Statistics for Business and Economics (13th Edition)
13th Edition
ISBN: 9780134506593
Author: James T. McClave, P. George Benson, Terry Sincich
Publisher: PEARSON
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Chapter 1, Problem 1.15ACB
Applying the Concepts–Basic
1.15 Performance-based logistics. In industry, performance-based logistics (PBL) strategies are increasingly popular ways to reduce cost, increase revenue, and attain customer satisfaction. The Journal of Business Logistics (Vol. 36, 2015) used the opinions of a sample of 17 upper-level employees of the U.S. Department of Defense and its suppliers to determine the factors that lead to successful PBL projects. The current position (e.g., vice president, manager [mgr.]), type of organization (commercial or government), and years of experience were measured for each employee interviewed. These data are listed below. Identify each variable measured as producing quantitative or qualitative data.
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A consulting group recently conducted a global survey of product teams with the goal of better understanding the dynamics of product team performance and uncovering the practices that make these teams successful. One of the survey findings was that
39%
of organizations have a coherent business strategy that they stick to and effectively communicate. Suppose another study is conducted to check the validity of this result, with the goal of proving that the percentage is less than
39%.
Complete parts (a) and (b) below.
Question content area bottom
Part 1
a. State the null and research hypotheses.
Identify the null and alternative hypotheses.
A.
H0:
π=0.39;
H1:
π≠0.39
B.
H0:
π≤0.39;
H1:
π>0.39
C.
H0:
π≥0.39;
H1:
π<0.39
D.
H0:
π≠0.39;
H1:
π=0.
Assume you are an executive of a large transportation company, and your firm's profit is highly sensitive to fuel cost. The price of gasoline and diesel changes daily, however, your customers expect to be quoted a price for delivery services days, weeks, and sometimes, MONTHS in advance. Therefore, your firm relies heavily on forecasting the price of fuel. Which method of forecasting might you use, qualitative or quantitative? And finally, what are the limitations to business forecasting.
Each year U.S. News and World Report conducts its "Survey of America's Best Graduate and Professional Schools." and ranks the top 25 business schools, as determined by reputation, student selectivity, placement success, and graduation rate. For each school, three variables were measured: (1) GMAT score for the typical incoming student; (2) student acceptance rate (percentage accepted of all students who applied); and (3) starting salary of the typical graduating student. An academic advisor wants to predict the typical starting salary of a graduate at a top business school using GMAT score of the school as a predictor variable. The results of a simple linear regression of SALARY versus GMAT using the 25 data points are shown below. Is there sufficient evidence to suggest there is a linear relationship between SALARY and GMAT at the 5% level of significance? -----------------------------------------------------------------------------------
a = -92040 b = 228 s = 3213 r2 = .66 r =…
Chapter 1 Solutions
Statistics for Business and Economics (13th Edition)
Ch. 1 - What is statistics?Ch. 1 - Explain the difference between descriptive and...Ch. 1 - List and define the four elements of a descriptive...Ch. 1 - List and define the five elements of an...Ch. 1 - List the three major methods of collecting data...Ch. 1 - Explain the difference between quantitative and...Ch. 1 - Explain how populations and variables differ.Ch. 1 - Explain how populations and samples differ.Ch. 1 - What is a representative sample? What is its...Ch. 1 - Why would a statistician consider an inference...
Ch. 1 - Explain the difference between a population and a...Ch. 1 - Define statistical thinking.Ch. 1 - Suppose youre given a data set that classifies...Ch. 1 - Suppose that a population contains 200,000...Ch. 1 - The Random Numbers applet generates a list of n...Ch. 1 - The Random Numbers applet can be used to select a...Ch. 1 - Applying the ConceptsBasic 1.15 Performance-based...Ch. 1 - Jamming attacks on wireless networks. Terrorists...Ch. 1 - Disaggregation of annually reported accounting...Ch. 1 - College application data. Colleges and...Ch. 1 - Opinion polls. Pollsters regularly conduct opinion...Ch. 1 - Cybersecurity survey. The information systems...Ch. 1 - Treasury deficit prior to the Civil War. In Civil...Ch. 1 - The lucky store effect in lottery ticket sales. In...Ch. 1 - Consumer recycling behavior. Under what conditions...Ch. 1 - Who is better at multi-tasking? In business,...Ch. 1 - Zillow.com estimates of home values. Zillow.com is...Ch. 1 - Drafting NFL quarterbacks. The National Football...Ch. 1 - The economic return to earning an MBA. What are...Ch. 1 - Corporate sustainability and firm characteristics....Ch. 1 - Inspection of highway bridges. All highway bridges...Ch. 1 - Structurally deficient highway bridges. Refer to...Ch. 1 - Monitoring product quality. The Wallace Company of...Ch. 1 - Guilt in decision making. The effect of guilt...Ch. 1 - Accounting and Machiavellianism. Behavioral...Ch. 1 - Can money spent on gifts buy love? Is the gift you...Ch. 1 - Random-digit dialing. To ascertain the...Ch. 1 - Current population survey. The employment status...Ch. 1 - Monitoring the production of soft-drink cans. The...Ch. 1 - Sampling TV markets for a court case. A recent...Ch. 1 - Critical Thinking Challenge 1.40 20/20 survey...
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