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)

Augmented matrix, Consider the following system of linear equations. X 1...

Consider the following system of linear equations. X 1 +x 3 +x 4 = 2 X 1 +x 2 +x 3 = 6 X 2 +x 3 +x 4 = 3 X 1 +x 2 +x 4 = 0  (a) Write out the augmented matrix fo

Probability, a die was rooled 500 times and number of times 4 came up was n...

a die was rooled 500 times and number of times 4 came up was noted if the imperical probability calculated from this information 7_10

What are whole numbers, Q. What are Whole numbers? The set of whole num...

Q. What are Whole numbers? The set of whole numbers is the set of natural numbers with the zero thrown in: 0,1,2,3,4,... Hint: Some people remember that the whole numbers

Horizontal asymptotes, Horizontal asymptotes : Such as we can have vert...

Horizontal asymptotes : Such as we can have vertical asymptotes defined in terms of limits we can also have horizontal asymptotes explained in terms of limits. Definition

Fenrir chain, Fenrir the wolf is bound by a magical chain. The chain is an ...

Fenrir the wolf is bound by a magical chain. The chain is an endless piece madr up of 30 links.Originally forged by 6 pieces , each made up of 5 links. It costs 2 silver coins to c

Inventory record, a) Complete the inventory record below for an FOQ of 100 ...

a) Complete the inventory record below for an FOQ of 100 units. b) Talk about weaknesses of MRP. List at least 3 and describe each in a sentence or two. Item: A

Subtract, Ask question Minimum 100 words accepted# 1000-101

Ask question Minimum 100 words accepted# 1000-101

What is the continuously compounded forward rate, At time t an investor s...

At time t an investor shorts a $1 face value zero coupon bond that matures at time T = t and uses the entire proceeds to purchase a zero coupon bond that matures at time

Probability questions, The probability that a person will get an electric c...

The probability that a person will get an electric contract is 2/5 and the contract that he will not get plumbing  contract is 4/7.If the probability of getting at least one contra

Correlation, How o make vicariate frequency distribution table

How o make vicariate frequency distribution table

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