Statistics homework Speech or Presentation Example | Topics and Well Written Essays - 1000 words

Statistics homework - Speech or Presentation Example ations, two standard deviations around arithmetic mean approximately cover 95% observations, 3 standard deviations around arithmetic mean approximately cover 99.7 % observations. A point estimate is based on a single estimated value of a parameter. Using the sample estimate, we can find the estimator by following any method of estimation. If we are encountering the situation of a biased data, a single Point-Estimate can falsify the analysis, so it is better to mention range as the actual population parameter value because if an estimate is given in terms of a range; it can absorb a little bias of the collected data. On the other hand, the range of interval can be increased by increasing the confidence level. It is better to comment on how much runs any player can make in a particular over in terms of a range rather than claiming a definite value. OR, whenever newly hired employees are being asked about the expected salary, majority prefers to state the expectation as a range instead of a single solid figure. For a given confidence interval a a population mean can be found by , therefore the margin of error is , which simply indicates that bigger the sample size smaller will be the confidence interval. Increased sample size always results in smaller limit using the same confidence level (1-ÃŽ ±). If the average amount of soft-drink in n=30 bottles is 248ml with the standard deviation = 2ml, then the possible 95% confidence interval for the average amount for all such bottles could be; 247.28 and 248.72. On the other hand, if we want to measure the confidence interval for 100 such bottles using the same formula, it will be 247.608 and 248.392. Confidence interval seems shrunk with increased sample

BS (Britsh standard) Essay Example | Topics and Well Written Essays - 1500 words - 2

BS (Britsh standard) - Essay Example Managing obsolescence has been proved to be one of the major challenges for a graduate design engineer as obsolescence can adversely affect the life of products in almost all of their stages. The use of commercial parts in systems and the large increase in commercial products have accelerated the rate of obsolescence. As obsolescence is an inevitable part as far as various products are concerned, the only possible solution is to minimize the rate of obsolescence with proper and effective management strategies and planning: â€Å"Obsolescence is inevitable and it cannot be ignored but forethought and careful planning can minimize its impact and its potentially high costs† (British Standard p.1). Obsolescence management thus assumes special significance as it is â€Å"an integral part of design, development, production and in-service support† (British Standard p. 1). The British standard is significant and it is selected for the purpose of study due to its unavoidable imp ortance in effective design management systems. The British standard is relevant and significant to any graduate design engineer because it offers certain clear-cut guidelines â€Å"for establishing a framework for obsolescence management and for planning a cost-effective obsolescence management process that is applicable through all phases of the product life cycle† (British Standard p. 1). The standard is applied to all types of products whether they are electronic, electrical or electro-mechanical components. Thus, for a graduate design engineer a thorough knowledge of the various provisions that can ensure the quality and life cycle costs of various products. The process for selecting the British Standard on obsolescence management include the identification of the potential factors that cause o obsolescence, identification of the possible risks involved in the process, calculation of