3. Seoul, South Korea, could b

3. Seoul, South Korea, could become a major manufacturing center for watches by 2030. The leading watch company Hwanhui reports that its watches do not lose any seconds during a week’s duration. A sample of 16 watches has the measured time discrepancies in a week listed below. Is Hwanhui’s report correct? Use the 6-step process to test this claim at a 1% level of significance. Provide decision rules in the “critical value” terms and in the “p-value” terms. Compute the p-value and state your statistical decision in terms of both the critical value and in terms of the p-value. Do you have any suggestions to make to Hwanhui in their thinking about the results of this statistical test? 

-0.20 -0.61 -0.28 0.32

-0.38 0.30 -0.48 -0.23

-0.01 -0.37 -0.68 0.05

-0.47 -0.64 -0.04 -0.02

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