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)

Determine the circumference, If Gretta's bicycle has a 25-inch radius wheel...

If Gretta's bicycle has a 25-inch radius wheel, how far will she travel in two turns of the wheel? (π = 3.14) a. 491 in b. 78.5 in c. 100 in d. 157 in d. To determin

Convert to scientific notation, 1 . If someone is 20 years old, deposits $3...

1 . If someone is 20 years old, deposits $3000 each year into a traditional IRA for 50 years at 6% interest compounded annually, and retires at age 70, how much money will be in th

The shape of a graph, The Shape of a Graph, Part II : In previous we saw h...

The Shape of a Graph, Part II : In previous we saw how we could use the first derivative of a function to obtain some information regarding the graph of a function.  In this secti

Basic set union operation, Q. Basic Set Union Operation? Ans. Supp...

Q. Basic Set Union Operation? Ans. Suppose instead that your school needs to know which students are taking either art or business or both. Then the students who are ta

Cartesian product of sets, The Cartesian product (also called as the cross ...

The Cartesian product (also called as the cross product) of two sets A and B, shown by AΧB (in the similar order) is the set of all ordered pairs (x, y) such that x€A and y€B. What

Sketch the plot first-order integrated rate, Show that the first-order inte...

Show that the first-order integrated rate expression can be written as [A] t = [A] 0 e -n(in)t where n represents the number of elapsed halftimes. Sketch the plot of [A] 1

Equivalent fractions and area models, Need two equal fractions multiply an...

Need two equal fractions multiply and divide 1/6 3/4 5/15 2/7 20/25 24/36 4/9

Geometry help, One of two complementary angles is 80& of the other. What is...

One of two complementary angles is 80& of the other. What is the degree measure of the smaller angle?

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