MGMT 650 Final Exam Questions and Correct Answers | New Update

With 80% confidence, for sample proportion 0.46 and sample size 30
what is the upper confidence limit with 2 decimal places?

What is the critical value for an 80% confidence level?
p= 0.46
n= 30
z 80%= 1.28
p(1-p)/n 0.00828
sqrt (p(1-p)/n)= 0.0909945
z*sqrt (p(1-p)/n)= 0.116473
p+z*sqrt (p(1-p)/n)= 0.58
0.58



3 pts

,
, Final Example - Question 3 4 pts


What is the Margin of Error for the population mean at 90% CL for the data
below?

Wait Time (minutes)
1 5.1
2 10.8 Stad Dev= STDEVA(C9:C38) 2.374206
3 6.2 Mean=AVERAGE(C9:C38) 7.7
4 4.3 Sample Size= n 30
5 5.7 Confidence level= 90%
6 7.3
7 4.7 Intermediate Calculations
8 7.5 Standard Error of the Mean 0.433 std dev/SQRT(30)
9 8.7 Degrees of Freedom df 29 =n - 1
10 5.5 t Value 1.6991 T.INV.2T(1-90%, df)
11 8.7 Interval Half Width 0.737 t * std error of mean
12 7.7
13 6.5 Confidence Interval
14 6.2 Interval Lower Limit 6.940 Mean - Int Half
15 11.4 Interval Upper Limit 8.413 Mean + Int half
16 8.1
17 5.5
18 12.3
19 6.4
20 7.2
21 7.6
22 9.2
23 8.9
24 6.9
25 4.8
26 9.4
27 11.7
28 5.6
29 7.1
30 13.4