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Cost- sampling decisons
σ x¯ =S/√n
Where is the standard error of he mean is the standard devaluation of the population and n is the sample size. Here the standard error of the mean is expressed in terms of money i, e. ± Rs. 10. If the standard deviation is 100 the factor for 95 percent confidence is 1.96 of standard deviation. Thus the actual size of the sample would be
10/ 1.96 = 100/√n
√n = 196/10
N = 384
The total cost of the budget been reduced from Rs.8000 to Rs. 7680= ( 384x 20)
Another alternative may be to increase the allowable error from a lower level to higher level provided it does not affect the attitude of the respondents. For example if the error is increased to 15, the sample size will be
σ x¯ =s/√n
1.5/1.96= 100√n
√n= 196/ 15
N= 169
Thus the total budget will be reduced from Rs. 8000 to Rs. 3380= ( 196x 20)
STANDARA DEVIATION Standard deviation is the square root of the arithmetic average of squares of all the deviations from the mean. In short it may be defined as th
#question.Solve the following Linear Programming Problem using Simple method. Maximize Z= 3x1 + 2X2 Subject to the constraints: X1+ X2 = 4 X1 - X2 = 2 X1, X2 = 0.
Solve the following Linear Programming Problem using Simple method. Maximize Z= 3x1 + 2X2 Subject to the constraints: X1+ X2 = 4 X1 - X2 = 2 X1, X2 = 0
Uncertainly : There is a great uncertainly about economic and general environment. With economic growth uncertainty is also growing's. this makes each decisions costlier
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#A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y paper
how to use simples method
Maximize w = 5x -2y +3z subject to 2x +2y -z>=2 y + 3z
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The Best Corporation is considering making either minor or major repairs to a malfunctioning production process. When the process is malfunctioning, the percentage of defective it
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