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ajkoer
ajkoer is offline
#10
Mar4-12, 10:58 PM
P: 34
The variance of the attribute is a function of p*(1-p), so taking a purposely large value of p is fine, as taking p=.5 to obtain the largest variance is too conservative (labor intensive).

Better idea: construct a loss function balancing the cost of labor and the potential loss of sales, profits, upon mis-estimation.

Another approach: A two stage sample size estimator (Stein). The 1st sample estimates p and incorporates this value into the second stage sample size estimate.