In a quality control test for Product Z, if the mean lifetime of nine sampled products is 346.6 days, which value represents the sample variance?

Prepare for the Advanced Business Analytics Exam. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

To determine the sample variance based on the provided information about the mean lifetime of the sampled products, we start by understanding the concept of sample variance. Sample variance measures the dispersion of a dataset; it is calculated using the squared differences between each data point and the sample mean, then divided by the number of observations minus one (N-1).

Given that the mean lifetime of the nine sampled products is 346.6 days, the computation of sample variance requires knowledge of the individual lifetimes of each sampled product. While this numeric value isn’t explicitly given in the question, one possible value for the sample variance has been flagged as a correct answer based on the available choices.

The value that has been identified in the options, which represents the sample variance, is derived from either previous calculations or statistical data that outline the variation amongst the lifetimes of the sampled products. Given this context, the value of 3424.3 likely reflects a calculated sense of how much individual product lifetimes deviate from the mean, consistent with the concept of variance being a measure of this dispersion.

To reinforce this, sample variance helps in assessing quality control processes by providing insights into variability, which is essential for making informed decisions about production adjustments or quality improvements for Product Z.

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