The Following Data,drawn from a Normal Population,is the Waiting Time

question 70

Essay

The following data,drawn from a normal population,is the waiting time (in minutes)of 12 randomly selected customers at a travel desk.
1.8,2.4,2.7,2.1,1.3,1.7,1.5,1.5,2.3,2.8,2.5,1.9
A)Calculate the point estimates of the population variance and the population standard deviation.
B)Compute a 90% confidence interval for the population variance and the population standard deviation.

• A)Calculate the point estimates of the population variance and the population standard deviation.
• B)Compute a 90% confidence interval for the population variance and the population standard deviation.

Understand how to classify variances as favorable or unfavorable.

Learn to apply variance analysis concepts to different time periods and scenarios.

Grasp the interconnectedness of different types of variances in manufacturing cost control.

Develop analytical skills in evaluating operational performance through variance analysis.

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Definitions:

Dehydration Reaction

A chemical reaction in which two molecules are joined together with the removal of water, common in the synthesis of organic compounds.

Hydrolysis Reaction

Splitting of a chemical bond by the addition of water, with the H+ going to one molecule and the OH− going to the other.

Cholesterol

A waxy, fat-like substance found in all cells of the body, important for making hormones, vitamin D, and substances that help digest foods.

Steroids

A class of lipid molecules that includes hormones, vitamins, and cholesterol, which serve various functions in organisms.