A local university administers a comprehensive examination to the candidates for B.S. degrees in Business Administration. Five examinations are selected at random and scored. The scores are shown below.
a.Compute the mean and the standard deviation of the sample.
b.Compute the margin of error at 95% confidence.
c.Develop a 95% confidence interval estimate for the mean of the population. Assume the population is normally distributed.
Definitions:
First-in
A reference to the "First-In, First-Out" (FIFO) inventory method where the oldest inventory items are recorded as sold first.
Processing Department
A division or unit within a company where a particular phase of the manufacturing process is completed.
Total Cost
The complete cost of production, including both fixed and variable costs, to manufacture a product or deliver a service.
Processing Department
A division within a manufacturing operation where a specific type of processing or assembly is completed.
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