Answered: ESTIMATING POPULATION VARIANCES ABC…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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ESTIMATING POPULATION VARIANCES

ABC Company has poor accounting system and has difficulty in their inventory of products sold every year. The storeowner has no idea how to check the requisition of the product due to frequent rotation of personnel assigned in the inventory section. He wants to estimate the overall sales of the products for the year, thus, a random sample of 76 products was made. The sample average was 45.2 products with a variance of 313. Construct a 99% confidence interval to estimate the population variance assuming that it is normally distributed.

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Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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