TABLE 8-3 A Quality Control Engineer Is Interested in the Mean Length

question 182

Short Answer

TABLE 8-3
A quality control engineer is interested in the mean length of sheet insulation being cut automatically by machine. The desired length of the insulation is 12 feet. It is known that the standard deviation in the cutting length is 0.15 feet. A sample of 70 cut sheets yields a mean length of 12.14 feet. This sample will be used to obtain a 99% confidence interval for the mean length cut by machine.
-Referring to Table 8-3, suppose the engineer had decided to estimate the mean length to within 0.03 with 99% confidence. Then the sample size would be _____.

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Definitions:

Capital Investment Analysis

The process of evaluating and comparing the potential returns of making a new investment in capital assets, considering factors like cost, risks, and future cash flows.

Average Rate of Return

A financial metric representing the average annual earnings of an investment as a percentage of its initial cost.

Estimated Average Annual Income

An approximation of how much money an individual, business, or asset is expected to generate over a year.

Average Investment

A calculation used in finance to determine the average amount invested over a period, often used in evaluating the return on an investment.