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The standard deviation of the daily demand for a product is an important factor for inventory control for the product. Suppose that a pharmacy wants to estimate the standard deviation of the daily demand for a certain antibiotic. It is known that the daily demand for this antibiotic follows an approximately normal distribution. A random sample of 23 days has a sample mean of 120 orders for this antibiotic with a standard deviation of 10.1 orders. Find a 95% confidence interval for the population standard deviation of the daily demand for this antibiotic.
Carry your intermediate computations to at least three decimal places. Round your answers to at least two decimal places
1. What is the lower limit of the 95% confidence interval?
2. What is the upper limit of the 95% confidence interval?
The production manager for the XYZ manufacturing company
Select a statistical concept. Here is a general (somewhat broad) listing of concepts covered in the second part of your course: •Estimating a population mean with confidence: discuss confidence interval estimation, the interpretation of the inte..
As a manager of an organization, what statistics from this module would you use and why if you wanted to estimate your annual employee turnover? In your post, be sure to specifically identify the statistical formulas and what additional data you woul..
An article by Julia Moskin in the New York Times reports on the use of cheap wine in cooking.18 Assume that the following results are taste-test ratings, from 1 to 10, for food cooked in cheap wine.
Interpret the data and note the shape of the distribution of the data provided from the case study: Highest paid women...include frequency table, stem and leaf plot, histogram, sample mean and median, and sample standard deviation.
The result is a sample size beyond what you can obtain
The data in the table below is from a study conducted by an insurance company to determine the effect of changing the process by which insurance claims are approved. The goal was to improve policyholder satisfaction by speeding up the process and eli..
Each condominium is classified as Gulf View if it is located directly on the Gulf of Mexico or No Gulf View if it is located on the bay or a golf course, near but not on the Gulf.
Develop a Pareto chart to identify the more significant types of rejection.
a. Use the multiplication rule to find the probability that your first two digits match those drawn and your last two digits do not match those drawn. That is, find P(MMXX), where M denotes a match and X denotes a digit that does not match the ..
For a normal distribution, the z-score boundary that separates the lowest 2.5% of the scores from the rest is z = -1.96
alomega pharmaceuticalsalomega pharmaceuticals is a small to mid size pharmaceutical company. the accounting
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