The following data were obtained by observing a three- step job of a financial managers assistant. a.

The following data were obtained by observing a three- step job of a financial manager’s assistant.

a. Using the data and an allowance of 10 percent of job time, determine a standard time for the operation.

b. Determine the number of observations that would be required to estimate the mean time for the first element within 4 percent of the true value with a confidence of 98 percent.

c. How many observations would be needed to estimate the mean time for element C to within 0.10 minutes of its actual value with a confidence of 90percent?

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OBSERVATIONS (minutes per cycle) Performance Rating Element 90% 120 110 1.40 2.10 1.60 1.42 2.05 1.40 1.39 2.00 1.50 1.38 1.85 1.45 1.41 1.80 1.55