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)

Geometry problems, if a circles diameter is 42 mm its radius is ___________...

if a circles diameter is 42 mm its radius is _________________ because ________________________.

In the terms of x, The length of Kara's rectangular patio can be expressed ...

The length of Kara's rectangular patio can be expressed as 2x - 1 and the width can be expressed as x + 6. In the terms of x, what is the area of her patio? Since the area of a

Jason 10 two-point or 2 three-point how many points score, Jason made 10 tw...

Jason made 10 two-point baskets and 2 three-point baskets within Friday's basketball game. He did not score any other points. How many points did he score? Find out the number

Operations with rational numbers, larry spends 3/4 hours twice a day walkin...

larry spends 3/4 hours twice a day walking and playing with his dog. He spends 1/6 hours twice a day feeding his dog. how much time does larry spend on his dog each day?

Calcukus, A drug has a decay rate of k = - ¼ ln(¾) / hr. How soon after an ...

A drug has a decay rate of k = - ¼ ln(¾) / hr. How soon after an initial dose of 1600 mg will the drug reach its minimum therapeutic value of 900 mg in the body?

Determine y' for xy = 1 by implicit differentiation, Determine y′ for xy = ...

Determine y′ for xy = 1 . Solution : There are in fact two solution methods for this problem. Solution 1: It is the simple way of doing the problem.  Just solve for y to

How many hours will it take for them to be 822 miles apart, Two trains leav...

Two trains leave the same city at the same time, one going east and the other going west. If one train is traveling at 65 mph and the other at 72 mph, how many hours will it take f

Multiplication example, Example  Multiply 3x 5 + 4x 3 + 2x - 1 ...

Example  Multiply 3x 5 + 4x 3 + 2x - 1 and x 4 + 2x 2 + 4. The product is given by 3x 5 . (x 4 + 2x 2 + 4) + 4x 3 . (x 4 + 2x 2 + 4) + 2x .

Fraction, sarah has 12 gel pen. she gave 3/4. how many she have

sarah has 12 gel pen. she gave 3/4. how many she have

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