SOLUTION: You have just determined that you need to audit 437 reports (your sample size) for a certain mission-critical part of your business, but your management says that they were expecti

Algebra ->  Probability-and-statistics -> SOLUTION: You have just determined that you need to audit 437 reports (your sample size) for a certain mission-critical part of your business, but your management says that they were expecti      Log On


   

Question 805735: You have just determined that you need to audit 437 reports (your sample size) for a certain mission-critical part of your business, but your management says that they were expecting that you would only have to audit at most 250 reports. You obviously can audit fewer reports, but either (or both) of two factors will be affected. By name, what are these factors?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
You have just determined that you need to audit 437 reports (your sample size) for a certain mission-critical part of your business, but your management says that they were expecting that you would only have to audit at most 250 reports. You obviously can audit fewer reports, but either (or both) of two factors will be affected. By name, what are these factors?
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standard deviation will be larger because std = s/sqrt(n)
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confidence interval will be wider because the width is always
2*margin of error which depends on the size of the standard deviation.
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Cheers,
Stan H.
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