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A quality analyst wants to construct a sample mean chart for controlling a packaging process. He knows from past experience that the process standard deviation is two ounces. Each day last week, he randomly selected four packages and weighed each. The data from that activity appears below.
(a) Calculate all sample means and the mean of all sample means.
(b) Calculate upper and lower control limits that allow for natural variations.
(c) Is this process in control?
360-Day Year
An accounting method that simplifies interest calculation by assuming all months have 30 days, resulting in a 360-day year.
Total Amount
The complete sum or quantity of something.
Ordinary Interest
Interest calculated based on a 360-day year, typically used in banking and finance for loans and savings.
Total Amount
The aggregate or final sum of various components, such as the total cost, payment, or investment value.
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