For a Particular Time Study a Company Would Like to Be

question 27

Multiple Choice

For a particular time study a company would like to be 90% confident that the average job cycle time is within 5% of the true average job cycle time.Assume that the average job cycle time was 15.76 minutes and the standard deviation of the sample was 3.2 minutes.The number of cycles that should be used in this time study would be

• A)45
• B)93
• C)127
• D)236

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Definitions:

Maximum Possible Gain

The highest achievable outcome or benefit from a specific action or set of actions in a given scenario.

Bounded Rationality

The concept that decision-making is limited by the information available, the cognitive limitations of the mind, and the time available to make the decision.

Alternative Solutions

Different strategies or approaches that can be used to solve a problem or achieve a goal.

Bounded Rationality

The concept that individuals make decisions based on the limited information they have, their own cognitive limitations, and the finite time they have to make a decision.