A Time Study of a Certain Service Task Found an Average

question 310

Essay

A time study of a certain service task found an average time of 15 minutes, with a standard deviation of 3 minutes. These figures were based on a sample of 100 measurements. Is the sample large enough that we are 95% confident that standard time is within ±5% of its true value?

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Definitions:

Financing Activity

Involves transactions related to a business's funding, including obtaining or repaying capital, issuing shares, and paying dividends.

Investing Activities

Financial transactions related to the purchase and selling of long-term assets and other investments not considered as cash equivalents.

Long-term Assets

Assets that are expected to provide economic benefits over periods longer than one year, such as buildings, machinery, and land.

Short-term Investments

Assets that are expected to be converted into cash, sold, or consumed within one year or within the operating cycle of the business, whichever is longer.