A management consulting agency needs to estimate the average number of years of experience of executives in a given branch of management. A random sample of 28 executives gives x-bar = 6.7 years and s = 2.4 years. Give a 99% confidence interval for the average number of years of experience for all executives in this branch.
Answer to relevant QuestionsThe Food and Drug Administration (FDA) needs to estimate the average content of an additive in a given food product. A random sample of 75 portions of the product gives x-bar = 8.9 units and s = 0.5 unit. Give a 95% ...Refer to the Darvas Box trading model of problem 6-38. The average profit was 11.46%. If the sample standard deviation was 8.2%, give a 90% confidence interval for average profit using this trading system. In problem ...According to Fortune, solar power now accounts for only 1% of total energy produced. If this number was obtained based on a random sample of 8,000 electricity users, give a 95% confidence interval for the proportion of users ...The service time in queues should not have a large variance; otherwise, the queue tends to build up. A bank regularly checks service time by its tellers to determine its variance. A random sample of 22 service times (in ...How many test runs of the new Volvo S40 model are required for determining its average miles-per-gallon rating on the highway to within 2 miles per gallon with 95% confidence, if a guess is that the variance of the ...
Post your question