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 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.
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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 ...
Purchase this Solution
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