Question

Problem #3: A manufacturer produces cables and tackle for industrial cranes. One of their products contains a critical bolt that experienced occasional failures in the prototyping and development phase. To evaluate component integrity and estimate potential product liability, a hundred bolts were selected randomly from the initial production run of 40,000 units and tested for breaking strength. The sample average and standard deviation were determined to be 343 kips and 22 kips, respectively. The working load on the bold is expected to be 200 kips. Based on this data, a) estimate the number of bolts in the production run that could possibly fail under maximum working load, b) state any deficiencies associated with the result of part a in estimating number of bolts expected to fail, c) make any necessary recommendations for limiting company liability associated with failure of the component. Problem #4: A government agency is interested in determining the total value of all residential real estate in a community that has 20,000 homes. To make this estimate, an agent surveys the local real estate listings and determines the price of 43 homes. The average and standard deviation of the sample is $287,000 and $42,000, respectively. The agency values all residential property in the community at $5.74B. For this situation, a) Is the true value of all residential property likely to be more than, less than, or about the same as the estimate?, b) list at least three factors that may cause the estimate to differ from true value in order of importance (most significant factor first)

Answer 1

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