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.
sample variance 2.313
sample standard deviation 1.521
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
1st quartile 98.900
3rd quartile 100.475
interquartile range 1.575
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.