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Bill has just started working for a major grocery store as a check-out clerk. Mason is training him in the duties of the new position. At the end of the first day, Bill and Mason are counting the cash in their drawer and reconciling cash receipts to the cash register total. Mason says "We use a cash envelope to deal with cash differences. If you are short today, take the cash out of the cash envelope to balance out. When you have extra cash, put the extra cash in the envelope and report that you were even. This method allows you to "look good" because your cash balances out. It is easier than reporting an "error" every day when your cash is over or short. I'm so glad you will be working with us. It looks like you will catch on to the way we do business here quickly."
Suppose that the proprietor of a shop determines that 60% of her customers use a credit card, 30% pay with cash, and the rest use a debit card. What is the probability that a customer does not pay with cash?
Can you give some "rules for clear thinking" that would help a decision maker in these aspects of decision making? (See Frisch and Clemen 1994.)
a random sample of 121 checking accounts at a bank showed an average daily balance of 280. the standard deviation of
A statistical study reported that a drug was effective with a p-value of .042. Explain in words what this tells you.
Identify potential geographic locations of these stages in this supply chain (this may be drawn on the graphical diagram or network diagram in Step 4). This should focus on the major locations for each stage of the supply chain. The lecture in Wee..
A newspaper writes" this show that there is roughly a 92 percent chance that the difference between the two counts is due to some irregularity other than simply chance alone" Do you agree with the newspaper's interpretation of the p-value Explain ..
Assume you randomly sample one mouse from the colony. The probability his age will be between 55 and 70 days is?
Two semiconductor factories are being compared to see if there is a difference in the average defect rates of the chips they produce. In the first factory, 250 chips are sampled. In the second factory, 350 chips are sampled. The proportions of def..
A food snack manufacturer samples 7 bags of pretzels off the assembly line and weighs their contents. If the sample mean is 12.7 oz. and the sample standard deviation is 0.40 oz., find the 95% confidence interval of the true mean.
Perform all of the calculations to complete this table and compute the chi-square statistic and calculate degrees of freedom for this chi-square test for goodness-of-fit.
A company adminsters an "aptitude test for managers" to aid in selecting new management trainees. Prior experience suggests that 60 percent of all applicants for management trainee positions would be successful if they were hired.
Calculate control limits for an S chart from the refractive index data of Exercise 11. Does the process appear to be in control with respect to variability? Why or why not?
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