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 Probability and Statistics
 90% Level of Confidence
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Posted - 09/10/2013 :  23:09:31  Show Profile  Reply with Quote
The problem is:
The Program Office budgets $30,000 per program review at the contractor's site. Your concern for "end of year" spending drills is that you have budgeted enough for the reviews (i.e. you are only concerned if the actual costs are higher than the $30,000 target). A sample of 16 trips yielded a mean of $32,500 and a standard deviation of $3,500. Test the budgeted amount at the 90% level of confidence. Select the correct answer out of each pair of choices. The choices are:
1. The tp is 1.341 or the tp is 1.337
2. The tc is 11,429 or the tc is 2.857
3. We would reject the null hypothesis or We would fail to reject the null hypothesis.
4. We would conclude that it is reasonable to use the $30,000 budget figure or We would recommend revising the budget figure.
Thanks for any and all assistance
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3059 Posts

Posted - 09/11/2013 :  08:06:47  Show Profile  Reply with Quote
This is a standard textbook problem. Start by stating your assumptions about the data.
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