A quality analyst wants to construct a sample mean chart for controlling a packaging process.He knows from past experience that the process standard deviation is two ounces.Each day last week,he randomly selected four packages and weighed each.The data from that activity appear below.
(a)Calculate all sample means and the mean of all sample means.
(b)Calculate upper and lower 2-sigma x-bar chart control limits that allow for natural variations.
(c)Based on the x-bar chart,is this process in control?
Definitions:
Discount Rate
The discount rate is the interest rate set by central banks charged to commercial banks for loans, affecting the cost of borrowing money.
Actual Interest Rate
The real rate of interest earned or paid on an investment or loan, taking into account the effect of compounding.
Cash Discounts
Reductions in price given to a customer for prompt payment of their bill.
Invoice
A document issued by a seller to a buyer that specifies the products or services sold, quantities, and agreed prices for products or services provided.
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