Cost- sampling decisons, Operation Research

Assignment Help:

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)

    

 


Related Discussions:- Cost- sampling decisons

Mean deviation - measure of dispersion, MEAN DEVIATION Mean  deviati...

MEAN DEVIATION Mean  deviation of a series is the arithmetic  average of the  deviations of various  items  from the  median  or mean  of that series. Median is preferred

Determining sample size for estimating poportions, Determining Sample Size ...

Determining Sample Size for Estimating poportions It is  necessary  to determining  the sample size for a  problem involving  proportions. This deals  with the percentage of f

Determine the optimal assignment, Six Operators are to be assigned to five ...

Six Operators are to be assigned to five jobs with the cost of assignment in Rs. given in the matrix below. Determine the optimal assignment. Which operator will have no assignment

Que, #queSix Operators are to be assigned to five jobs with the cost of ass...

#queSix Operators are to be assigned to five jobs with the cost of assignment in Rs. given in the matrix below. Determine the optimal assignment. Which operator will have no assign

Graphical solution procedure, Graphical Solution Procedure sample assignmen...

Graphical Solution Procedure sample assignment and solved questions, free examples and solved homework samples for Graphical Solution Procedure in operation research. Question

Identify and comment on cultural similarities, You are required to analyse ...

You are required to analyse the case study, as indicated under these headings: 1. Identify FIVE persons, bodies, organisations or groups in the case study. 2. For EACH of the

Disadvantages of mode - measure of central tendency , Disadvantages of Mode...

Disadvantages of Mode a.It is  ill defined. b.It is  indefinite  and it is  some cases impossible  to find a definite  value. c.It is not based on all observation. So  i

Production and operations management., layout of any retailer shop and the ...

layout of any retailer shop and the reasons for the layout

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd