ESTIMATING POPULATION VARIANCES ABC Company has poor accounting system and has difficulty in their inventory of products sold every year. The storeowner has no idea how to check the requisition of the...

ESTIMATING POPULATION VARIANCES

ABC Company has poor accounting system and has difficulty in their inventory of products sold every year. The storeowner has no idea how to check the requisition of the product due to frequent rotation of personnel assigned in the inventory section. He wants to estimate the overall sales of the products for the year, thus, a random sample of 76 products was made. The sample average was 45.2 products with a variance of 313. Construct a 99% confidence interval to estimate the population variance assuming that it is normally distributed.

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