Answer to Question #154572 in Statistics and Probability for Bernjamin

Question

You are working for a bank. The bank manager wants to know the mean waiting time for all 

customers who visit this bank. She has asked you to estimate this mean by taking a sample. 

Briefly explain how you will conduct this study. Assume the data set on the waiting times for 

10 customers who visit a bank. Then estimate the population mean. Choose your own 

confidence level. 

Answer 1

1. I will gather mean holding up the season of irregular 10 customers.

2. I will locate the Mean and standard deviation of their information.

3. As test size is huge and irregular, I can utilize t appropriation to discover the certainty span for the mean holding up season of all the customers.

4. I will utilize a 95 % certainty span (as it is commonly utilized more often than not).

5. After we get a 95 % certainty stretch, we can be 95% sure that mean holding up the season of all the customers will be inside our certainty span.