assignment, wheremean and standarddeviationcan be used in decisionmaking. Describe how calculation of mean and standarddeviationcan help in making a decision.
(2) Canmean, median, or mode be calculated from all statistical data? Explain why or why not. When is the mean the best measure of...
standardized. A standardized variable has a mean of 0 and a standarddeviation of 1. Any distribution of revenue, cost, or profit data can be standardized with the following formula;
z=
Where z is the standardized variables, x is the outcome of interest, and µ and are the mean and standarddeviation...
standarddeviation by the total number of cases in the frequency distribution.
The square root of the variance of a statistic. For example, the standard error of the mean of a sample of n observations taken from a population with variance σ2 is σ /√n. The same term is used for the corresponding sample...
number of successes is: m = np. The standarddeviation of the number of successes is: s = npq .
Normal Approximation of Poisson Probabilities
When the mean λ of a Poisson distribution is relatively large, the normal probability distribution can be used to approximate Poisson probabilities. A...
for your situation |
Sample StandardDeviation (s): | 3.852849 | <-- Input the appropriate number for your situation |
Sample size (n): | 36 | <-- Input the appropriate number for your situation |
Sample Mean (X-bar) | 28.11 | <-- Input the appropriate number for your situation...
numerically measured, and decisions are necessary, one possible way in which to reach the decisionmaking goal is to construct what is called a “decision tree.” Decision trees are used in decisionmakingsituations to analyze business problems containing risk, uncertainties, and problems. Decision trees...
it and at no time will the actual values give a reason as to why something has happened or why something has not. With regard to the utilization of the Z test in businessdecision-making the following rules are always to be remembered:
* Z Tests can be used to compare a sample to a population or...
Advantages of thorough planning
1. Business achievements can be presented and measured - It helps that deviations (mistakes/problems) can be identified and rectified quickly.
2. It facilitates decisionmaking and managing – management’s time can be spent more on exceptions while routine...
expenditure is the right choice.
Discussion
There is some wider business issues will affect decisionmaking.
Ü In Europe, Economic factors include exchange rates, inflation levels, income growth, debt and saving levels that impact available money and consumer and business confidence. There can...
normal distribution to analytically to help to make decisions by using a model for the inventory on hand. “A common assumption is normal distributions with other values of the mean and standarddeviation are the uniform distribution, and the exponential distribution, the two are useful for analytical...
efficient use of resource and stakeholder commitment.
MANAGERIAL DECISION-MAKING:
1. BUSINESS RELATED PROBLEMS:
In case of Fisher & Paykel Appliances, as a manufacturer of a range of innovative household appliances, issues and dilemmas always occur in the workplace, which range from the simple...
Performance of objectives Decision time Evaluation Organization for each Making and feedback al objectives period member
•
• Applications of MBO:
• • The MBO concept is appropriate for knowledge-based enterprises where staff is competent.
• • Appropriate in situationswhere one wishes to build...
. understand facts and principles and discuss intelligently the basic concepts of Business Statistics
2. familiarize the students with the principles and practices of Statistics commonly used in the world of business especially those concerning quantification, organization, presentation...
manufacturer informs a customer’s design engineers that the mean tensile strength of its rivets is at
320
Part 4: Hypothesis Testing
( )
10.3
TESTING A MEAN, POPULATION STANDARDDEVIATION KNOWN
Situationscan occur where the population mean is unknown but past experience has provided us...
facilitate MBE are DSS (Decision support system), Expert System and performance report.
MBE is a technique of control because it suggests that managers should be informed of the situation only when the controlled data show deviation from standard.
Slide 2
Application and Rationale of...
standarddeviations either side of the mean. The stated confidence interval 82,636 to 87,364 is a range of 4,728 is the equivalent of 2.58 x 2 = 5.16 standarddeviationswhere one standarddeviation is
It is known that the population variance is 56,250,000 and therefore the population standard...
environment, enabling quick top management decisionmaking on Risk Management are required. These mechanisms should cascade to the level of line managers so that the company can implement these decisions quickly.
On the ideal business model
There is no ‘one size fits all’ kind of business model. The...
formula for calculating arithmetic mean is X¯ = A + (Σd/N) where A is the assumed mean and d is the deviation of items from assumed mean, i.e. d = (X-A*) * Any value whether existing in the data or not can be taken as the assumed mean and the final answer would be the same. However, the nearer the...
analysis and decisionmaking under uncertainty are more numerous
and powerful today than ever before. The computer makes possible many practical applications. A few examples of business
applications are the following:
ØAn auditor can use random sampling techniques to audit the accounts receivable...
decision choice. The decision makers will choose the alternative that will maximize the well-being or will result in best outcome.
b. Decisionmaking under risk: It is a probabilistic decisionsituation. There can be several possible outcomes for each alternative. The popular methods or criteria’s...