Finite population correction factor or fpcf), Mathematics

Assignment Help:

Finite Population Correction Factor Or Fpcf)

If a specified population is relatively of small size and sample size is more than 5 percent of the population then the standard error must be adjusted by multiplying it by the finite population correction factor as:

FPCF is described by   = 13_Finite Population Correction Factor Or Fpcf).png

 

Whereas N = population size

                 n = sample size

 

Illustration

A manager wants an estimate of sales of salesmen in his company. A random sample 100 out of 500 salesmen is chosen and average sales are found to be Shs. 75,000. If a sample standard deviation is Shs. 15000 then determines the population mean at 99 percent level of confidence

Solution

Now N = 500, n = 100,  x¯ = 75000 and S = 15000

Here

Standard error of mean

Sx¯ = (s/√n) * {2298_Finite Population Correction Factor Or Fpcf).png}

 

= (15,000/√100) * (√ {(500 - 100)/(500 - 1)})

= (15,000/10) * (0.895)

S= 1342.50 at 99 percent level of confidence

Population mean         = x¯ ± 2.58 S

                                    =shs 75000 ± 2.58(1342.50)

                                    =shs 75000 ± 3464

                                    = Shs 71536 to 78464


Related Discussions:- Finite population correction factor or fpcf)

Permatuation and combination problem, How may six digit numbers can be made...

How may six digit numbers can be made in which the sum of the digits is even? Ans = 9*10*10*10*10*5

Find the perimeter of triangle, The length of the sides of a triangle are 2...

The length of the sides of a triangle are 2x + y/2 , 5 x/3 + y + 1/2  and 2/3 x  + 2y + 5/2. If the triangle is equilateral. Find its perimeter. A ns: 2x + y/2 = 4x + y

Ratios, What is the ratio of the cone''s volume to the cylinder''s volume

What is the ratio of the cone''s volume to the cylinder''s volume

Trignomentry, 128sinpower8=cos8-8cos6+28cos4-56cos2+35

128sinpower8=cos8-8cos6+28cos4-56cos2+35

Domain and range, Taxable income Tax rate 0 - $18,200 0% $18,201- $37,000 1...

Taxable income Tax rate 0 - $18,200 0% $18,201- $37,000 19% $37,001 - $80,000 32.5% $80,001- $180,000 37% $180,001 and over 45% if this is graphed as a step fuction graph whats t

Shares and dividends, suresh invested rs.1080 in shares of face value rs.50...

suresh invested rs.1080 in shares of face value rs.50 at rs.54.After receiving dividend on them at 8% he sold them at 52.In each of the transaction he paid 2 % brokerage.Hpw much d

Determine that the series is convergent or divergent, Determine or find out...

Determine or find out if the subsequent series is convergent or divergent.  If it converges find out its value. Solution To find out if the series is convergent we fir

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