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How many observations would be needed to estimate the mean time for element 2 within 4 percent of its true value with a 95.5 percent confidence?
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How do you find the population mean for a 95 percent confidence interval?
It depends whether or not the observations are independent and on the distribution of the variable that is being measured or the sample size. You cannot simply assume that the observations are independent and that the distribution is Gaussian (Normal).
What is meant by a 95 percent confidence interval?
Confidence IntervalsConfidence interval (CI) is a parameter with a degree of confidence. Thus, 95 % CI means parameter with 95 % of confidence level. The most commonly used is 95 % confidence interval.Confidence intervals for means and proportions are calculated as follows:point estimate ± margin of error.
If Web Search Results for A bank wishes to estimate the mean balances owed by their MasterCard customers within 75 The population standard deviation is estimated to be 300 If a 98 percent confidence?
A bank wishing to estimate the mean balances owed by their MasterCard customers within 75 miles with a 98 percent confidence can use the following formula to calculate the required sample size: Sample size = (Z-score)2 * population standard deviation / (margin of error)2 Where Z-score = 2.326 for 98 percent confidence Population standard deviation = 300 Margin of error = desired confidence intervalSubstituting the values into the formula the required sample size is: 2.3262 * 300 / (Confidence Interval)2 = 553.7Therefore the bank would need to have a sample size of 554 to estimate the mean balances owed by their MasterCard customers within 75 miles with a 98 percent confidence.
What percent of observations are above the third quartile in a distribution?
25 percent
When the sample size and sample standard deviation remain the same a 99 percent confidence interval for a population mean will be narrower than the 95 percent confidence interval for the mean?
Never!
How do you determine cycle time in operations management?
The data in the table below represent time study observations for a woodworking operation.Based on the observations, determine the standard time for the operation, assuming an allowance of 15 percent of job time.How many observation s would be needed to estimate the mean time for element 2 within 1 percent if it's true value with a 95.5 percent confidence?How many observations would be needed to estimate the mean time for element 2 within 0.01 minute of its true value with a 95.5 percent confidence?ElementPerformanceRatingObservations (Minutes per Cycle)1234561110%1.201.171.161.221.241.152115%0.830.870.780.820.851.323105%0.580.530.520.590.600.54
How do you find the population mean for a 95 percent confidence interval?
It depends whether or not the observations are independent and on the distribution of the variable that is being measured or the sample size. You cannot simply assume that the observations are independent and that the distribution is Gaussian (Normal).
What percent of all element are metals?
About 80% are metals.
What number of observations would be required in a time study in order to obtain a 95 percent confidence that the average time observed was no more than 0.6 minutes from the true mean?
What number of observations would be required in a time study in order to obtain a 95 percent confidence that the average time observed was no more than 0.6 minutes from the true mean, assuming a standard deviation of cycle time of 1.8 minutes?
What is meant by a 95 percent confidence interval?
Confidence IntervalsConfidence interval (CI) is a parameter with a degree of confidence. Thus, 95 % CI means parameter with 95 % of confidence level. The most commonly used is 95 % confidence interval.Confidence intervals for means and proportions are calculated as follows:point estimate ± margin of error.
What would happen to the width of the confidence interval if the level of confidence is lowered from 95 percent to 90 percent?
decrease
If Web Search Results for A bank wishes to estimate the mean balances owed by their MasterCard customers within 75 The population standard deviation is estimated to be 300 If a 98 percent confidence?
A bank wishing to estimate the mean balances owed by their MasterCard customers within 75 miles with a 98 percent confidence can use the following formula to calculate the required sample size: Sample size = (Z-score)2 * population standard deviation / (margin of error)2 Where Z-score = 2.326 for 98 percent confidence Population standard deviation = 300 Margin of error = desired confidence intervalSubstituting the values into the formula the required sample size is: 2.3262 * 300 / (Confidence Interval)2 = 553.7Therefore the bank would need to have a sample size of 554 to estimate the mean balances owed by their MasterCard customers within 75 miles with a 98 percent confidence.
What percent of observations are above the third quartile in a distribution?
25 percent
Is a 95 percent confidence interval for a mean wider than a 99 percent confidence interval?
No, it is not. A 99% confidence interval would be wider. Best regards, NS
What does it mean to have 95 percent confidence in an interval estimate?
It means that 95% of the values in the data set falls within 2 standard deviations of the mean value.
A sample of 1108 was used to estimate a proportion with 98 percent confidence If p equals 0.5 then what was the amount of error A 0.040 B 0.025 C 0.035?
0.040
What is 95 percent Confidence level?
OVERCONFIDENT
