Randomness and Random Variables in Statistics
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Questions and Answers

What is a key component needed to estimate the required sample size for estimating a population mean?

  • Significance Level
  • Population Standard Deviation (correct)
  • Sample Variance
  • Sample Size
  • In the formula to calculate the required sample size, what does 'n' represent?

  • Required Sample Size (correct)
  • Population Size
  • Margin of Error
  • Z-Score
  • What does the 'Z' in the formula n=(E^2Z^2/σ^2)^2 stand for?

  • Confidence Level
  • Desired Margin of Error
  • Population Standard Deviation
  • Z-Score (correct)
  • If the population standard deviation is unknown, what can be done to estimate it?

    <p>Conduct a Pilot Study</p> Signup and view all the answers

    What should be done if the desired sample size calculation results in a fraction?

    <p>Round Up to the Nearest Whole Number</p> Signup and view all the answers

    Which factor should be considered if the sample is more than 5% of the population when calculating sample size?

    <p>Finite Population Correction (FPC)</p> Signup and view all the answers

    In the context of sample size calculation, what is the significance of 'N' in the formula with Finite Population Correction?

    <p>Population Size</p> Signup and view all the answers

    What would be the result if you don't use the Finite Population Correction when required?

    <p><strong>Oversampling</strong></p> Signup and view all the answers

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