Transcription of Educational Text:---**c.** Interpret your confidence interval in the context of the problem.**d.** What characteristic must the population possess to ensure the appropriateness of the estimation procedure used in part b.**e.** Suppose Forbes reports that the true mean revenue of the 441 companies on the list is $5.0 billion. Is the claim believable?---Explanation: The text includes three questions related to statistical analysis and interpretation. These questions are likely part of a larger problem set related to hypothesis testing or confidence intervals. ### Title: Analysis of Revenue Data from Forbes' Largest Private Companies#### IntroductionThis section provides information on how Investment Operating Programs (IOP) generate substantial new wealth. Despite many companies transitioning from private ownership, a significant number remain private. The table below displays revenue data from a random sample of 15 companies from Forbes' list of 441 Largest Private Companies.#### Revenue Data of Sample Companies| Company | Revenue (in billions) ||--------------|-----------------------|| Enterprise | 13.1 || FlyingJ | 14.32 || Tenaska | 11.6 || Wawa | 5.05 || Ergon | 4.49 || Brookshire | 2.2 || BrightStar | 3.66 || Bose | 2.18 || MaryKay | 2.4 || LLBean | 1.62 || RoomToGo | 1.75 || SAS | 2.15 || BlueTee | 1.1 || Printpack | 1.36 || USOil | 2.19 |#### Tasks**a. Describe the population from which the random sample was drawn.**The population comprises companies listed in Forbes' 441 Largest Private Companies, a collection of businesses that remain privately owned with substantial revenues. These entities span various industries and provide insight into the financial landscape of large, privately held companies.**b. Use a 98% confidence interval to estimate the mean revenue of the population of companies in question.**To calculate this, you will need to compute the sample mean and standard deviation. Then, apply the formula for the confidence interval of the mean for large samples (assuming normal distribution):\[ \text{CI} = \bar{x} \pm Z \times \left(\frac{s}{\sqrt{n}}\right) \]Where:- $ \bar{x} $ = sample mean- $ Z $ = Z-value for 98% confidence (approximately 2.33)- $ s $ = sample standard deviation- $ n $ = sample size (15 in this case)This calculation will offer an estimate of the average revenue with a specified level of confidence.

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Description: Transcription of Educational Text:---**c.** Interpret your confidence interval in the context of the problem.**d.** What characteristic must the population possess to ensure the appropriateness of the estimation procedure used in part b.**e.** Suppo

As per honor code, we will only answer first three part of the question. a) The population in this…

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2. IOP create billions of dollars of new wealth for owners, managers, and employees of companies that were previously privately owned. Nevertheless, hundreds of large and thousands of small companies remain privately owned. The revenues of a random sample of 15 firms from Forbes 441 Largest Private Companies list is given in the table below: COMPANY REVENUE Enterprise FlyingJ 13.1 14.32 Tenaska 11.6 Wawa 5.05 Ergon 4.49 Brookshire 2.2 BrightStar 3.66 Bose 2.18 MaryКay 2.4 LLBean 1.62 RoomToGo 1.75 SAS 2.15 BlueTee 1.1 Printpack 1.36 USOil 2.19 a. Describe the population from which the random sample was drawn. b. Use a 98% confidence interval to estimate the mean revenue of the population of companies in questions.

2. IOP create billions of dollars of new wealth for owners, managers, and employees of companies that were previously privately owned. Nevertheless, hundreds of large and thousands of small companies remain privately owned. The revenues of a random sample of 15 firms from Forbes 441 Largest Private Companies list is given in the table below: COMPANY REVENUE Enterprise FlyingJ 13.1 14.32 Tenaska 11.6 Wawa 5.05 Ergon 4.49 Brookshire 2.2 BrightStar 3.66 Bose 2.18 MaryКay 2.4 LLBean 1.62 RoomToGo 1.75 SAS 2.15 BlueTee 1.1 Printpack 1.36 USOil 2.19 a. Describe the population from which the random sample was drawn. b. Use a 98% confidence interval to estimate the mean revenue of the population of companies in questions.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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