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Confidence Interval for Mean: Chris Cross Manufacturing

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

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.