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In a Time Study,what Is the Required Sample Size to Be

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In a time study,what is the required sample size to be 95% confident that the observed average time is within ± 2% of the actual value,if the process has a standard deviation of 1 minute and mean of 50 minutes?


Definitions:

Residual Value

The anticipated amount that an asset is expected to generate when it is sold at the conclusion of its useful lifespan.

Intangible Asset

An asset that is not physical in nature, such as patents, trademarks, and copyrights, having value due to its potential to generate economic benefits.

Natural Resource

Assets derived from the earth, such as minerals, forests, and water, which are used to produce goods and services.

Depletion Expense

The allocation of the cost of natural resources over their useful life, representing the exhaustion of mineral, oil, or gas deposits.

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