A methods and measurements analyst for Timepiece, Inc., needs to develop a time standard for the task of attaching a watch to a wristband. In a preliminary study, he observed one of his workers perform this task five times, with the following results:
How many observations should be made if he wants to be 95.44 percent confident that the maximum error in the observed time is 1 second? Assume that the standard deviation of the task time is 5 seconds.
Definitions:
Positively Correlated
Describes a relationship between events such that each event is more likely to occur if the other event also occurs.
Diversification
Diversification is an investment strategy that involves spreading investments across various assets to reduce risk and increase the potential for returns.
Positively Correlated
A relationship between two variables in which both variables move in the same direction.
Pooling
In economics, pooling is the amalgamation of resources or interests by several parties to maximize benefit or reduce risk.
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