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The Co - Operative University Of Kenya *

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106

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Statistics

Date

Nov 24, 2024

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docx

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Uploaded by marcusnganga1

I Would advise B&K to go for the Silver Package with a sample size of 1000 entries. I am 95% certain that the genuine mean of Northeast home listing prices ranges around $302,250 and $317,750. The Silver Package offers the finest understanding of Northeast housing values while charging the least for service to B&K. The package has a $7,750 margin of error, which is modest enough to be helpful for B&K's needs. In addition, the sample size of 1,000 listings is substantial enough to be representative of the total population. My proposal is as a result of several factors, including the margin of error and sample size, among others. The margin of error refers to the amount of unpredictability that may be permitted in survey results. Conversely, the sample size is determined by the number of people that are interviewed. The Silver Package has a margin of error of 7,750 dollars, which is sufficient to be beneficial for B&K's needs while being quite insignificant. In addition, there is a sample size of 1,000 listings included in the package. This sample size is big enough to be typical of the whole population. In addition to this, the package is more affordable than the Gold Package, which offers the same amount of room for mistake. The margin of error for the Silver Package is 7,750 dollars higher than the margin of error for the Gold Package, which is 3,900 dollars. However, the Gold Package is more expensive than the Silver Package, and having such a small margin of error for B&K's goals is unnecessary. The Gold Package is also unnecessary because the Silver Package already provides a sample size of 1,000 listings, which is adequate to reflect the whole population of listings.

References Zach. (2021, December 2). The Relationship Between Sample Size and Margin of Error . Statology. https://www.statology.org/sample-size-and-margin-of-error/#:~:text=In %20both%20formulas%2C%20there%20is

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