A Belt working in a supply chain environment has to make a decision to change suppliers of critical raw materials for a new product upgrade. The purchasing manager is depending on the Belt’s effort requiring that the average cost of an internal critical raw material component be less than or equal to $4,200 in order to stay within budget. Using a sample of 35 first article components, a Mean of the new product upgrade price of $4,060, and a Standard Deviation of $98 was estimated. The Alternative Hypothesis in the above example is?
A Belt working in a supply chain environment has to make a decision to change suppliers of critical raw materials for a new product upgrade. The purchasing manager is depending on the Belt’s effort requiring that the average cost of an internal critical raw material component be less than or equal to $3,600 in order to stay within budget. Using a sample of 42 first article components, a Mean of the new product upgrade price of $3,200 and a Standard Deviation of $180 was estimated. Based on the data provided, the Z value for the data assuming a Normal Distribution is?
A Belt working in a supply chain environment has to make a decision to change suppliers of critical raw materials for a new product upgrade. The purchasing manager is depending on the Belt’s effort requiring that the average cost of an internal critical raw material component be less than or equal to $3,800 in order to stay within budget. Using a sample of 38 first article components, a Mean of the new product upgrade price of $3,680, and a Standard Deviation of $120 was estimated. In order to increase the Long Term Z value to 5, what is the maximum long term variation in pricing the Belt can accept for his upgraded critical raw material component?
Sally and Sara sell flower pots at their garage sale. Sally motivates Sara mentioning that they will sell a minimum of 15 pots per day if the outside temperature exceeds 60o F. From a sample, whose population is assumed to follow a Normal Distribution, taken for 30 days at 60 degrees or more an average of 13.6 pots per day were sold with a Standard Deviation of 0.7 pots. For the sales accomplished above, what test would validate if they met their requirements?
Sally and Sara sell flower pots at their garage sale. Sally motivates Sara mentioning that they will sell a minimum of 15 pots per day if the outside temperature exceeds 60o F. From a sample, whose population is assumed to follow a Normal Distribution, taken for 30 days at 60 degrees or more an average of 13.6 pots per day were sold with a Standard Deviation of 0.7 pots. The statistical Degrees of Freedom for this example are?
A ___________ is used primarily to track the stability of the average value of a metric of interest.
