8.7: Estimation and Sample Size Determination for …

: Estimation and Sample size Determination for Finite PopulationsCD8-1 FIGURE interval estimate forthe mean sales invoice amountwith the finite populationcorrection for Saxon : Estimation AND Sample size Determination FOR FINITE POPULATIONSE stimating the MeanIn section thefinite population correction (fpc) factoris used to reduce the standard errorby a value equal to. When developing confidence interval estimates for popu-lation parameters, the fpc factor is used when samples are selected without replacement. Thus,the (1 ) 100% confidence interval estimate for the mean is calculated as in Equation( ).CONFIDENCE INTERVAL FOR A MEAN ( UNKNOWN) FOR A FINITE POPULATION( )To illustrate the finite population correction factor, refer to the confidence interval estimate forthe mean developed for Saxon Plumbing Company in section Suppose that in this month thereare 5,000 sales invoices. Using = $ ,S= $ ,N= 5,000,n= 100, and with 95% confi-dence,t99= From equation ( )Figure illustrates the PHStat output for this 271 984228 951005 0001005 0001110 275 744 0 99110 275 69104 58115 96.

CD8-4 CD MATERIAL Learning the Basics 8.88 If = 75,S = 24,n = 36, and N = 200, set up a 95% confi- dence interval estimate of the population mean µ if sam-pling is done without replacement. 8.89 Consider a population of 1,000 where the standard deviation

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  Samples, Size, Determination, Estimation, Estimation and sample size determination

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