Number of Fish Tanks

question 18

Essay

Number of Fish Tanks
The following data give the number of fish tanks owned for a population of 4 families.

-{Number of Fish Tanks Narrative} A sample of size 2 is drawn at random from the population.Use the formulas and to calculate the mean and the standard deviation of the sampling distribution of the sample means.

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Definitions:

Span of Control

The number of subordinates a manager or supervisor can directly control. This number varies with the complexity of tasks.

Delegation

The assignment of authority and responsibility to another person to carry out specific activities while retaining the ultimate accountability for the outcome.

Low-Cost Strategy

A business approach aimed at gaining a competitive advantage by minimizing costs while maintaining acceptable quality and pricing for products or services.

Rival

A rival is a competitor or opponent who is in contention with another for the same objective or for superiority in the same field.