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    Tolerance Interval

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    In order to control costs. a company wishes to study the amount of money its sales force spends entertaining clients.

    The following is a random sample of six entertainment expenses (dinner costs for four people) from expense reports submitted by numbers of the sales force.

    Sales force numbers
    157
    132
    109
    145
    125
    139

    Calculate Mean, Variance, and Standard Deviation. Assuming that the distribution on entertainment expenses is approximately normally distributed, calculated estimate of tolerances interval containing 95.44%.

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    Solution Preview

    Please see the attachments.

    Calculate Mean, Variance, and Standard Deviation.
    In order to control costs, a company wishes to study the amount of money its sales force spends entertaining clients.

    The following is a random sample of six entertainment expenses (dinner costs for four people) from expense reports submitted by numbers of the sales force.

    Sales force numbers
    157
    132
    109
    145
    125 ...

    Solution Summary

    The solution provides step by step method for the calculation of mean, variance, standard deviation and tolerance interval. Formula for the calculation and Interpretations of the results are also included.

    $2.19

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