SOLUTION: An officer in charge of a large fleet of trucks is trying to calculate her expenditure for the next year's operations.A major cost of her fuel purchases. To estimate fuel purchases
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Question 1182062: An officer in charge of a large fleet of trucks is trying to calculate her expenditure for the next year's operations.A major cost of her fuel purchases. To estimate fuel purchases, the officer needs to know the overall distance the trucks will travel next year, the cost of all gallon of fuel, and the fuel mileage of trucks. The officer has been given the first two figures(distance estimate and cost of a gallon of fuel) However, because of the increase in cost of a gasoline, the officer has recently converted the trucks to operate on propane. She has measured and recorded the propane mileage(in miles per gallon) for the trucks.
1.what will be the population of interest?
2. What parameter does the officer need?
3. What is the sample?
4. Determine the statistics?
5. Describe in brevity, how the statistics will produce the kind of information the officer want
Answer by CPhill(1959) (Show Source): You can put this solution on YOUR website!
Here's a breakdown of the scenario and how the officer can use statistics:
Population of Interest: All the trucks in the fleet. The officer wants to understand fuel consumption for all of her trucks.
Parameter the Officer Needs: The average propane mileage (miles per gallon) for all the trucks in the fleet. This is the population parameter because it describes a characteristic of the entire group of trucks.
Sample: The trucks for which the officer measured and recorded the propane mileage. This is a subset of the entire fleet. It's impractical to measure every truck, so a sample is used.
Statistic: The average propane mileage (miles per gallon) calculated from the sample of trucks. This is a sample statistic because it's calculated from the sample data.
How the Statistic Will Produce the Needed Information:
The officer will use the sample statistic (the average propane mileage of the sampled trucks) as an estimate of the population parameter (the average propane mileage of all the trucks). The larger and more representative the sample, the better the estimate is likely to be.
Here's how this works in practice:
The officer calculates the average propane mileage from her sample of trucks.
She assumes this sample average is a reasonable approximation of the average propane mileage of all her trucks.
She uses the estimated average propane mileage, along with the estimated total distance the trucks will travel next year and the cost per gallon of propane, to project her fuel expenditure:
Projected Fuel Expenditure = (Estimated Total Distance / Estimated Average Propane Mileage) * Cost per Gallon
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