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    Confidence Interval for Mean: Tesla Motors

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    Tesla Motors needs to buy axles for their new car. They are considering using Chris Cross Manufacturing as a vendor. Tesla's requirement is that 95% of the axles are 100 cm ± 2 cm. The following data is MegaStat output from a test run from Chris Cross Manufacturing. Should Tesla select them as a vendor? Explain your answer.

    Descriptive statistics

    count 16
    mean 99.850
    sample variance 4.627
    sample standard deviation 2.151
    minimum 96.9
    maximum 104
    range 7.1

    population variance 4.338
    population standard deviation 2.083

    standard error of the mean 0.538

    tolerance interval 95.45% lower 95.548
    tolerance interval 95.45% upper 104.152
    half-width 4.302

    1st quartile 98.850
    median 99.200
    3rd quartile 100.550
    interquartile range 1.700
    mode 103.000

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    Solution Summary

    The solution provides step by step method for the calculation of confidence interval for mean. Formula for the calculation and Interpretations of the results are also included. Interactive excel sheet is included. The user can edit the inputs and obtain the complete results for a new set of data.