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RES 341 Week 5 Learning Team Assignment Final Conclusions Memo

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MEMO
TO: Undisclosed Recipients
FROM: Research Project Manager
DATE: December 21, 2009
SUBJECT: Final Conclusions
In accordance to the statistical information abstracted from the previous research attempt, there is
conclusive evidence directing towards the indisputable conclusion that based on our confidence
intervals, further research is necessary pertaining to the subject of Wages in 2005 and their
relation to employment services and economical business related decisions. Since the confidence
intervals were 90, 95, and 99 percent, this left us with the other percent to worry about. Due to
the null and alternate hypothesis, logically, it makes more sense to assume that our confidence
intervals are more reliable than the 4-10 percent chance of mistake. Here are the computations in
accordance with the percent.
Conditions: Standard deviation of 1. Sample mean is 30833.46 for Wages in relation to 10.
Interval estimate is 1.
90% confidence interval: ¯ x ± z√σn=30833.46 ± 1 ∙ 1/√10= 30833.46± 0.62
95% confidence interval: ¯ x ± z√σn= 30833.46 ± 1 ∙ 1/√10= 30833.46 ± 0.74
99% confidence interval: ¯ x ± z√σn= 30833.46 ± 1 ∙ 1/√10= 30833.46 ± 0.98
This being said, the decision to not conduct any more research is based on the notion that the
confidence intervals were based on only one year. Annual change is inevitable; therefore there is
no need to assume that economic factors will not change these intervals. These confidence
intervals strongly affect our business decision because it shows us statistical probability, which is
better than unknown action. When businesspeople make decisions, they want to have facts. The
confidence intervals are the assurance based on literal fact that probability is low on Wages
increasing or decreasing dramatically. Those in Finance should know that Wages are the number
one liability of the company, and the most expensive asset. As such, it is indicative that this
research continues as to not fall behind in the numbers game.

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