Estimate the proportion preferring remote work

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Reference no: EM133883155

Statistics for Managers

Question 1

A business advisory group surveyed 500 professionals to assess post-COVID work trends. The aim was to support client strategies in workspace design, employee engagement, and tech infrastructure. Out of the 500 responses, 305 preferred returning to the office rather than working remotely or in hybrid setups. Get online assignment help services Now!

Required:
a) Construct a 95% confidence interval for the proportion of professionals preferring in-office work. Show detailed working without Excel.

b) The advisory group now wishes to estimate the proportion preferring remote work. To keep the margin of error within ±2.5% at 95% confidence, compute the minimum sample size required. Use a conservative estimate of the population proportion and explain your choice.

Question 2

An MBA group, reviewing HR efficiency in a global apparel company, noted that the official average for resolving internal grievances is 10 days. Interviews indicate it might be longer.From 60 randomly selected cases, the average was 11.1 days with a standard deviation of 1.9 days.

Required:
a) At the 5% significance level, perform a hypothesis test to see if the grievance resolution period exceeds 10 days. Use the 6-step method.

b) Explain why the mean difference alone is insufficient to determine statistical significance. Provide sound statistical justification.

Question 3

a) Compare the implications of Type I and Type II errors in hypothesis testing. Address how they arise in parametric vs non-parametric tests, and what factors (like power, effect size) influence them.

b) In the context of strategic planning, assess the risks of each type of error in financial audits, customer surveys, and market feasibility studies. Propose practices to reduce their occurrence.

Question 4
A business consulting firm is helping a chain of restaurants analyse customer satisfaction scores across three types of locations: Region A, Region B, and Region C. The firm has collected feedback data from customers in each region to determine whether satisfaction levels vary significantly based on location.

The consulting firm aims to use statistical analysis to make evidence-based recommendations for improving customer satisfaction at each location.
Required:
Describe three scenarios where a parametric test should be applied to compare the satisfaction scores between the three regions. Additionally, describe three situations where a non-parametric test would be more appropriate due to the characteristics of the data or the assumptions made during analysis. For each scenario, explain why the chosen test is suitable, considering factors such as data distribution, sample size, and variability.

Question 5

A consulting firm forecasts monthly client inquiries. The demand fluctuates due to project onboarding and contract renewals. Below is the data from the last 9 months:

Required:

a) Build a trendline model and predict February's inquiries. Show tabular steps without Excel.

b) Use a weighted moving average (weights = 0.5, 0.3, 0.2 for the last 3 months) to forecastFebruary.

c) Compare both methods and recommend one based on demand stability, accuracy, and usability in dynamic industries.

Reference no: EM133883155

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