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Expansion Strategy and Establishing a Re-Order Point
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STA 3215CBE Rasmussen College Hypothesis Test for A Population Parameter Project
Competency
Given a real-life application, develop a hypothesis test for a population parameter and its interpretation.&nbs ...
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Competency
Given a real-life application, develop a hypothesis test for a population parameter and its interpretation.
Instructions
A major client of your company is interested in the salary distributions of jobs in the state of Minnesota that range from $30,000 to $200,000 per year. As a Business Analyst, your boss asks you to research and analyze the salary distributions. You are given a spreadsheet below that contains the following information:
A listing of the jobs by title
The salary (in dollars) for each job
In prior engagements, you have already explained to your client about the basic statistics and discussed the importance of constructing confidence intervals for the population mean. Your client says that he remembers a little bit about hypothesis testing, but he is a little fuzzy. He asks you to give him the full explanation of all steps in a hypothesis testing and wants your conclusion about two claims concerning the average salary for all jobs in the state of Minnesota.
Background information on the Data
The data set in the spreadsheet consists of 364 records that you will be analyzing from the Bureau of Labor Statistics. The data set contains a listing of several jobs titles with yearly salaries ranging from approximately $30,000 to $200,000 for the state of Minnesota.
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Most Popular Content
Expansion Strategy and Establishing a Re-Order Point
Purpose of Assignment This assignment has two cases. The first case is on expansion strategy. Managers constantly have to ...
Expansion Strategy and Establishing a Re-Order Point
Purpose of Assignment This assignment has two cases. The first case is on expansion strategy. Managers constantly have to make decisions under uncertainty. This assignment gives students an opportunity to use the mean and standard deviation of probability distributions to make a decision on expansion strategy. The second case is on determining at which point a manager should re-order a printer so he or she doesn't run out-of-stock. The second case uses normal distribution. The first case demonstrates application of statistics in finance and the second case demonstrates application of statistics in operations management. Assignment Steps Resources: Microsoft Excel®, Bell Computer Company Forecasts data set, Case Study Scenarios Write a 1,050-word report based on the Bell Computer Company Forecasts data set and Case Study Scenarios. Include answers to the following: Case 1: Bell Computer Company
Compute the expected value for the profit associated with the two expansion alternatives. Which decision is preferred for the objective of maximizing the expected profit?
Compute the variation for the profit associated with the two expansion alternatives. Which decision is preferred for the objective of minimizing the risk or uncertainty?
Case 2: Kyle Bits and Bytes
What should be the re-order point? How many HP laser printers should he have in stock when he re-orders from the manufacturer?
Format your assignment consistent with APA format.
Chapter questions
You need to show all the work/steps, partial credit will be provided. Submitting just the answers (even if they are correc ...
Chapter questions
You need to show all the work/steps, partial credit will be provided. Submitting just the answers (even if they are correct) does not provide for any partial credit.please answer the attached question based on our book.Quantitative Analysis for Management (12th Edition)Render, Barry
MATH302 Statistics
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MATH302 Statistics
Assignment InstructionsA marketing company based out of New York City is doing well and is looking to expand internationally. The CEO and VP of Operations decide to enlist the help of a consulting firm that you work for, to help collect data and analyze market trends. You work for Mercer Human Resources. The Mercer Human Resource Consulting website (www.mercer.com) lists prices of certain items in selected cities around the world. They also report an overall cost-of-living index for each city compared to the costs of hundreds of items in New York City (NYC). For example, London at 88.33 is 11.67% less expensive than NYC.More specifically, if you choose to explore the website further you will find a lot of fun and interesting data. You can explore the website more on your own after the course concludes.https://mobilityexchange.mercer.com/Insights/cost-of-living-rankings#rankingsIn the Excel document, you will find the 2018 data for 17 cities in the data set Cost of Living. Included are the 2018 cost of living index, cost of a 3-bedroom apartment (per month), price of monthly transportation pass, price of a mid-range bottle of wine, price of a loaf of bread (1 lb.), the price of a gallon of milk and price for a 12 oz. cup of black coffee. All prices are in U.S. dollars.You use this information to run a Multiple Linear Regression to predict Cost of living, along with calculating various descriptive statistics. This is given in the Excel output (that is, the MLR has already been calculated. Your task is to interpret the data). Based on this information, in which city should you open a second office in? You must justify your answer. If you want to recommend 2 or 3 different cities and rank them based on the data and your findings, this is fine as well. This should be ¾ to 1 page, no more than 1 single-spaced page in length, using 12-point Times New Roman font. You do not need to do any calculations, but you do need to pick a city to open a second location at and justify your answer based upon the provided results of the Multiple Linear Regression. Think of this assignment as the first page of a much longer report, known as an Executive Summary, that essentially summarizes your findings briefly and at a high level. This needs to be written up neatly and professionally. This would be something you would present at a board meeting in a corporate environment.What is an Executive Summary?To help you make this decision here are some things to consider:Based on the MLR output, what variable(s) is/are significant? From the significant predictors, review the mean, median, min, max, Q1 and Q3 values? It might be a good idea to compare these values to what the New York value is for that variable. Remember New York is the baseline as that is where headquarters are located.Based on the descriptive statistics, for the significant predictors, what city/cities has the best potential? What city or cities fall above or below the median and/or the mean? What city or cities are in the upper 3rd quartile? Or the bottom quartile? These are some things to consider not necessarily questions you need to answer in your Executive Summary. But they are questions to help guide you along in your analysis.Supporting Materials Math 302 Final Project.xlsx (15 KB)
2 pages
20200428011701topic13classworkassignment 4
Problem 1: Classify the following frieze patterns in “Hop-Step-Jump” notation. Problem 2: Classify the following frie ...
20200428011701topic13classworkassignment 4
Problem 1: Classify the following frieze patterns in “Hop-Step-Jump” notation. Problem 2: Classify the following frieze patterns in both ICN and ...
Statistics Quiz Questions
Answer the following statistics questions on the attached document. There is a total of 18 questions all to be answered fo ...
Statistics Quiz Questions
Answer the following statistics questions on the attached document. There is a total of 18 questions all to be answered following the attached instructions. If you have any questions feel free to ask.
STA 3215CBE Rasmussen College Hypothesis Test for A Population Parameter Project
Competency
Given a real-life application, develop a hypothesis test for a population parameter and its interpretation.&nbs ...
STA 3215CBE Rasmussen College Hypothesis Test for A Population Parameter Project
Competency
Given a real-life application, develop a hypothesis test for a population parameter and its interpretation.
Instructions
A major client of your company is interested in the salary distributions of jobs in the state of Minnesota that range from $30,000 to $200,000 per year. As a Business Analyst, your boss asks you to research and analyze the salary distributions. You are given a spreadsheet below that contains the following information:
A listing of the jobs by title
The salary (in dollars) for each job
In prior engagements, you have already explained to your client about the basic statistics and discussed the importance of constructing confidence intervals for the population mean. Your client says that he remembers a little bit about hypothesis testing, but he is a little fuzzy. He asks you to give him the full explanation of all steps in a hypothesis testing and wants your conclusion about two claims concerning the average salary for all jobs in the state of Minnesota.
Background information on the Data
The data set in the spreadsheet consists of 364 records that you will be analyzing from the Bureau of Labor Statistics. The data set contains a listing of several jobs titles with yearly salaries ranging from approximately $30,000 to $200,000 for the state of Minnesota.
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