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Sally suspects strongly that there is a learning curve associated with solving problems assigned for operations management. She notes that it took her approximately 33 minutes to solve the first problem and 20 minutes to solve the fifth problem.
a. Estimate Sally's learning percentage.
b. Using your answer from part a, estimate how much longer it will take Sally to finish the three problems that remain.
Population Proportion
The fraction of members in a group that possess a particular characteristic, often expressed as a percentage of the total population.
Confidence Interval
An assortment of values, from sampled evidence, which possibly contains the value of an unknown parameter of the population.
Estimator
An estimator refers to a statistic used to estimate the value of a population parameter based on sample data.
Significance Level
The probability of rejecting the null hypothesis in a statistical test when it is actually true, typically denoted by alpha (α).
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