Question: Exercise 3: (10 marks) 1. A time study analyst wants to estimate the number of observations that will be needed to achieve a specified maximum

Exercise 3: (10 marks) 1. A time study analyst wants to estimate the number of observations that will be needed to achieve a specified maximum error, with a confidence of 80 percent. A preliminary study yielded a mean of 4 minutes and a standard deviation of 0.5 minutes. Determine the total number of observations needed for these two cases: a. A maximum error of 10 percent of the sample mean. b. A maximum error of 25 second

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