Eight Instances of a Worker Doing a Task Were Observed

question 88

Short Answer

Eight instances of a worker doing a task were observed as follows: $$\begin{array} { l r r r r r r r r } \text { Observation } & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 \\\hline \text { Time (seconds) } & 17 & 18 & 15 & 14 & 13 & 15 & 16 & 12\end{array}$$ How many observations would be needed to be 99.74 percent confident that the maximum error is 5 percent of the observed time? Assume that the standard deviation of the task time is two seconds.

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Definitions:

Preferred Shares

A class of ownership in a corporation that has a higher claim on its assets and earnings than common shares, often with predetermined dividend payments.

Common Shares

A type of equity ownership in a corporation, with voting rights and the potential to receive dividends.

Debt to Total Assets Ratio

A financial metric indicating the proportion of a company's assets financed through debt, reflecting financial leverage and risk.

Total Assets

The sum of all reported assets owned by a company, including both current and non-current assets, reflecting the total resources at its disposal.