The data in the table below represents time study observations for a woodworking operation. Explain and please provide the excel formulas. a) Based on the observations, determine the standard time for the operation, assuming an allowance of 15 percent of job time. b) How many observations would be needed to estimate the mean time for element 2 within 1 percent of its true value with a 95.5 percent confidence? c) How many observations would be needed to estimate the mean time for element 2 within .01 minute of its true value with a 95.5 percent confidence? Element Performance Rating 1 2 3 4 5 6 1 110% 1.20 1.17 1.16 1.22 1.24 1.15 2 115 0.83 0.87 0.78 0.82 0.85 1.32 3 105 0.58 0.53 0.52 0.59 0.60 0.54