If a Manager Conducting a Time Study Needed an Accuracy

question 119

True/False

If a manager conducting a time study needed an accuracy of ±0.1 minutes, rather than ±0.2 minutes, the adequate sample size would have to be twice as large.

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Definitions:

Privity Of Contract

A doctrine in contract law that states only the parties involved in the contract have the right to sue or be sued on its terms.

Lease

A contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset for a specified period of time.

Agency

In legal terms, an agency refers to a relationship in which one party, known as the agent, is authorized to act on behalf of another party, known as the principal, in business transactions with third parties.

Privity Rule

A doctrine stating that only parties to a contract can sue or be sued on the contract's terms, restricting the rights of external parties.