Program review at the contractor site

Assignment Help Basic Statistics
Reference no: EM131134536

1) The program office budgets \$30,000 per program review at the contractor's site. Your concern for "end of year" spending drills is that you have budgeted enough for the reviews (i.e. you are only concerned if the actual costs are higher than the \$30,000 target). A sample of 16 trips yielded a mean of \$32,500 and a standard deviation of \$3,500. Test the budgeted amount at the 80% level of confidence. Select the correct answer out of each pair of choices. (Carry intermediate calculations to three decimal places.)

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