## Friday, May 6, 2011

### Inventory Turnover Rates

In the area, there are 20 different shoe manufacturing companies that have similar production capacities. We sampled 5 of these companies. The average number of days’ sales in inventory (which measures how long it takes to sell inventory) is 75 days. The sample variance is 5. Using the finite population multiplier, determine the standard error of this mean.

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Answer: 1.99

ReplyDeleteN=20

n=5

X=75

s=5

Use the adjustment error/finite population multiplier