Use the following information to answer Questions 24-30.   T…

Use the following information to answer Questions 24-30.   The manager of Wash Me car-wash center has built a simulation model to simulate and analyze the center’s service processes. Based on 10 simulation runs, the manager calculates that the average cycle time has a sample mean of 30 min and a standard deviation of 10 min. Please answer the following questions. Answer Questions 29-30 also considering the following information   The manager is interested in the new system but still doubts its economic benefit considering the high installation and maintenance costs. To see if the new process is more cost-effective, the manager has simulated the existing process and the new process each for 10 times, and obtained the following statistics for the car-wash center’s average profit per day. The manager would like to conduct a proper hypothesis test to see if the new system is better than the old system at 5% significance level.   Mean  Standard Deviation  Existing Process 5,000 50 New Process 5,040 80 The hypothesis test conducted revealed a p_value of 0.1. What decision can you draw from it?

Use the following information to answer Questions 24-30.   T…

Use the following information to answer Questions 24-30.   The manager of Wash Me car-wash center has built a simulation model to simulate and analyze the center’s service processes. Based on 10 simulation runs, the manager calculates that the average cycle time has a sample mean of 30 min and a standard deviation of 10 min. Please answer the following questions. Answer Questions 26-28 also considering the following information   In order to reduce Wash-Me’s average cycle time, an improved system has been proposed and simulated. After 10 simulation runs, the new system’s average cycle time has a sample mean of 25 min and a standard deviation of 12 min. The manager would like to conduct a proper hypothesis test to see if the new system is better than the old system at 10% significance level.    Suppose that the manager runs 9 more simulations for both the old and new system and then use Excel to perform a t-test with 5% significance level. What conclusion can you draw from Excel output (see below; also available from ttest.pdf)?