A machine is used to fill boxes of product in an assembly line operation. Much concern centers
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A machine is used to fill boxes of product in an assembly line operation. Much concern centers around the variability in the number of ounces of product in the box. The standard deviation in weight of product is known to be 0.3 ounces. An improvement is implemented after which a random sample of 20 boxes is selected and the sample variance is found to be 0.045 ounces. Find a 95% confidence interval on the variance in the weight of the product. Does it appear from the range of the confidence interval that the improvement of the process enhanced quality as far as variability is concerned? Assume normality on the distribution of weight of product.
DistributionThe word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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