80% level of confidence, The program office budgets $30,000

80% level of confidence

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Reference no: EM13665446

80% level of confidence

3) The program office budgets $30,000 per program review at the contractor's site. Your concern for "end of year" spending drills is that you have budgeted enough for the reviews (i.e. you are only concerned if the actual costs are higher than the $30,000 target). A sample of 16 trips yielded a mean of $32,500 and a standard deviation of $3,500. Test the budgeted amount at the 80% level of confidence. Select the correct answer out of each pair of choices. (Carry intermediate calculations to three decimal places.)

The tp is 1.341

The tp is 0.866

The tc is 11.429

The tc is 2.857

We would reject the null hypothesis

We would fail to reject the null hypothesis

We would conclude that it is reasonable to use the $30,000 budget figure

We would recommend revising the budget figure

Reference no: EM13665446

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