Given the Following Process Control Data for a Normally Distributed

question 109

Short Answer

Given the following process control data for a normally distributed quality variable (three samples of size four each): $$\begin{array} { r} { \text { Measurements } } \\\begin{array} { l l l l l } \text { Machine } &\\\hline \# 1 & 15 & 14 & 15 & 12 \\\# 2 & 18 & 16 & 20 & 16 \\\# 3 & 16 & 17 & 16 & 17\end{array}\end{array}$$ If this process is known to have a mean of 15 and a standard deviation of 3, what is the mean of the sampling distribution of sample means for whenever this process is under control? The standard deviation?

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Definitions:

Selling Price

The cost incurred by the customer for acquiring a product or service.

Variable Production Costs

Expenses that vary directly with the volume of production or sales, like direct labor and raw materials.

Fixed Monthly Cost

Regular expenses that do not fluctuate with production volume or sales, such as rent, salaries, and insurance, billed on a monthly basis.

Contribution Margin

Contribution margin is the difference between sales revenue and variable costs of a product or service, highlighting how much revenue contributes towards covering fixed costs and generating profit.