The production manager is going to present this information to the company's board of directors. Which graph should the manager
use to best emphasize that the number of defects has remained relatively consistent throughout the year?
2 answers:
To best emphasize the number of defects. Manager should use graph 3 (refer the image shown):
If we talk about graph 1, it can also be used but usually we put the time line on the horizontal axis, for the convenience and the quantity to be measured on the y-axis. In the graph 1, the time is placed on the vertical axis (x-axis) so it would not be a good pick for the manager.
Same is the case with graph 2 again we have time on the vertical axis. So it is not a good idea to with graph 2.
Graph 3 could be the best to emphasize the number of defects because first of all time is placed on the horizontal axis and the quantity to be shown is on the vertical axis. Secondly, the range of the vertical axis is less so it is easy to observe the data set on the graph quite distinctively. Therefore, graph 3 is the best pick.
Graph 4 is placed correctly in terms of vertical and horizontal axes but the range of vertical axis is quite high due to which the dispersion or the display of the data is quite compressed and it gets hard to visualize.
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Answer:
1. The error in the assumption is taking the sample mean, , as being equal to the population mean, μ
2. To correct the error, the manager will need to generate the confidence interval based on the population standard deviation on the acceptable values of the mean using the following relation;
Step-by-step explanation:
We note that from the central limit theorem as the size of the sample, n, becomes more and more larger, the mean of the sample, , approaches that of the population mean, μ, therefore as the grocery store manager uses the sample mean as the population mean's point estimate an error will be observed based on the size of the sample compared to the population, where the difference between the two means (the population mean and the sample mean) is
1. The error in the assumption is taking the sample mean, , as being equal to the population mean, μ
2. To correct the error, the manager will need to generate the confidence interval based on the population standard deviation on the acceptable values of the mean using the following relation;
Where:
σ = Population standard deviation = $30
z = z value at 95% confidence level = 1.96
= Sample mean $160
n = Sample size = 10
Plugging in the values, we have;
$141.4 < < $178.6
Hence the expected value of the mean should be between $141.4 and $178.6.