WK 3 Assignment

BUS 461

**Problem 8-33. **You have been assigned to determine whether more people prefer Coke or Pepsi. Assume that roughly half the population prefers Coke and half prefers Pepsi. How large a sample do you need to take to ensure that you can estimate, with 95% confidence, the proportion of people preferring Coke within 2% of the actual value?

Our main goal for this assignment is to carefully choose the sample size that will allow the examiner to build a case whether people have a preference between Coke or Pepsi. We know that a sample is “a subset of the population, often randomly chosen and preferably representative of the population as a whole. Sample size is designed to produce a recommended level accuracy,” (Albright & Winston, 2017).

Sample Size for Variance of Proportions | |

Confidence Level | 95% |

Half-Length Interval | .02 |

Sample Size (A) | 0.5000 |

Sample Size (B) | 0.5000 |

Test Sample Size | 4802 |

Using the formula for estimating the difference between proportions, we can conclude that based on the results of the formula, 4802 selected personnel are required for testing. :

Sample size: n

Coke: a = 0.5

Pepsi: b = 0.5

Half Length Interval: 0.02

n = (z-multiple/b) ^2 [a (1-a) + b (1-b)]

n = (98)^2 [0.5 (1-0.5) + 0.5 (1-0.5)]

n = (98)^2 (.25+.25)

n = 9604 x 0.5

n = 4802

Reference:

Albright, S. C, & Winston, W. L. (2017). Business analytics: Data analysis and decision making (6th ed.). Retrieved from https://redshelf.com/

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