Confidence Interval for Mean: Chris Cross Manufacturing
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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 99.938
sample variance 2.313
sample standard deviation 1.521
minimum 97
maximum 102.9
range 5.9
population variance 2.169
population standard deviation 1.473
standard error of the mean 0.380
Tolerance interval 95.45% lower 96.896
Tolerance interval 95.45% upper 102.979
half-width 3.042
1st quartile 98.900
median 99.850
3rd quartile 100.475
interquartile range 1.575
mode 98.900
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Solution Summary
The solution provides step by step method for the calculation of confidence interval for population mean. Formula for the calculation and Interpretations of the results are also included.
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