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
A paper mill products two grade of paper viz., X & Y. Because of raw material restriction, it cannot produce more than 400 tons of grade X paper & 300 tons of grade Y paper in a we

Family Application specialises in selling major appliances for use in kitchen remodelling.  One of its more popular items is the SubZero refrigerator.  Over the past 40 weeks, the

Problem 1 Explain the key elements, which contribute to a sound and effective strategy. >>Explanation of following elements Market Consumers Competition Skil

Minimization Example  A farmer is advised to utilize at least 900 kg of mineral A and 1200 kg of mineral B to increase the productivity of crops in his fields.

Scenario: You work as a junior employee in the marketing department of a medium-sized Hong Kong organisation. One of your major tasks is your involvement in your organization's

Case Study - Research Process Tomzak  and Hale  inc was a medium sized  marketing  research firm  located  in a large mind western  city. Bob Lynn a marketing  vice president

Formulation of the Problem: Before proceeding to find the solution of a problem, first of all a manager should be competent enough to form an appropriate model. To do so f

a pipe lis dur for rpair,the repair would cost 10000 and it would last for 3 years.alternatively a new pipe line can be purchase at 30000 for 10 years.assuming 10% depriciation rat

Research Paper Overview Research Topic: •    Research the effects of federal mandates in your state.  Examples include the Americans with Disabilities Act, the No Child Left B

role of computer software in operation research