Formal statistical tests vs. simulations

Reference no: EM13335879

(a) give an example related to a place of work where a simulation could not be performed,

(b) one where a simulation could be performed, yet a formal test would be preferred?

(c) What specific (different than hiring) business decisions would a manager make using hypothesis testing? Place of employment: Propane Gas Company.

Reference no: EM13335879

Questions Cloud

Management challenges of globalization : What are the management challenges of globalization? For example, what aspects of the U.S. legal-political institution could prove difficult for a Chinese firm operating a factory in America?

Describe how you can heat-fix slides : What is the total magnification of microscope when you use a 10x ocular lens (eyepiece) and a 100x objective ? Name one dye that can be used for non-specific staining of bacteria. Distinguish between Staphylococci and Streptococci and name a place wh..

Analyze influence of global economic interdependence : Analyze the influence of global economic interdependence and the effect of trade practices and agreements. Examine the importance of demographics and physical infrastructure. Analyze the influence of cultural differences

Calculate the value of the test statistic : It is known that s = 10 and the population is normal. Test to determine at the 5% level whether there is enough statistical evidence to infer that the mean amount of television watched daily by all young adult men is greater than 50 minutes.

Formal statistical tests vs. simulations : What specific (different than hiring) business decisions would a manager make using hypothesis testing? Place of employment: Propane Gas Company.

Is the graph a bar graph or histogram : Find the median rate paid at Jim's burgers if the workers hourly rates are $4.25, $4.15, 44.90, $4.25, $4.60, $4.50, $4.60, $4.75. What effect does the minimum amount have on the interest rate being offered on 3-month certificates of deposit (CD)? Th..

What is the three kinds of knowledge : What is the three kinds of knowledge? What is Russel's reasons ? What is categoris of propositional attitudes?

How much is paid to the vendor : A retailer purchases goods that have a list of $7,500. The manufacturer allows a trade discount 0f 40-25-10 and a cash discount of 2/10, net 30. If the retailer takes both discounts, how much is paid to the vendor?

Market and needs to compute the open-to-buy : A buyer’s is going to market and needs to compute the open-to-buy. The relevant data are as follows: planned stock at the end of March $319,999 (at retail price); planned March sales $149,999; current stock on hand (March 1), $274,000;

User Account

All Pages