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)

Operations research, scope of operation research and its limitations

scope of operation research and its limitations

Mixing problems, In these problems we will begin with a substance which is ...

In these problems we will begin with a substance which is dissolved in a liquid. Liquid will be entering as well as leaving a holding tank. The liquid entering the tank may or may

Project, report on shares and dovidend using newspaer

report on shares and dovidend using newspaer

What is equivalent of this temperature in degrees fahrenheit, The temperatu...

The temperature in Hillsville was 20° Celsius. What is the equivalent of this temperature in degrees Fahrenheit? This problem translates to the expression 3 {[2 - (-7 + 6)] + 4

Shares and dividend, a man in rested rupee 800 is buying rupee 5 shares and...

a man in rested rupee 800 is buying rupee 5 shares and then are selling at premium of rupee 1.15. He sells all the shares.find profit

Example of the invisible effort, Imagine a time in history when the number ...

Imagine a time in history when the number system had not yet evolved a farmer needed to keep track of his cattle. What would he do to figure out whether his entire rattle returned

Find the tangent to the curve, 1. Find the third and fourth derivatives of ...

1. Find the third and fourth derivatives of the function Y=5x 7 +3x-6-17x -3 2. Find the Tangent to the curve Y= 5x 3 +2x-1 At the point where x = 2.

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