To estimate the mean age for a population of 4000 employees, a simple random sample of40 employees is selected.a. Would you use the finite population correction factor in calculating the standard errorof the mean? Explain.b. If the population standard deviation is s = 8.2 years, compute the standard error bothwith and without the finite population correction factor. What is the rationale forignoring the finite population correction factor whenever n/n ≤ .05?

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.