A Work Sampling Method Is Used to Determine the Proportion

question 88

Multiple Choice

A work sampling method is used to determine the proportion of the time a worker is idle.The following information was gathered on a random basis. If the manager wants a 95 percent confidence level (z = 1.96) and a degree of precision of + 0.03,how many MORE observations are needed?

• A)fewer than or equal to 700
• B)greater than 700 but fewer than or equal to 800
• C)greater than 800 but fewer than or equal to 900
• D)greater than 900

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Definitions:

Shadow Price

The implied worth or value of a resource that is not priced by the market, often used in cost-benefit analysis or optimization problems.

Nonlinear Optimization Models

Mathematical models where the objective function or any of the constraints are nonlinear, used to find the optimal solution under given nonlinear conditions.

Lagrange Multiplier

A strategy used in optimization problems to find the maximum or minimum of a function subject to constraints.

Projected Revenue

An estimate of the amount of money that a company expects to earn in a future period.