# Question: Greenstone Coffee is experiencing financial pressures due to increased competition

Greenstone Coffee is experiencing financial pressures due to increased competition for its numerous urban coffee shops. Total sales revenue has dropped by 15% and the company wishes to establish a sales monitoring process to identify shops that are underperforming. Historically, the daily mean sales for a shop have been $11,500 with a variance of 4,000,000. Their monitoring plan will take a random sample of 5 days' sales per month and use the sample mean sales to identify shops that are underperforming. Establish the lower limit sales such that only 5% of the shops would have a sample sales mean below this value.

## Relevant Questions

In taking a sample of n observations from a population of N members, the variance of the sampling distribution of the sample means is as follows: They quantity (N - n) / (N - 1) is called the finite population correction ...Suppose that we have a population with proportion P = 0.25 and a random sample of size n = 200 drawn from the population. a. What is the probability that the sample proportion is greater than 0.31? b. What is the probability ...An administrator for a large group of hospitals believes that of all patients 30% will generate bills that become at least 2 months overdue. A random sample of 200 patients is taken. a. What is the standard error of the ...A company wants to estimate the proportion of people who are likely to purchase electric shavers from those who watch the nationally telecast baseball playoffs. A random sample obtained information from 120 people who were ...A random sample of size n = 18 is obtained from a normally distributed population with a population mean of μ = 46 and a variance of σ2 = 50. a. What is the probability that the sample mean is greater than 50? b. What is ...Post your question