In Order to Efficiently Bid on a Contract, a Contractor

question 4

Multiple Choice

In order to efficiently bid on a contract, a contractor wants to be 95% confident that his error is less than two hours in estimating the average time it takes to install tile flooring. Previous contracts indicate that the
Standard deviation is 4.5 hours. How large a sample must be selected?

• A)20
• B)4
• C)5
• D)19

---

Definitions:

Defense Spending

Governmental expenditure on military and defense activities, including salaries for military personnel, equipment, research, and development.

Government Spending

The total expenditure incurred by a government on goods, services, and public projects, utilized for economic management and social welfare.

Budget Reform

The process of revising budgetary policies and practices to improve efficiency, reduce deficits, and allocate resources according to strategic priorities.

Budget Document

A detailed financial statement presenting a government's or organization's projected revenues and spending for a fiscal period.