Suppose That a Time Study Analyst Takes a Sample of Size

question 117

Essay

Suppose that a time study analyst takes a sample of size 60 observations.The process mean is 100 seconds,and the standard deviation is 3 seconds.If the max error can be no more than ± 1 second,how confident can the analyst be in the results?

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Definitions:

Break-Even Point

The financial point at which total revenues equal total costs, resulting in no net profit or loss.

Contribution Format

A way of presenting income statements where costs are divided into variable and fixed categories, highlighting the contribution margin.

Income Statement

A financial statement that shows a company's revenues, expenses, and profitability over a specified period of time.

Break-Even Point

The break-even point is the level of production or sales at which total revenues equal total costs, and there is no profit or loss.