Comment on relative sensitivity of minimum sample size

Assignment Help Basic Statistics

Reference no: EM131380932

A company wants to conduct a telephone survey of randomly selected voters to estimate the proportion of voters who favor a particular candidate in a presidential election, to within 2% error with 95% confidence. It is guessed that the proportion is 53%.

Question

1. What is the required minimum sample size?

2. The project manager assigned to the survey is not sure about the actual proportion or about the 2% error limit. The proportion may be anywhere from 40% to 60%. Construct a table for the minimum sample size required with half-width ranging from 1% to 3% and actual proportion ranging from 40% to 60%.

3. Inspect the table produced in question 2 above. Comment on the relative sensitivity of the minimum sample size to the actual p

4. At what value of the actual proportion is the required sample size the maximum?

5. The cost of polling includes a fixed cost of $425 and a variable cost of $1.20 per person sampled, thus the cost of sampling n voters is $(425 + 1.20n). Tabulate the cost for range of values as in question 2 above.

6. A competitor of the company that had announced results to within ±3% with 95% confidence has started to announce results to within ±2% with 95% confidence. The project manager wants to go one better by improving the company's estimate to be within ±1% with 95% confidence. What would you tell the manager?

Reference no: EM131380932

Questions Cloud

Create an outline highlighting the major points : Create an outline highlighting the major points, key words, definitions and strengths/weaknesses. Please do this for both the Northouse chapters and the HBR articles.

What is the associated total cost : What is the minimum sample size (of attempts) if the proportion is to be estimated within ±2% with 95% confidence? What is the associated total cost?

Discuss what type of union federation or local union : The value of the partnership was the fact that both parties bargained in good faith and were able to come to agreement on all mandatory collective bargaining items. It is important to understand details of this process.

State the purpose of the business research for each study : State the purpose of the business research for each study. Determine research questions and hypotheses being researched in each study. Identify the dependent and independent variables being manipulated or measured in each study.

Comment on relative sensitivity of minimum sample size : Comment on the relative sensitivity of the minimum sample size to the actual p- At what value of the actual proportion is the required sample size the maximum?

How would you set up the null and alternative hypotheses : A pharmaceutical company claims that four out of five doctors prescribe the pain medicine it produces. If you wish to test this claim, how would you set up the null and alternative hypotheses?

How would you set up the null and alternative hypotheses : How would you set up the null and alternative hypotheses to test the concentration of the chemical in the medicine?

How will you set up the null and alternative hypotheses : If you wish to test the effectiveness of a newly designed Web page in regard to its download time, how will you set up the null and alternative hypotheses?

Determine two to three methods of using stocks : Determine two to three (2-3) methods of using stocks and options to create a risk-free hedge portfolio can be created. Support your answer with examples of these methods being used to create a risk-free hedge portfolio.From the scenario, create a ..

User Account

All Pages