Determining sample size for estimating means-sample decisons, Operation Research

Assignment Help:

Determining Sample Size for estimatingMeans

a.Acceptable Errors: There  may be several errors  in the  sample  size. The researcher  will have  to decide those  errors. Which may  be acceptable to  the executive.  For  example  if the  marketing executive desires to spends Rs.10,000 per month  on advertisement he may willingly spend   ± 10 % of the said expenditure. The deviation is decided on the basis of the  acceptable mean of  ten expenditure. A large size error would  be unacceptable. Therefore ten management will  have  to determine various  errors related to the sampling procedures. How many  errors  will be  acceptable  to management  are decided before planning  the sampling.

b.Confidence Level  :The  next  factor  influencing the   sample size  is deciding the confidence level. The larger the size of the sample the larger will be the confidence level of the  estimate. In case of a 100 percent sample of the population the confidence of the estimate will  be a 100 percent accurate. But  the study of all elements of the population will  too costly and impractical. Therefore  a smaller size  sample is selected for  calculating the estimate. In  practice the  management may decide on a 90 percent 95 percent  or 99 percent confidence level. Ac confidence level  of 95 percent  is desirable for all purposes.  The remaining  5 percent  risk  is acceptable.  Depending  on a 95  percent  confidence  level, the  size  of he sample may  be  determined. In  case of the  estimate  size of  sample  is decided by  the followings  formula.

                                                                                 x  = s/ √n

    Where  x is the  estimate  of the standard  error  of the  man  and S is the sample  standard deviation and is the size of  he sample. We have  seen that ± 2  x as the  interval at 95.45 confidence level to  decide  a specific  estimate. If we  assume  that we  want  ± 10 % of the  estimate  the would  be :

 

                                                   2110_Determining Sample Size for estimatingMeans.png

 

But  in practice, the  standard  deviation of the  sample  is unknown  before  selection  of the  sample. If  is a  typical  case. The researcher tries  to known  from past  studies.

 

 

 

 

 

 


Related Discussions:- Determining sample size for estimating means-sample decisons

Rank methods spearman s, Rank Methods Spearman s When the variables  u...

Rank Methods Spearman s When the variables  under  consideration are  not capable  of quantitative  measurement but can  be arranged  in serial  order( ranks) we find  correla

Decision tree approach, Question: Spencerville Products is expanding ...

Question: Spencerville Products is expanding its operations west of the Mississippi.  Its first step is to build a manufacturing facility in Denver to satisfy demand on the W

Linear programing problems, basic requirements for solving linear programin...

basic requirements for solving linear programing using simplex method

Solved a.q, Solve the following Linear Programming Problem using Simple met...

Solve the following Linear Programming Problem using Simple method. Maximize Z= 3x1 + 2X2 Subject to the constraints: X1+ X2 = 4 X1 - X2 = 2 X1, X2 = 0

Post-optimal analysis, It can be seen from the optimal solution for the fou...

It can be seen from the optimal solution for the foundry problem that two resources, raw material-1 and labor, are exhausted whereas the other two resources, raw materi

Operations research 2, management wants to know how many supervisors should...

management wants to know how many supervisors should be hired, and what could be the optimum workload distribution to be applied, given a number of constraints

Steps of research proposal, Steps of Research Proposal Proposal Con...

Steps of Research Proposal Proposal Content  The researcher is always given instructions for preparing a proposal that indicate the format to be followed. Funding agencie

Individual user interests - information resources, Individual User Interest...

Individual User Interests: More specific information about users could cover the following:  Subjects and associated interest - e.g. specific subjects, allied subjects;

Identify the various ways of selecting a random sample, Question 1 Discuss...

Question 1 Discuss the types of measurement scales used in research Question 2 Identify the various ways of selecting a random sample Question 3 Discuss five advan

Demerits of range - measure of dispersion , Demerits  of Range a.It g...

Demerits  of Range a.It gives  importance  to the  two  extreme  values and is very much affected by the extreme items. b.The range  provides  no information  about the  st

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