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The local amusement park was interested in the average wait time at their most popular roller coaster at the peak park time (2 p.m.) . They selected 13 patrons and had them get in line between 2 and 3 p.m. Each was given a stopwatch to record the time they spent in line. The times recorded were as follows (in minutes; mean = 114.15) : 118, 124, 108, 116, 99, 120, 148, 118, 119, 121, 45, 130, 118.
What is the standard deviation?
Direct Materials
Raw materials that are directly traceable to the manufacturing of a product and constitute a significant portion of the production cost.
Spending Variance
Spending variance refers to the difference between the actual costs incurred and the budgeted or expected costs, often analyzed in budgeting and cost management.
Supplies Cost
The cost associated with items or materials used in the operation of a business or the production of goods.
Net Operating Income
A company's income after all operating expenses, excluding the effects of interest and taxes, have been deducted from total revenues.
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