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The following data were obtained by observing three elements of a financial managers tasik a. Using the data and an allowance of 10 percent of task time, determine a standard time for the task. b. Determine the number of observations that would be required to estimate the mean time for the first element within 4 percent of the true value with a confidence of 98 percent. c. How many observations would be needed to estimate the mean time for element C to within 0.10 minutes of its actual value with a confidence of 90 percent? Observations (minutes per cycle) Performance Rating Element 2 5 90% 1.40 142 1.39 138 1.41 120 110 210 2.05 2.00 185 180 60 1.40 150 1.45 1.55

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