There is not a textbook solution to this problem. I have provided sample data fo

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There is not a textbook solution to this problem. I have provided sample data for the problem but do not know how to work the problem. Please provide a textbook solution

Need help with the following -- Business Analytics 5th Edition

Ch 7 -- Problem 7 (a-d)

A manufacturing company's quality control personnel have recorded the proprtion of defective items for each of 500 monthly shipments of one of the computer components that the compnay produces. The sampledata is included below.The quality control department manager does not have sufficient time to review all of these data. Rather, she would like to examine the proportions of defective items for a sample of these shipments. For the problem, you can assume that the population is the data from the 500 shipments.at is the sampli

a. Use excel to generate a simple random sample of size 25 from the data.

b. Calculate a point estimate of the population mean from the sample selected in part a. What is the sampling error, that is, by how much does the sample mean differ from the population mean?

c. Calculate a good approximation for the standard error of the mean.

d. Repeat parts b and c after generating a simple random sample of size 50 from the population. Is this estimate bound to be more accurate than the one in part b?   Is its standard error bound to be smaller than the one in part c?

Using the following sample data

Shipment Proportion 1 0.10 2 0.77 3 0.16 4 0.54 5 0.08 6 0.05 7 0.34 8 0.76 9 0.57 10 0.55 11 0.23 12 0.86 13 0.37 14 0.46 15 0.61 16 0.52 17 0.03 18 0.60 19 0.45 20 0.64 21 0.03 22 0.41 23 0.10 24 0.57 25 0.39 26 0.68 27 0.61 28 0.71 29 0.51 30 0.52 31 0.54 32 0.58 33 0.72 34 0.06 35 0.06 36 0.91 37 0.58 38 0.11 39 0.06 40 0.80 41 0.88 42 0.86 43 0.10 44 0.81 45 0.31 46 0.47 47 0.72 48 0.25 49 0.17 50 0.63 51 0.90 52 0.45 53 0.06 54 0.62 55 0.24 56 0.74 57 0.90 58 0.85 59 0.62 60 0.54 61 0.29 62 0.60 63 0.73 64 0.09 65 0.32 66 0.56 67 0.43 68 0.70 69 0.30 70 0.47 71 0.67 72 0.11 73 0.37 74 0.40 75 0.94 76 0.14 77 0.66 78 0.87 79 0.84 80 0.24 81 0.44 82 0.62 83 0.66 84 0.69 85 0.45 86 0.26 87 0.81 88 0.97 89 0.66 90 0.51 91 0.12 92 0.08 93 0.00 94 0.13 95 0.96 96 0.16 97 0.20 98 0.98 99 0.43 100 0.55 101 0.21 102 0.07 103 0.62 104 0.20 105 0.93 106 0.52 107 0.79 108 0.48 109 0.62 110 0.55 111 0.39 112 0.32 113 0.51 114 0.58 115 0.66 116 0.11 117 0.37 118 0.85 119 0.57 120 0.87 121 0.30 122 0.56 123 0.27 124 0.47 125 0.56 126 0.25 127 0.32 128 0.65 129 0.48 130 0.53 131 0.63 132 0.86 133 0.67 134 0.12 135 0.14 136 0.36 137 0.97 138 0.53 139 0.87 140 0.80 141 0.35 142 0.34 143 0.84 144 0.79 145 0.10 146 0.50 147 0.98 148 0.18 149 0.81 150 0.33 151 0.61 152 0.48 153 0.30 154 0.87 155 0.94 156 0.50 157 0.76 158 0.53 159 0.89 160 0.43 161 0.77 162 0.95 163 0.96 164 0.25 165 0.14 166 0.86 167 0.94 168 0.99 169 0.54 170 0.46 171 0.09 172 0.93 173 0.11 174 0.21 175 0.27 176 0.44 177 0.69 178 0.86 179 0.13 180 0.58 181 0.74 182 0.45 183 0.35 184 0.15 185 0.75 186 0.94 187 0.16 188 0.37 189 0.21 190 0.39 191 0.37 192 0.32 193 0.74 194 0.10 195 0.71 196 0.38 197 0.16 198 0.91 199 0.39 200 0.21 201 0.40 202 0.45 203 0.76 204 0.22 205 0.65 206 0.62 207 0.47 208 0.24 209 0.85 210 0.36 211 0.03 212 0.81 213 0.01 214 0.76 215 0.47 216 0.90 217 0.99 218 0.36 219 0.30 220 0.13 221 0.80 222 0.87 223 0.29 224 