Reference no: EM13109733
The following are average weekly inventory costs in thousands of dollars for two proposed inventory control policies. The values were obtained from independent replications of a simulation model of the system. Test the hypothesis that the average weekly cost for policy A is less than that of policy B at a 5% significant level.
Policy A: 1.2, 1.3, 1.1, 1.4, 0.9, 1.1, 1.5, 1.2, 1.3, 1.2, 1.3, 1.4, 1.1, 1.2, 1.0
Policy B: 1.1, 1.5, 1.4, 1.3, 1.6, 1.5, 1.4, 1.5, 1.7, 1.3, 1.6, 1.5, 1.8, 1.7, 1.6
Using the same data above, obtain the 95% confidence intervals of Policy A and Policy B, respectively. Can you draw a conclusion on which policy performs better from these without conducting a hypothesis test in problem 1? Why?
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