In: Accounting
In developing patient appointment schedules, a medical center wants to estimate the mean time that a staff member spends with each patient. How large a sample should be taken if the desired margin of error is two minutes at a 95% level of confidence? How large a sample should be taken for a 99% level of confidence? Use a planning value for the population standard deviation of 7 minutes. 95% Confidence (to the nearest whole number): 99% Confidence (to the nearest whole number):
| Solution: | |||
| Sample size | |||
| 95% Confidence | 48 | ||
| 99% Confidence | 82 | ||
| Working Notes: | |||
| 95% Confidence | |||
| Sample should be taken for a 95% level of confidence (n)= {[(z-value)(sd)]/E}^2 | |||
| Z-value at 95% level of confidence =1.96 | |||
| s.d is the standard deviation of population = 7 minutes. | |||
| E= desired margin of error = 2 minutes | |||
| (n)= {[(z-value)(sd)]/E}^2 | |||
| =((1.96 x 7)/2)^2 | |||
| =47.0596 | |||
| =48 | |||
| 99% Confidence | |||
| Sample should be taken for a 99% level of confidence (n)= {[(z-value)(sd)]/E}^2 | |||
| Z-value at 99% level of confidence =2.5758 | |||
| s.d is the standard deviation of population = 7 minutes. | |||
| E= desired margin of error = 2 minutes | |||
| (n)= {[(z-value)(sd)]/E}^2 | |||
| =((2.5758 x 7)/2)^2 | |||
| =81.27563409 | |||
| =82 | |||
| Please feel free to ask if anything about above solution in comment section of the question. | |||