0.29 225 0.90 226 0.87 227 0.14 228 0.62 229 0.30 230 0.83 231 0.58 232 0.22 233 0.50 234 0.46 235 0.49 236 0.83 237 0.02 238 0.97 239 0.15 240 0.48 241 0.40 242 0.66 243 0.15 244 0.88 245 0.50 246 0.15 247 0.72 248 0.36 249 0.86 250 0.87 251 0.42 252 0.28 253 0.21 254 0.91 255 0.27 256 0.52 257 0.85 258 0.79 259 0.92 260 0.46 261 0.03 262 0.34 263 0.81 264 0.91 265 0.29 266 0.14 267 0.65 268 0.91 269 0.77 270 0.31 271 0.53 272 0.39 273 0.68 274 0.86 275 0.05 276 0.15 277 0.94 278 0.31 279 0.54 280 0.92 281 0.82 282 0.18 283 0.85 284 0.67 285 0.10 286 0.55 287 0.53 288 0.88 289 0.90 290 0.27 291 0.24 292 0.95 293 0.49 294 0.53 295 0.70 296 0.39 297 0.02 298 0.61 299 0.81 300 0.50 301 0.95 302 0.53 303 0.80 304 0.60 305 0.72 306 0.31 307 0.35 308 0.55 309 0.81 310 0.40 311 0.31 312 0.33 313 0.70 314 0.23 315 0.04 316 0.22 317 0.14 318 0.41 319 0.17 320 0.88 321 0.17 322 0.74 323 0.74 324 0.92 325 0.04 326 0.89 327 0.80 328 0.98 329 0.25 330 0.52 331 0.53 332 0.68 333 0.38 334 0.82 335 0.12 336 0.96 337 0.06 338 0.16 339 0.09 340 0.61 341 0.08 342 0.92 343 0.98 344 0.00 345 0.09 346 0.69 347 0.04 348 0.40 349 0.86 350 0.37 351 0.05 352 0.24 353 0.71 354 0.17 355 0.03 356 0.49 357 0.97 358 0.81 359 0.87 360 0.68 361 0.69 362 0.65 363 0.82 364 0.44 365 0.64 366 0.52 367 0.96 368 0.65 369 0.84 370 0.23 371 0.67 372 0.46 373 0.61 374 0.24 375 0.68 376 0.31 377 0.05 378 0.88 379 0.80 380 0.58 381 0.26 382 0.64 383 0.45 384 0.69 385 0.01 386 0.23 387 0.87 388 0.52 389 0.34 390 0.77 391 0.82 392 0.54 393 0.49 394 0.39 395 0.33 396 0.75 397 0.63 398 0.36 399 0.18 400 0.43 401 0.06 402 0.82 403 0.00 404 0.09 405 0.75 406 0.71 407 0.03 408 0.64 409 0.73 410 0.75 411 0.47 412 0.13 413 0.97 414 0.35 415 0.55 416 0.07 417 0.55 418 0.21 419 0.88 420 0.65 421 0.77 422 0.38 423 0.09 424 0.68 425 0.00 426 0.56 427 0.28 428 0.44 429 0.62 430 0.61 431 0.11 432 0.03 433 0.65 434 0.77 435 0.30 436 0.68 437 0.80 438 0.08 439 0.91 440 0.13 441 0.60 442 0.19 443 0.39 444 0.69 445 0.21 446 0.71 447 0.49 448 0.40 449 0.62 450 0.54 451 0.79 452 0.40 453 0.19 454 0.66 455 0.54 456 0.11 457 0.05 458 0.71 459 0.67 460 0.52 461 0.35 462 0.38 463 0.43 464 0.18 465 0.56 466 0.14 467 0.91 468 0.34 469 0.24 470 0.96 471 0.79 472 0.79 473 0.77 474 0.41 475 0.87 476 0.00 477 0.20 478 0.39 479 0.06 480 0.59 481 0.84 482 0.91 483 0.13 484 0.23 485 0.07 486 0.74 487 0.89 488 0.95 489 0.47 490 0.21 491 0.23 492 0.33 493 0.15 494 0.85 495 0.94 496 0.04 497 0.62 498 0.18 499 0.39 500 0.85

Explanation / Answer

a]

Data Display

Sample
   0.55   0.41   0.97   0.14   0.59   0.45   0.69   0.79   0.10   0.30   0.18
   0.51   0.53   0.69   0.76   0.31   0.68   0.47   0.80   0.65   0.65   0.91
   0.74   0.23   0.58

b]

Population Mean = 0.5025

Sample Mean = 0.5472

sampling error = 0.0475

sample mean differ from the population mean = 0.5472 - 0.5025 = 0.0447

c]

standard error of the mean = StDev/sqrt(25) = 0.2374/5 = 0.04748

d] Repeat parts b and c after generating a simple random sample of size 50 from the population.

Data Display

Sample_50
   0.36   0.52   0.96   0.31   0.88   0.21   0.75   0.14   0.08   0.17   0.70
   0.30   0.87   0.00   0.41   0.69   0.69   0.62   0.68   0.80   0.47   0.74
   0.16   0.72   0.77

Sample Mean = 0.5200

sampling error = 0.0569

sample mean differ from the population mean = 0.5200 - 0.5025 = 0.0175.

Sample error of part d] is smaller than part b].

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