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How many observations would be needed to estimate

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The following data were obtained by observing a three- step job of a financial manager 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? The following data were obtained by observing a three step

Reference no: EM13917425

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