Example 1: A researcher wishes to estimate the number of days it takes an automobile dealer to sell a Chevrolet Aveo. A sample of 50 cars had a mean time on the dealer's lot of 54 days. Assume the population standard deviation to be 6.0 days. Find the best point estimate of the population mean and the 95% confidence interval of the nonulation mean

Example 1: A researcher wishes to estimate the number of days it takes an automobile dealer to sell a Chevrolet Aveo. A sample of 50 cars had a mean time on the dealer's lot of 54 days. Assume the population standard deviation to be 6.0 days. Find the best point estimate of the population mean and the 95% confidence interval of the nonulation mean

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)

5th Edition

ISBN:9781305084766

Author:Saeed Moaveni

Publisher:Saeed Moaveni

Chapter19: Probability And Statistics In Engineering

Section: Chapter Questions

Problem 17P

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Concept explainers

Quantity takeoff

Quantity takeoffs (QTO) are precise estimates of the materials and labor costs required to finish a construction project. During the pre-construction phase, an estimator prepares them, breaking down the project into smaller, more manageable parts that are easier to evaluate. These measurements are used to prepare a construction scope bid. Estimators examine the drawings, specifications, and models to figure out different quantities and their costs. Since, the components, their quantity, and price are all included in the model, quantity take-off can be done automatically using Building Information Modelling (BIM). The time taken for completing a construction project can be reduced by the use of quantity takeoff. These takeoffs are also called material takeoffs and construction takeoffs.

Question

Example 1: A researcher wishes to estimate the number of days it takes an
automobile dealer to sell a Chevrolet Aveo. A sample of 50 cars had a mean time
on the dealer's lot of 54 days. Assume the population standard deviation to be
6.0 days. Find the best point estimate of the population mean and the 95%
confidence interval of the population mean.

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