You have just been promoted to Division Merchandise Manager and you need to prep

Question

You have just been promoted to Division Merchandise Manager and you need to prepare a budget for the next years reward system. You want to develop a plan to determine the proportional limits of the top selling "Gold Stores" in your division. 20 out of 100 of your stores are determined to be the "Gold Stores". You want to identify what proportion of your stores next year will be classified as "Gold Stores". You would like to be 95% accurate with projecting the expected proportion, worst case, and best case proportion of total sales.

n =

Sample Mean =

Confidence Coefficient =

alpha =

Alpha Error =

Critical Value =

Lower Confidence Limit =

Upper Confidence Limit =

Margin of Error =

Standard Error of the Proportion =

Standard Deviation =

standard error of the mean =

Explanation / Answer

Ans:

n =100

Sample proportion= 20/100=0.2

alpha = 1-0.95=0.05

Alpha Error =0.05

Critical Value(z) =1.96

Margin of Error =1.96*sqrt(0.2*0.8/100)=0.0784

Lower Confidence Limit =0.2-0.0784=0.1216

Upper Confidence Limit =0.2+0.0784=0.2784

Standard Error of the Proportion =sqrt(0.2*0.8/100)=0.04

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