A Foreman Wants to Use An $\overline { \mathrm { X } }$

question 15

Multiple Choice

A foreman wants to use an $\overline { \mathrm { X } }$
Chart to control the average length of the bolts manufactured.He has recently collected the six samples given below. $$\begin{array} { c c c c c } \text { Sample } & & & & \\1 & 1.99 & 2.01 & 2.02 & 2.02 \\2 & 2.00 & 2.00 & 2.01 & 2.01 \\3 & 1.98 & 1.99 & 2.01 & 1.98 \\4 & 2.01 & 2.02 & 2.02 & 1.99 \\5 & 1.99 & 1.99 & 2.01 & 1.99 \\6 & 2.03 & 1.98 & 2.03 & 2.04\end{array}$$
Calculate the average range.

• A).036
• B).18
• C).030
• D).05

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Definitions:

Standard Deviation

A metric that quantifies the spread or diversity among a collection of numbers.

Expected Return

The weighted average of all possible returns for an investment, considering the probabilities of each outcome.

Risk Averse

Describes an individual or entity's preference to avoid risk, where they prioritize certainty and are willing to accept lower returns in exchange for greater certainty or security.

High-Technology Stocks

These are shares in companies involved in high-tech industries, known for rapid innovation and growth potential but also higher risk.