Describe confidence interval calculator, Operation Management

Assignment Help:

Practical Application Scenario

To complete this scenario, use the Confidence Interval Calculator and the Area Gas Prices %u2013 Random Sample documents, provided in the Resources.

The Minneapolis Star Tribune newspaper has decided to write an article about gasoline prices in the Twin Cities area (Minneapolis and St. Paul). The Star Tribune has designed a survey and taken a simple random sample of regular unleaded gas prices at 70 area stations. The results are in the Area Gas Prices %u2013 Random Sample file. The Star Tribune's policy is that no data will be reported unless they are 95 percent confident that the numbers are correct. As the new manager of the data verification unit at the Star Tribune, you need to develop a 95 percent confidence interval for the average price of regular unleaded gasoline in the area.

You already know how to compute sample parameters like the sample mean and sample standard deviation; this scenario simply asks you to complete a confidence interval for the data provided above and communicate the results to the Star Tribune's business manager


Related Discussions:- Describe confidence interval calculator

Explain is cloud computing the right direction, 1.) Why has Amazon.com succ...

1.) Why has Amazon.com succeeded online when so many other companies have failed? 2) Whats next for Amazon.com? Is cloud computing the right direction for the company? 3.) W

Operations Theories., Choose an Operations Management problem relating to a...

Choose an Operations Management problem relating to an organisation of your choice and undertake a critical review.

Explain the differences unsecured credit and secured credit, Compare and co...

Compare and contract unsecured credit and secured credit, and explain the key differences. Provide an example for each.

Describe sustainable competitive advantage, Explain the following terms in ...

Explain the following terms in your own words and give specific, real life examples to illustrate your understanding of the term: 1. Tangible versus intangible resources 2. Core co

Exam of Operation Management, I will have an exam which has 100 Questions. ...

I will have an exam which has 100 Questions. I will have just 24 hours to complete it. My question about that is if you can answer them within this time and handle the answers to m

Standard deviation - statistical aspects of variability, Standard Deviation...

Standard Deviation - Statistical Aspects of Variability Although the range gives an indication of variability, its value is solely determined by two measurements, the largest

Production & Purchasing Managements, Hierarchical planning in operations/Pr...

Hierarchical planning in operations/Production managemnt and the types of time frames in each hierarchy?

Explain sample provided by the supplier, A shirt manufacturer buys cloth by...

A shirt manufacturer buys cloth by the 100-yard roll from a supplier. For setting up a control chart to manage the irregularities (e.g., loose threads and tears), the following dat

Explain applicable federal regulations relating to kickbacks, Identify and ...

Identify and discuss applicable federal regulations relating to kickbacks

Explain how to do aon in excel 2010, Does anyone know how to do aon in Exce...

Does anyone know how to do aon in Excel 2010 and if so can they contact me and wlk me through it sso that I can understand it

Write Your Message!

Captcha
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