a sample of 40 employees.If the population standard deviation is $800,compute the standard error both with and without using the finite population correction factor.
With correction factor:
Without correction factor:

---

Definitions:

Interpretation Of Results

The process of analyzing data obtained from research or experiments to determine their significance and implications.

Statistically

Relating to, or based on, the principles of statistics, often implying the utilization of quantitative data to draw conclusions.

Correlational Techniques

Statistical methods used to determine if a relationship exists between two or more variables, without necessarily implying causation.

.01 Level

A statistical significance level indicating that the probability of the observed results occurring by chance is less than 1%.