Cost Estimating

Your organization has a goal of 14 days for the average processing of a purchase request (PR) from notification to final approval. They are only concerned if it takes longer than 14 days. A sample of 25 PRs produced a mean of 15.5 days and a standard deviation of 1.5 days. Test at the 5% level of significance whether they are meeting their goal. Select the correct answer out of each pair of choices. (Carry intermediate calculations to three decimal places.)


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