Use of confidence interval calculator and the area gas, Operation Management

Assignment Help:

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.

Practical Application Scenario 2

To complete this scenario, use the Sample Size Estimator file provided in the Resources.

The third shift at Microsoft's Windows' security unit in Redmond, Washington is considering replacing its coffee brewing units with new German-made brewers. As the newest member of this elite Microsoft team, you have been assigned to investigate this proposal. Develop a 99 percent confidence interval for the average yield (cups per pound) for the new German coffee brewer. The margin of error should be no bigger than .3 (three-tenths of a cup). Based on experience with the current coffee makers, your best guess for the population standard deviation, sigma, is 1.2 cups. How big of a sample do you need?

Calculate the estimated sample size needed for the above scenario and communicate your findings to the business manager.

Assignment Submission

Use your custom textbook and the resources provided in the studies to help you complete this assignment. If you need additional clarification on any of the topics addressed in this assignment, Youtube.com can be a very valuable resource.

Complete the two practical application scenario answers in one Word file (please submit a .doc rather than a .docx file) and copy the Excel output into that document. Highlight your numerical answers for both practical applications scenarios in yellow, and then right after that numerical solution, be sure to summarize your findings in a three- to five-sentence paragraph to the scenario manager. Submit the assignment for grading and instructor feedback. Review the scoring guide prior to submission to ensure you meet all evaluation criteria.


Related Discussions:- Use of confidence interval calculator and the area gas

Find what is the maximum profit, The Outdoor Furniture Corporation manufact...

The Outdoor Furniture Corporation manufactures two products, benches and picnic tables, for use in yards and parks. The firm has two main resources: labor and redwood. A linear pro

Explain hospital is to be built to provide medical, Suppose a new hospital ...

Suppose a new hospital is to be built to provide medical and healthcare service to 5 towns coordinate (5,6), (1,3), (13,7),(11,2) and (8,1) on map, the transportation network is re

Explain how they demonstrate their leadership characteristic, Provide two e...

Provide two examples of current leaders and describe how they demonstrate their leadership characteristic. What separate these characteristics from management techniques? How effec

Explain how can data mining be used to accomplish objective, Your company w...

Your company wants to increase revenues from its existing customers. How can data mining be used to accomplish his objective?

Contents of an operations strategy , Contents of an Operations Strategy  ...

Contents of an Operations Strategy  The contents of an operations strategy is the policies, plans, performance targets which the organisation wishes to achieve. To determine

Explain how do these policies and practices align, Analyze Apple, Inc.'s le...

Analyze Apple, Inc.'s legal and compliance policies and practices. How do these policies and practices align with Apple, Inc.'s legal compliance standards? If alignment is n

Explain level production and chase production strategies, Henderson Furnitu...

Henderson Furniture sells reproductions of 18th century furniture. For a particular table, the following information is valid. Month | Demand Jan 81 Feb 89 Mar 100 Apr 130 May 97 J

Production control function, Production control Function 1. Dispatchi...

Production control Function 1. Dispatching : Dispatching may be  defined as setting  production activities in motion through  the  release  of orders ( work order shop order)

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