A company's manager is considering simplification of a travel voucher form. In order to assess the costs
Question:
a. Find a point estimate of and a 95 percent confidence interval for the true proportion of travel vouchers that were filled out incorrectly in the last month.
b. Find a point estimate of and a 95 percent confidence interval for the total number of travel vouchers that were filled out incorrectly in the last month.
c. If it costs the company $10 to correct an erroneous travel voucher, find a reasonable estimate of the minimum cost of correcting all of last month's erroneous travel vouchers. Would it be worthwhile to spend $5,000 to design a simplified travel voucher that could be used for at least a year?
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Related Book For
Business Statistics In Practice
ISBN: 9780073401836
6th Edition
Authors: Bruce Bowerman, Richard O'Connell
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