Estimating from Samples MBA homework
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for_part_2_of_question.xlsxPopulation Mean
| Population Mean | ||
| Inputs -- | ||
| Planning Value for Sigma: | 100 | <-- Input the appropriate number for your situation |
| Desired margin of error: | 25 | <-- Input the appropriate number for your situation |
| Confidence Level: | 0.95 | <-- Input the appropriate number for your situation |
| Intermediate Calculations -- | ||
| z-multiple: | 1.9600 | |
| Sigma squared: | 10000 | |
| M.E. squared: | 625 | |
| z-multiple squared: | 3.8414588207 | |
| Results -- | ||
| Sample Size needed: | 62 | (rounded up to a whole number) |
When taking a sample to estimate a population mean, the inputs to determine the required sample size include a planning estimate for the population standard deviation (sigma), the required margin of error (expressed in whatever units sigma is expressed in), and the required confidence level.
Population Proportion
| Inputs: | ||
| Planning Value for P-Star: | 0.5 | <— Input the appropriate number for your situation. |
| Desired Margin of Error: | 0.03 | <— Input the appropriate number for your situation. |
| Confidence Level: | 0.95 | <— Input the appropriate number for your situation. |
| Intermediate Calculations: | ||
| Z-Multiple: | 1.9600 | |
| Sigma: | 0.25 | |
| M.E. Squared: | 0.0009 | |
| Z-Multiple Squared: | 3.8414588207 | |
| Results: | ||
| Sample Size Needed: | 1068 | (rounded up to a whole number). |
Sample Size Estimator Population Proportion The inputs to determine the required sample size when taking a sample to estimate a population proportion include a planning value for the population proportion (P-star), the required margin of error (expressed in whatever units sigma is expressed in), and the required confidence level.
