Hi guys!
I've been reading this board for some time, and finally had a question... we're doing a really simple statistics analysis in regards to business law cases and what the outcomes were. Here's the info... 600 total cases surveyed, found 480 (or 80%) were true in our findings. We want to know if 600 is an adequate sample size to base this off of. In our notes, we were also given a statement of "we are willing to accept this 80% as 3% (or .03) of the true proportion." This is where we get thrown off a little. This is all based on a 90% confidence interval as well.
Can anyone shine some insight on this? Logically, if I understand this correctly, if its only denoted as 3% of the true proportion, than we would need to look at more cases. However, I'm thinking that were gonna need to compute the standard error to find out with a 90% confidence that this an adequate sample.
I really appreciate all your help!!
Marc
I've been reading this board for some time, and finally had a question... we're doing a really simple statistics analysis in regards to business law cases and what the outcomes were. Here's the info... 600 total cases surveyed, found 480 (or 80%) were true in our findings. We want to know if 600 is an adequate sample size to base this off of. In our notes, we were also given a statement of "we are willing to accept this 80% as 3% (or .03) of the true proportion." This is where we get thrown off a little. This is all based on a 90% confidence interval as well.
Can anyone shine some insight on this? Logically, if I understand this correctly, if its only denoted as 3% of the true proportion, than we would need to look at more cases. However, I'm thinking that were gonna need to compute the standard error to find out with a 90% confidence that this an adequate sample.
I really appreciate all your help!!
Marc