An $\bar { x }$ Chart Is Being Developed Using 15 Samples of Size 9

question 2

Multiple Choice

An $\bar { x }$ chart is being developed using 15 samples of size 9 each.The average of 15 sample means is 6.20.The average of the 15 ranges is 0.30.The upper control limit is _______________.

• A)6.301
• B)6.267
• C)6.133
• D)6.099
• E)6.312

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Definitions:

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a person's mind, affecting the perception of the frequency or likelihood of events.

Heuristics

Mental shortcuts or rules of thumb that simplify decision-making processes, though they may sometimes lead to biases or inaccuracies.

Planning Fallacy

The tendency for individuals or organizations to underestimate the time, costs, and risks of future actions and overestimate the benefits.

Behavioral Economics

A field of economic research that examines how psychological, social, cognitive, and emotional factors affect economic decisions of individuals and institutions.