A Methods and Measurement Analyst Wants to Develop a Time

question 71

Multiple Choice

A methods and measurement analyst wants to develop a time standard for a certain task. In a preliminary study, he observed one worker perform the task six times with an average observed time of 20 seconds and a standard deviation of 2 seconds.
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?

• A)3
• B)4
• C)13.3
• D)16
• E)25

Comprehend the growth management strategies for small businesses, including delegation of authority.

Explain the importance of innovation and customer focus in the success of small businesses.

Realize the potential immediate threats to small and mid-sized businesses and strategies to mitigate them.

Know the role of personal assets and savings as a source of funds for starting a business.

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Definitions:

Industry Type

A classification that groups companies based on similar business activities, products, or services.

Increasing Cost Industry

An industry in which costs per unit of output rise as the scale of production increases, often due to resource limitations or increasing input prices.

Factor Prices

The cost of inputs used in production, such as labor, land, and capital, which are influenced by supply and demand for these factors.

Market Supply Curve

A graphical representation showing the relationship between the price of a good or service and the total quantity of it that producers are willing to supply.