In Order to Estimate the Average Electric Usage Per Month

question 61

Multiple Choice

In order to estimate the average electric usage per month, a sample of 64 houses was selected and the electric usage was determined. Assume a population standard deviation of 320 kilowatt-hours. The standard error of the mean is

• A) 320.
• B) 64.
• C) 400.
• D) 40.

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Definitions:

Satisficing

A decision-making strategy that entails selecting the first option that meets a minimum threshold of acceptability, rather than searching for the optimal solution.

Outsourcing

The business practice of hiring a party outside a company to perform services or create goods that traditionally were performed in-house by the company's own employees and staff.

Complex Integration

In mathematics, it refers to the process of performing integration for complex functions; in systems theory, it involves the incorporation of various components into a coherent whole.

Disparate Subcomponents

Distinct or divergent parts or elements that make up a larger system, often requiring integration for the system to function efficiently.