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A production manager wants to find out if there is difference in number of production units manufactured by night shift and the day shift. Random sample of night and day shifts is selected, and number of production units for each shift is recorded. Following statistics resulted:Day shift: sample mean = 27.4, standard deviation = 6.4, sample size = 60. Night shift: sample mean = 18.3, standard deviation = 5.9, sample size = 60. A. Determine a 90% confidence interval on difference in mean number of production units for two shifts.
B. Compute 99% confidence interval for part A.
C. Distinguish the two confidence intervals in parts a and b, and comment on length of intervals.
Can and how would you apply basic probability concepts to facilitate business decision making? Critically discuss the difference between discrete and continuous probability distributions?
Probability based on normal distribution. Suppose among X has a normal distribution, and find the indicated probability.
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Determine the probability of choosing at random license plate which ends in the even number?
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The chi-square goodness of fit test can be used when we:
The management of a bank in the Caribbean was concerned about the potential loss that might occur in the event of a hurricane. The bank estimated that the loss from one of these storms could be as much as $100 million including losses due to inter..
An economist is interested in studying the spending habits of consumers in a particular region. The population variance is known to be $1,000,000. A random sample of 50 individuals resulted in an average expense of $15,000. What is the width of th..
What is the likelihood that the mean annual precipitation during 25 randomly picked years will be less than 90.8 inches?
Find the probability that a random sample of 4 male Siberian tigers will have a sample mean weight more than 450 lb.
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