How many observations would be needed to estimate

Assignment Help Operation Management
Reference no: EM13917425

The following data were obtained by observing a three- step job of a financial manager assistant.
a. Using the data and an allowance of 10 percent of job time, determine a standard time for the operation.
b. Determine the number of observations that would be required to estimate the mean time for the first element within 4 percent of the true value with a confidence of 98 percent.
c. How many observations would be needed to estimate the mean time for element C to within 0.10 minutes of its actual value with a confidence of 90percent? The following data were obtained by observing a three step

Reference no: EM13917425

Questions Cloud

How many work cycles should be timed to estimate : How many work cycles should be timed to estimate the average cycle time to within 2 percent of the sample mean with a confidence of 99 percent if a pilot study yielded these times (minutes): 5.2, 5.5, 5.8, 5.3, 5.5, and 5.1? The standard deviation..
How many observations should a time study analyst plan : How many observations should a time study analyst plan for in an operation that has a standard deviation of 1.5 minutes per piece if the goal is to estimate the mean time per piece to within .4 minute with a confidence of 95.5 percent?
The mean time for element 2 within .01 minute : How many observations would be needed to estimate the mean time for element 2 within 1 percent of its true value with a 95.5 percent confidence? How many observations would be needed to estimate the mean time for element 2 within .01 minute of its..
Calculate the payback for products : . Assume a $250,000 investment and the following cash flows for two products. Year Product X Product Y 1 $ 90,000 $ 50,000 2 90,000 80,000 3 60,000 60,000 4 20,000 70,000 a. Calculate the payback for products X and Y.
How many observations would be needed to estimate : How many observations would be needed to estimate the mean time for element C to within 0.10 minutes of its actual value with a confidence of 90percent? The following data were obtained by observing a three step
What is expected value of each quarterly dividend payment : James River Corp has preferred stock outstanding that trades at $125. If the stock yields 8%, what is the expected value of each quarterly dividend payment?
What standard time is applicable for that operation : A time study analyst observed a job that is performed continuously and found an average time of 6.0 minutes per cycle for a worker she rated at 95 percent. What standard time is applicable for that operation?
Assuming an allowance factor of 12 percent of work time : Assuming an allowance factor of 12 percent of work time, determine the standard time for this job.
Include a personal allowance of 5 percent and a basic : With intermittent loud noises occurring.The monotony for this element is high. Include a personal allowance of 5 percent and a basic fatigue allowance of 4 percent of job time.

Reviews

Write a Review

Operation Management Questions & Answers

  Identify characteristics of entrepreneurs

Recognize the behavior attributes of those who become entrepreneurs. Identify characteristics of entrepreneurs who recognize and seize business opportunities and new ventures

  Internet based business that sells drop-shipped thneeds

You are the owner and only employee of an internet based business that sells drop-shipped Thneeds from China. Recently, you purchased access to a list of email addresses of potential customers. While these people have agreed to receive solicitations,..

  Case study - mountain states electric service

Mountain States Electric Service is an electrical utility company serving several states in the Rocky Mountains region. It is considering replacing some of its equipment at a generating substation.

  What are some issues an organization might face

What are some issues an organization might face when maintaining information security in a company that has offices in a multiple countries? Include a discussion of how cultural differences could make keeping your information secure more difficult.

  Which of statement best describes virtual reality technology

Which of these statements best describes virtual reality technology?

  Explain how to minimize total prices

A total of 2,000 units of the product must be produced. Formulate an IP whose solution will tell us explain how to minimize total prices.

  Morale at peak levels in professional situations

Continue developing your Leadership Style Action Plan by evaluating the skills needed to keep production and morale at peak levels in professional situations. Complete this section of the Action Plan by including the following:

  What does the math look like

An automobile emissions testing center has six (6) inspectors and tests 50 autos per hour. Each inspector can inspect twelve (12) autos per hour. If the center wants a utilization of 90%, how many inspectors are required.

  What are the implications of this for rochem

How do the two alternative process technologies (Chemling and AFU) differ in terms of their scale and automation? What are the implications of this for Rochem?

  Normal distribution were used to find the probability

There are five activities in a PERT project. If the normal distribution were used to find the probability of finishing this project in 24 weeks or fewer, what mean and variance would be used?

  Average number of calls waiting to be connected

What is the average number of calls waiting to be connected to the reservations clerk? What is the average time a caller must wait before reaching the reservations clerk?

  Explain the current expansion of oil and gas exploration

Much controversy surrounds the current expansion of oil and gas exploration using modern hydraulic fracturing (fracking) techniques in the USA and abroad. With this backdrop in mind, and using Exxon Mobil as the target company-

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd