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)

How many cubic feet of steel is require to construct, A spherical holding t...

A spherical holding tank whose radius to the outer surface is 10 feet is constructed of steel 1 inch thick. How many cubic feet of steel is require to construct the holding tank? R

Explain peano''s axioms with suitable example, Question 1 Explain Peano's ...

Question 1 Explain Peano's Axioms with suitable example Question 2 Let A = B = C= R, and let f: A→ B, g: B→ C be defined by f(a) = a+1 and g(b) = b 2 +1. Find a) (f °g

Fractions, how do i multiply and divide fractions?

how do i multiply and divide fractions?

Give examples on multiplication rule in probability, Example: Suppose your...

Example: Suppose your football team has 10 returning athletes and 4 new members. How many ways can the coach choose one old player and one new one? Solution:  There are 10 wa

Fractions, A car travels 283 1/km in 4 2/3 hours .How far does it go in 1 h...

A car travels 283 1/km in 4 2/3 hours .How far does it go in 1 hour?

Gaussian elimination, Example1 :  Solve the subsequent system of equations....

Example1 :  Solve the subsequent system of equations. -2x 1 + x 2 - x 3 = 4 x 1 + 2x 2 + 3x 3   = 13 3x 1 + x 3 = -1 Solution The initial step is to write d

Coefficient of correlation denoted, Coefficient of Correlation Denoted ...

Coefficient of Correlation Denoted There are two methods which measure the degree of correlation among two variables these are denoted by R and r. (a) Coefficient of correl

Sets, creative assignment about sets

creative assignment about sets

Series, if abebe murepay a $100000interse free loan by making annuallypaym...

if abebe murepay a $100000interse free loan by making annuallypayment of 1st

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