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a business finds the average cost required to complete a project is $416 with a standard deviation of $57. A sample of 36 project cost reports was selected at random. Assuming that the distribution of the costs is normal, what is the probability that the average for this sample is between $400 and $425?
For the last 18 review periods the average sales figure has dropped to $11,500 with a standard deviation of $4,000. Management is concerned. Perform a hypothesis test to determine if this change in sales is a potential problem.
At a local supermarket receiving dock, the number of truck arrivals per day is recorded for 100 days. Estimate the mean from the sample.
Calculate the control limits for a c chart when Ubar = 3.0%, n = 60, and you collect one sample per hour for 40 hours of production. (2 sets of control limits required, x bar and range)
If you randomly select ten m&m's, what is the probability that exactly three of them are green?
Formulate a suitable null and alternative hypothesis to test the students' claim that they followed their instructor's recommendation at a 5% level of significance and interpret your findings.
Can we conclude there is a difference in mean number of surgeries performed by hospital or by day of week?
Assuming that the dogs did better than what would be expected with random guessing, did they do well enough to be used for actual medical diagnoses? Why or why not?
You buy a new piece of equipment for $11,778 and you receive a cash inflow of 2,000 per year for 10years. What is the internal rate of return?
a) Under what circumstances can z be greater than one? b) Under what circumstances can a probability be greater than one?
A random sample of 95 printers discovered that 20 of them were being used in small businesses. Find the 95% limit for the population proportion of printers that are used in small businesses.
A normal distribution with a mean of 60,000 miles and a standard deviation of 5,200 miles. What percent of the tires will last at least 75,000 miles?
Explain the difference between independent samples and dependent samples. Classify the following as independent or dependent samples:
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