Standard deviation is a more difficult concept than the others we've covered. And unless you are writing for a specialized, professional audience, you'll probably never use the words "standard deviation" in a story. But that doesn't mean you should ignore this concept.
A sample of 16 people reveals the mean yearly consumption to be 60 pounds with a standard deviation of 20 pounds. What is the value of the population mean? What is the best estimate of this value?
The value of population mean is unknown. The best estimate of this value is the sample mean of 60 pounds. Explain why we need to use the t distribution. What assumption do you need to make? According to Lind, et al.
We need to assume that the sample is from a normal population pp. For a 90 percent confidence interval, what is the value of t? Develop the 90 percent confidence interval for the population mean.
Would it be reasonable to conclude that the population mean is 63 pounds? Yes because 63 pounds is among the confidence intervals. Lind Chapter 9; Exercise 28 A processor of carrots cuts the green top off each carrot, washes the carrots, and inserts six to a package.
Twenty packages are inserted in a box for shipment.
To test the weight of the boxes, a few were checked. The mean weight was How many boxes must the processor sample to be 95 percent confident that the sample mean does nJan 12, · At the start of , RIV announced it would set dividend payouts at % of the fund’s NAV, meaning that RIV must earn more than % to pay .
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The statement of the decision problem should include its scope and its limitations.
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