You Are Estimating the Mean Waiting Time in Line at a Particular

question 11

Multiple Choice

You are estimating the mean waiting time in line at a particular fast-food restaurant.You ask 30 customers,at varying times of the day,how long they waited in line before placing their order.You then take the average of these values and use this average to estimate the mean waiting time for all customers.The average of the 30 values is an example of a(n) :

• A)Chebyshev estimate
• B)point estimate
• C)interval estimate
• D)confidence estimate

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Definitions:

Weighted-Average Method

An inventory costing method that calculates the cost of goods sold and ending inventory based on the average cost of all inventory items.

Processing Department

A unit within a manufacturing facility where a specific, major stage of production is carried out.

Ending Inventory

The value of goods available for sale at the end of an accounting period.

Materials

Raw inputs or components used in the manufacturing or production process to create a final product.