A Manager Was Assigned the Task of Investigating the Error

question 34

Essay

A manager was assigned the task of investigating the error in payments for routine purchases made by the purchasing department.The manager randomly selected 12 payments,investigated them thoroughly,and determined the payment error for each of these payments.The payment error was defined as the difference between the amount paid and what should have been paid.The payment errors determined for these selected payments were as follows:

a.What is the 95% confidence interval for the population mean payment error?
b.Suppose a recent company report inferred that the mean payment error may be running as high as $25.That led the manager to test the null hypothesis that the population mean payment error is equal to $25 versus the alternative that the population mean payment error is not equal to $25.Using a significance level equal to 0.01, perform this hypothesis test.
c.Suppose another manager used this same data to test the null hypothesis that the population mean payment error is less than or equal to $15 versus the alternative that the population mean payment error is greater than to $15.What is the test statistic for this hypothesis testing situation?

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Definitions:

Lights And Sounds

Refers to the stimulation of the visual and auditory systems by photons (light) and oscillations of air particles (sound), respectively, and their perception and interpretation by the brain.

Social-learning Theory

A theory suggesting that people learn new behaviors through observational learning, imitating the actions of others, especially if those actions are reinforced.

Operant Conditioning

A method of learning that occurs through rewards and punishments for behavior, part of behavioral psychology.

Classical Conditioning

A method of associative learning in which two stimuli are repeatedly correlated; eventually, the response initially due to the second stimulus is provoked by the first stimulus alone.