essay #37824

 

Topic:  Business-decision Making


 

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Type of paper: Coursework
Subject area: Management
Academic level: College
Style: APA
Size: 35.0 kB
Word count:
294 words/2 pages
Mark awarded:  
Author: Gudrun Lam
Date submitted: 2008-11-21 21:31:04
Rating/Votes count:
5.00 / 1
 
See alike papers
 
 
Tags: business, decision, design, unit, create, sampling, interval, Business, Sample Size, Sample Mean, Calculated Sample Size, Sample Size Needed, decsion, Sample Standard Deviation
TO : Piggybank Product Development Team
FROM : Researcher
DATE : June 11 2007
SUBJECT : Determination of Sample Mean
Through Appropriate Statistical Research Analysis , the required
number of cardholders that should be sampled is 13530 . This figure is in
line with the data that was previously provided as follows :
Sampling error 10
Population Standard Deviation 500
Confidence Interval : 98
It was earlier signified that the company is only willing to spend 10 ,000 .00 for the sampling purposes . However , if the cost of sampling
is 5 per cardholder , it would mean that only 2000 cardholders can be
sampled for the study .
If the number of samples at 13350 will not be met , there might be a
problem in terms of the upcoming analysis in getting the true condition
of the data collected . The sampling error of 10 will not be a valid
clause to determine any significant analysis for , this aspect measures
the differences in mean and standard deviation for a specified number of
samples (Wikipedia , 2007 .
The confidence interval is the range of values which is likely to
include a specific population parameter of a given set of data (Easton ,
McColl . Thus , if the inappropriate number of the population sample is
not used , there will be some discrepancies between the estimated
statistical analysis and the true representation of the data collected .
Number of cardholders to be sampled
Data
Population Standard Deviation 500
Sampling Error 10
Confidence Level 98
Intemediate Calculations
Z Value -2 .326347
Calculated Sample Size 13529 .72591
Result
Sample Size Needed 13530
References :
Easton , V , McColl , J . Confidence Intervals . Lancaster University ,
Statistics Glossary . Retrieved June 10 , 2007 from HYPERLINK "http /www .cas .lancs .ac .uk /glossary_v1 .1 /confint .html confinterval "
http /www .cas .lancs .ac .uk /glossary_v1 .1 /confint .html confinterval .
Wikipedia . 2007 . Smapling Error . Wikipedia , the free encyclopedia .
Retireved June 10 , 2007 from HYPERLINK "http /en .wikipedia .org /wiki /Sampling_error "
http /en .wikipedia .org /wiki /Sampling_error...
 

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