The length of a confidence interval changes when either the confidence level changes or the sample size changes. To illustrate this, imagine a statistician takes a sample from a population with a population standard deviation of 2. The sample mean is calculated to be 10. Construct 3 different confidence intervals:
3a) Assume the sample size is 30 and the confidence level is 95%
3b) Assume the sample size is 30 and the confidence level is 90%
3c) Assume the sample size is 50 and the confidence level is 95%
3d) In general, if the confidence level is decreased, does the length of the confidence interval increase or decrease? Explain your answer. Hint: Refer to your answers to (3a), (3b) and (3c) 3e) In general, if the sample size is increased, does the length of the confidence interval increase or decrease? Explain your answer.
3f) In order to make a more accurate prediction of a population mean, it is better to have a shorter confidence interval, in other words, a narrower range of possible values. Based on your answers to (3d) and (3e), is it better to increase the accuracy of an estimation by decreasing the confidence level or increasing the sample size? Explain your answer.
In: Statistics and Probability
The “environment” changes so rapidly that is difficult to identify all the changes that could affect a business in terms of risk management.
A. Evaluate the company for which you work, or company which you’re familiar. What is happening today in the environment (i.e the economic and legal, technological,competitive, social, global business environment?
B. How do the changes you have identified increase the necessity for risk management of this firm.
C. What action can firm take to minimize the risk of loss from this change?
In: Accounting
A cost that changes in total as output changes is a variable cost.
True
False
Managerial judgment is critically important in determining cost behavior.
True
False
The predetermined overhead rate is calculated at the beginning of the year by dividing the total estimated annual overhead by the total estimated level of cost driver
True
False
If actual overhead is greater than applied overhead, the variance is called underapplied overhead.
True
False
The direct method of allocation recognizes all interactions among support departments.
True
False
In: Accounting
"Changes in Accounting Principles and Changes in Accounting Estimates"
Use the Internet or Strayer Library to research a company that had a change in accounting principles within the past five (5) years. Discuss the accounting principles that the identified company changed and explain the major reasons why the company changed accounting principles. Give your opinion on whether you believe the change in accounting principles was motivated by an attempt to provide more useful information or to make financial results look better to investors and creditors. Provide a rationale for your response.
In: Accounting
Summarize primary and secondary changes, and describe possible functional implications of these changes for each of the following:
Cognitive
integumentary
cardiopulmonary
skeletal
muscular
neurological
sensory systems
In: Nursing
Changes to both the money supply and the velocity of money include changes in aggregate demand. However, the long-run impacts of changes in these variables are different. How are the effects of an increase in the velocity of money and the effects of an increase in the money supply different?
In: Economics
In: Economics
Compare and contrast the use of government spending changes versus tax changes as a means of influencing the course of the economy. Is one or the other preferable in specific situations?
In: Economics
Compare and contrast the use of government spending changes versus tax changes as a means of influencing the course of the economy. Is one or the other preferable in specific situations?
In: Economics
In: Economics