Statistics II20755 marksNumerical: sample size determinationDetermination of sample size
Determine the minimum sample size required so that the sample estimate lies within 10% of the true value 95% level of confidence, when coefficient of variation is 60%
Determine the minimum sample size required so that the sample estimate lies within 10% of the true value 95% level of confidence, when coefficient of variation is 60% [5]
Parameter Value ------------------ Allowable relative error, $e$ 10% of true value = 0.10 Confidence level 95% Coefficient of variation, $CV$ 60% = 0.60 Formula For estimating the mean within a relative error $e$ (fraction of the true mean): $$n = \left(\frac{Z{\alpha/2}\cdot \sigma}{\mu \cdot e}...