Statisticians Like Precision in Their Interval Estimates

question 67

Multiple Choice

Statisticians like precision in their interval estimates. A low margin of error is needed to achieve this. Which of the following supports this when selecting sample sizes?

• A) A larger sample size reduces the margin of error.
• B) A smaller sample size reduces the margin of error.
• C) A larger sample size increases the margin of error.
• D) A sample size has no impact on the margin of error.

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Definitions:

Job Observation

The method of evaluating a job by watching and noting the tasks being performed, often used for training, performance assessment, or job design.

Family-Managed Businesses

Businesses that are owned, controlled, and operated by members of one or several families, often passed down through generations.

Nonfamily Professionals

Individuals who are employed in family-owned businesses but are not members of the owning family, bringing external expertise and perspectives.

Employee Referrals

A recruiting strategy where current employees recommend potential candidates for open positions within the organization.