Cost- sampling decisons, Operation Research

Cost- sampling decisons

 

                      σ x¯ =S/√n

     

Where is the  standard  error of he mean is the standard devaluation of  the population and n is the sample size. Here  the standard  error  of the mean is expressed in terms  of money i, e. ± Rs. 10. If the  standard  deviation is 100  the factor  for 95 percent  confidence is 1.96 of standard deviation. Thus  the actual size  of the  sample  would be

                10/ 1.96 = 100/√n

                 √n = 196/10

                N = 384

The total  cost of  the budget  been reduced from  Rs.8000 to Rs. 7680= ( 384x 20)

Another  alternative may be to  increase  the allowable error  from a lower  level to  higher level  provided  it does  not affect  the attitude  of the  respondents. For  example  if the  error is increased to  15, the sample  size will be

         σ x¯ =s/√n

        1.5/1.96= 100√n

      √n= 196/ 15

     N= 169

Thus  the total  budget  will be reduced from  Rs. 8000 to Rs. 3380= ( 196x 20)

    

 

Posted Date: 2/26/2013 2:59:24 AM | Location : United States







Related Discussions:- Cost- sampling decisons, Assignment Help, Ask Question on Cost- sampling decisons, Get Answer, Expert's Help, Cost- sampling decisons Discussions

Write discussion on Cost- sampling decisons
Your posts are moderated
Related Questions
Maximize Z = 2x - 7y subject -2x + 3y = 3 4x + 5y >= 10 6x + 7y 4x + 8y >= 5

After having studied as to what is operations research we shall now try to answers why its need has been felt by the industry. As already tainted out science of OR came

Select one of the topics listed 1-6 below and outline a programme of quantitative research for its investigation.  The assignment  should cover issues of sample design, instrumen

This assignment requires you to evaluate a product from the view point of quality, both quality of design (as perceived by the user) and quality of conformance. To ensure that we a

This method is more  systematic and orderly than least cost method. Here penalties for each column and row of the transportation table are determined, and the row  or  column with

In a rectangular game, pay-off matrix of player A is as follows: Player B B1 B2 Player A A1 A2 i) Solve the game. ii) Write down the pay-off matrix of B and th

operation research scope

Z-Test Prof. Fisher has  given a method  of testing the significance of the correlation coefficient in small  samples. According  to this method the  coefficient of correlation

500 word summary written in third person on predictions of how current healthcare reform polocies will impact the future of healthcare

Chi Square Test as a Test of Homogeneit The X 2 test of homogeneity is an  extension of the chi square  test of independence of attributes. It is  designed to determine  whet