An executive with a fast food restaurant believes a street located near a major highway interchange will be a profitable location.A random sample of sixty days is taken to estimate the average cars per day passing by the location.On the basis of the sample data,the executive concludes that the average is not high enough to yield a profitable outlet.Six months later a competitor builds at the same location and reports it to be one of its best-profit new stores.Describe the type of error made by the executive.

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The Answer of An executive with a fast food restaurant believes a street located near a major highway interchange will be a profitable location.A random sample of sixty days is taken to estimate the average cars per day passing by the location.On the basis of the sample data,the executive concludes that the average is not high enough to yield a profitable outlet.Six months later a competitor builds at the same location and reports it to be one of its best-profit new stores.Describe the type of error made by the executive.

An Executive with a Fast Food Restaurant Believes a Street