A Provincial Job Service Employee Wishes to Estimate the Mean $\mu$

question 125

Essay

A provincial job service employee wishes to estimate the mean number of people who register with the service each week. How many weeks should be sampled in order to estimate $\mu$ , the mean number of weekly registrants? (The employee would like the margin of error to be less than 0.5 with confidence of 0.95. Past records show the weekly standard deviation to be 2.5.) Justify your conclusion.

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Definitions:

Meganational Approach

A strategy by businesses to operate on a global scale, emphasizing uniformity in products and services across countries to exploit economies of scale.

Value Chain

A series of activities that a company performs to create value for its customers, from product design to post-sale service.

Location Economies

The cost advantages gained by a business due to its geographical position, often influencing its competitiveness.

Meganational Strategy

A business strategy that emphasizes operating and competing in multiple countries as one global market.