Efficiency in a manufacturing process is crucial for the profitability of firms in competitive markets. Currently, one particular stage of the process requires 130 seconds to complete. In an effort to improve efficiency, a number of employees have developed a new approach. Their goal is to reduce the amount of time required to less than 125 seconds. After making the appropriate adjustments and operating on the new system, they collect a sample of production times for 50 units. The summary statistics are below. You are required to perform two tests: First, perform a test to determine if they've succeeded at reducing the amount of time required relative to the current standard. Second, perform a test to determine if they've achieved their goal. Use a 5% level of significance for both tests. Be sure to include all necessary steps AND briefly discuss the implication of committing either a Type I or Type II error (whichever applies to your conclusion) for each test. Completion Time (seconds) Mean 117.97 Standard Error 5.53 Median 119.28 Standard Deviation 39.10 Sample Variance 1529.07 Count 50.00 Confidence Lvl (95.0%) 11.11