MSci609_Quiz_4

MSci609_Quiz_4 - Department of Management Sciences Faculty...

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Unformatted text preview: Department of Management Sciences Faculty of Engineering University of Waterloo MSci 609 Quantitative data Analysis for Management Sciences QUIZ 4 NAME: ID: Problem 11: (question 2.121 Montgomery and Runger, p. 58) The EPA wants to test a randomly selected sample of n water specimens and estimates μ, the mean daily rate of pollution produced by a mining operation. If the EPA wants a 95% confidence interval estimate with a sampling error of 1 milligram per liter (mg/L), how many water specimens are required in the sample? Assume that prior knowledge indicates that pollution readings in water samples taken during a day are approximately normally distributed with a standard deviation equal to 5 (mg/L). [This is Bonus Question] Solution: Problem 21: (question 2.121 Montgomery and Runger, p. 58) The average salary of a travel management professional is $98,500. Assume that the standard deviation of such salaries is $30,000. Consider a random sample of 50 travel‐management professionals, and let ̅ represent the mean salary for the sample. 1. What is ̅ ? 2. What is ̅ ? 3. Describe the shape of the sampling distribution of ̅ . 4. Find the z‐score for the value ̅ $89,500 5. Find ̅ 89,500 Solution: ...
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