A simulation model was run and the time that entities spend in the system was determined. The simulation experiment specified a confidence level of 99%. The experiment was run ten times and the output from the simulation indicated the average time in the system is 45.2 minutes with a half width of 5.1 minutes. Given this information, answer the following questions a) What is the 99% confidence interval?
LCL UCL
b) What is the estimate of the variance (S^2) for the time in the system?
c) If the total length of the 99% confidence interval needs to be less than 6 minutes, what is the minimum number of simulations that should be run to guarantee this precision?