Margin of Error & Confidence Interval
1. To estimate the average time it takes to assemble a certain computer component, the industrial engineer at an electronic firm timed 40 technicians in the performance of this task, getting a mean of 12.73 minutes and a standard deviation of 2.06 minutes.
a. What can we say with 99 % confidence about the maximum error if x-bar = 12.73 is used as a point estimate of the actual average time required to do the job?
b. Use the given data to construct a 98 % confidence interval for the true average time it takes to assemble the computer component.
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Confidence Interval
1. To estimate the average time it takes to assemble a certain computer component, the industrial engineer at an electronic firm timed 40 technicians in the performance of this task, getting a mean of 12.73 minutes and a standard deviation of 2.06 minutes.
Answers
a. What can we say with 99 % confidence about the maximum error if x-bar = 12.73 is used as a point estimate of ...
Solution Summary
The solution provides step by step method for the calculation of margin of error and 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.