Description
We are evaluating the sheet metal scrap rate in a contractor proposal. Based on a sample of 24 parts you calculate a mean rate of 6.50% (treat as 6.50) and a standard deviation of 1.20. Calculate a 80% confidence interval to be used to support negotiations. (Carry intermediate calculations to three decimal places.)
6.08 ≤ μ ≤ 6.92
6.41 ≤ μ ≤ 6.59
6.43 ≤ μ ≤ 6.57
6.18 ≤ μ ≤ 6.82
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Explanation & Answer
Thank you for the opportunity to help you with your question!
Standard error of the mean will be1.20/sqrt(23) = 0.2502
Using a t-distribution table, look up 23 degrees of freedom.
The number of standard errors associated with a "tail" of 0.10 or "two tails" of 0.20 is 1.319.
1.319*0.2502 = 0.3300
Hence, the 80% confidence interval is
from 6.17 to 6.83 (percent scrap rate)
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Perform the
first step of backwards induction. Shown
and explain your work.Slide 11Perform the second step of backwards induction.Show and explain all your work.Slide 12Identify the optimum strategy for the game.
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RSCH 8360 American Intercontinental University Challenges of Caring for A Person with Heart Failure Essay
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