Taylor Troutman nterpreting The Results 11PM EST ment: Chapter 7 Interpreting Th

Question

Taylor Troutman nterpreting The Results 11PM EST ment: Chapter 7 Interpreting The Results Check My Work o Locker Case Problem: Foot As a sales analyst for the shoe retailer Foot Locker, one of your responsibilities is measuring store preductivity and then reporting your conclusion back to management. Foot Locker uses sales per square foot as a measure of store productivity. While preparing your report for the second quarter results (Q2), you are able to determine that annual sales for last year ran at a rate of $406 per square foot. Therefore, $406 per square foot will be your sales estimate for the population of all Foot Locker stores during Q2 For your Q2 Sales Report, you Cecide to take a $80. Therefore $80 per square foot will be your population standard deviation when compiling your Q2 report For your random sample of 64 stores and using the population standard deviation of $80, you are able to calculate the standard error for your sampu $80 0.64 = $10 sample size would save you time and money? On the other hand, maybe a larger sample sine would ofer a smaliler You begin to wonder how a difflerent sample size may afflect your conclusion. Maybe a smaller standard error and thus a better estimate for management? To explore the effect of the results. CYour sample size of 64 is shown in yellow for reference). sample size on standard erroc you substitute diferent sample sizes into your formula above and then generate a graph showing 80 Standard Error of the Mean Change as n Increases,

Explanation / Answer

Answer: Increasing sample size leads to a dramatic reduction in the standard error at first, but the benefits of increasing sample size on standard error are reduced as sample size is increased.

Option b) is correct

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