A Small,independent Amusement Park Collects Data on the Number of Cars

question 112

Essay

A small,independent amusement park collects data on the number of cars with out-of-state license plates.The sample size is fixed at n=25 each day.Data from the previous 10 days indicate the following number of out-of-state license plates:
(a)Calculate the overall proportion of "tourists" (cars with out-of-state plates)and the standard deviation of proportions.
(b)Using ±3σ limits,calculate the LCL and UCL for these data.
(c)Is the process under control? Explain.

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Definitions:

Fiscal Year-End

The fiscal year-end is the conclusion of a 12-month or 365-day period that a company uses for accounting purposes and preparing financial statements, which does not necessarily coincide with the calendar year.

Deferred Income Tax Liability

A tax obligation due in the future for income that has been recognized in the financial statements before it is taxable.

Tax Liability

Tax liability refers to the total amount of tax that an individual or entity is obligated to pay to a taxing authority, such as the government, based on income, property, and other applicable factors.

Income Tax Expense

The amount of money that a company owes to the government for income earned during a fiscal period.