(Situation E) a Machine at K-Company Fills Boxes with Bran

question 3

Essay

(Situation E) A machine at K-Company fills boxes with bran flake cereal. The target weight for the filled boxes is 24 ounces. The company would like to use control charts to monitor the performance of the machine. The company decides to sample and weigh 10 consecutive boxes of cereal at randomly selected times over a two-week period. Twenty measurement times are selected and the following information is recorded. $$\begin{array} { c c c c c c } \hline \text { Time } & \text { Mean (oz) } & \text { Range (oz) } & \text { Time } & \text { Mean (oz) } & \text { Range (oz) } \\\hline 1 & 23.8 & 1.05 & 11 & 24.5 & 1.21 \\2 & 24.5 & 0.85 & 12 & 24.7 & 0.65 \\3 & 23.9 & 1.12 & 13 & 24.0 & 0.55 \\4 & 24.2 & 0.95 & 14 & 25.5 & 3.21 \\5 & 23.7 & 1.22 & 15 & 24.2 & 1.25 \\6 & 23.5 & 1.42 & 16 & 24.4 & 1.35 \\7 & 24.2 & 1.02 & 17 & 24.5 & 0.98 \\8 & 24.4 & 1.10 & 18 & 25.0 & 1.30 \\9 & 24.1 & 0.75 & 19 & 24.1 & 0.88 \\10 & 24.2 & 0.60 & 20 & 24.2 & 1.01\end{array}$$
-Calculate the upper and lower control limits for the $\bar { x } \text {-chart. }$

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Definitions:

Money Supply

The complete aggregation of monetary assets within an economy at a particular point, including cash, coins, and the funds in checking and savings accounts.

Velocity

The rate at which money circulates within an economy, often measured as the ratio of nominal GDP to the money supply.

Price Level

An index that measures the average relative level of prices of goods and services in an economy over a period of time.

Inflation

The speed at which the overall price level for goods and services increases, thereby diminishing the buying power.