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Eric has computed that it takes an average (mean) of 17 minutes with a standard deviation of 3 minutes to drive from home, park the car, and walk to his job. One day it took Eric 21 minutes to get to work. You would use the formula for transforming a raw score in a sample into a z-score to determine how many standard deviations the raw score represents. Since his "score" is 21, you would subtract the mean of 17 from 21 and divide that result (4) by the standard deviation of 3. The z-score of 1.33 tells you that Eric's time to get to work is 1.33 standard deviations from the mean.
Lead-time demand is 600 pounds. The standard deviation of lead time demand is 52 pounds. Supposing the lead time demand is normally distributed and that an acceptable risk of stocking out is 4%:
Results of study are summarized below. Use a 5% level of significance and test claim that opinion is independent of brand.
The diameters of peaches in a certain orchard are normally distributed with a mean of 5.10 inches and a standard deviation of 0.40 inches.
Determine sample size requirements. When the results are available you would like your margin of error to be plus or minus 5% for the satisfaction measure and plus or minus $1.50 for the spending value.
Perform the appropriate test for a difference in mean blood glucose and report the p-value for the two-tailed test of significance, assuming that the variances are equal.
Suppose that Total Revenue = 200Q and Total Cost = 80 + 50Q where Q, the quantity sold, is a random variable with expected value 20 and variance 4.
Using a significance level of 0.03, carry out a hypothesis test to determine if there is convincing evidence to support the claim that fewer than half of adult Americans can name at least one justice currently serving on the Supreme Court.
The 95% confidence interval for the mean of the sampling distribution of the mean is about:
In your environment (business or personal), please describe a hypothesis test related to a decision. What would be your data? What would be your null hypothesis? What would be your alternate hypothesis? What would be your Type 1 and Type 2 errors ..
A IRS auditor randomly selects 3 tax returns from 57 returns of which 6 contains errors. What is the probability that she selects none of those containing errors?
What is the probability the average of the sample is more than $38000 and What is the standard deviation of the sample mean
Consider the results of the hypothesis test you conducted above. Which of the two types of errors could you have committed? Explain the ramification of committing such an error in the context of this scenario.
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