A Company Is Interested in Estimating μ,The Mean Number of Days

question 45

Essay

A company is interested in estimating μ,the mean number of days of sick leave taken by its employees.The firm's statistician randomly selects 100 personnel files and notes the number of sick days taken by each employee.The sample mean is 12.2 days,and the sample standard deviation is 10 days.Calculate a 95 percent confidence interval for μ,the mean number of days of sick leave.

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Definitions:

Strategic Opportunism

A business strategy focusing on recognizing and capitalizing on opportunities with flexibility while maintaining a core strategic direction.

Lack-of-participation Error

A mistake or bias that occurs due to the absence or minimal involvement of certain groups or individuals.

Representativeness Bias

A cognitive bias where individuals incorrectly estimate the likelihood of an event by comparing it to an existing prototype in their minds.

Availability Bias

The tendency to overestimate the likelihood of events based on their availability in memory, often influenced by recent occurrences.