Determine the number of observations

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

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.

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 90 percent?

OBSERVATIONS (minutes per cycle)

Element Performance Rating 1 2 3 4 5

A 90% 1.40 1.42 1.39 1.38 1.41

B 120% 2.10 2.05 2.00 1.85 1.80

C 110% 1.60 1.40 1.50 1.45 1.55

Reference no: EM132708057

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