Six samples of a quality characteristic give an average of 5.0 and a variance of 0.4. If the loss is $8.00 at a characteristic value of 6.0, what is the loss equation for smaller- the-better? What is the average loss?

Name: Six samples of a quality characteristic give an average of 5.0 and a variance of 0.4. If the loss is $8.00 at a characteristic value of 6.0, what is the loss equation for smaller- the-better? What is the average loss?
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Question

Quizplus · Accepted Answer

The Answer is L = 0.22 y², L_avg = $5.54

Six Samples of a Quality Characteristic Give an Average of 5.0