As companies diversify into new businesses, managers are inevitably faced with a make or buy decision.
An enterprise manager is a manager who leads and oversees a company or a department's employees and operations. They paint every day to make certain the enterprise stays productive, green, and prepared always with the aid of enforcing operational techniques, conducting overall performance reviews, and overseeing all activities.
Managers can offer leadership every day in their groups, offering a purpose and path that employees can believe. They assist employees to reach their desires and handling the daily manufacturing and approaches of an enterprise. additionally, they plan the next steps for coping with tasks and capability hires.
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Locate an online tool/app or download a budget template from the Internet and practice creating a budget for yourself. Remember to follow the budgeting steps. How did you do? When done, answer the following questions: (1) Are there any ways to increase your income? For example, selling items you no longer use? (2) Are there ways to further reduce expenses each month? (3) What are your savings goals per month?
Answer:
Hope it helps
Explanation:
Step 1: Note your net income
The first step in creating a budget is to identify the amount of money you have coming in. Keep in mind, however, that it’s easy to overestimate what you can afford if you think of your total salary as what you have to spend. Remember to subtract your deductions for Social Security, taxes, 401(k) and flexible spending account allocations when creating a budget worksheet. Your final take-home pay is called net income, and that is the number you should use when creating a budget.
If you work freelance or part-time, we’ve put together some tips for managing irregular income.
Tip: If you have a hobby or a talent, you may be able to find a way to supplement your income. Having an extra source of income can also be helpful if you ever lose your job.
Step 2: Track your spending
It’s helpful to keep track of and categorize your spending so you know where you can make adjustments. Doing so will help you identify what you are spending the most money on and where it might be easiest to cut back.
Begin by listing all your fixed expenses. These are regular monthly bills such as rent or mortgage, utilities or car payments. It’s unlikely you’ll be able to cut back on these, but knowing how much of your monthly income they take up can be helpful.
Next list all your variable expenses—those that may change from month to month such as groceries, gas and entertainment. This is an area where you might find opportunities to cut back. Credit card and bank statements are a good place to start since they often itemize or categorize your monthly expenditures.
Tip: Record your daily spending with anything that’s handy—a pen and paper, an app or your smartphone. You can use this spending and budgeting tool if you have an account with Bank of America.
Step 3: Set your goals
Before you start sifting through the information you’ve tracked, make a list of all the financial goals you want to accomplish in the short-and long-term. Short-term goals should take no longer than a year to achieve. Long-term goals, such as saving for retirement or your child’s education, may take years to reach. Remember, your goals don’t have to be set in stone, but identifying your priorities before you start planning a budget will help. For example, it may be easier to cut spending if you know your short-term goal is to reduce credit card debt.
Step 4: Make a plan
Use the variable and fixed expenses you compiled to help you get a sense of what you’ll spend in the coming months. With your fixed expenses, you can predict fairly accurately how much you’ll have to budget for. Use your past spending habits as a guide when trying to predict your variable expenses.
You might choose to break down your expenses even further, between things you need to have and things you want to have. For instance, if you drive to work every day, gasoline probably counts as a need. A monthly music subscription, however, may count as a want. This difference becomes important when it’s time to make adjustments.
Step 5: Adjust your habits if necessary
Once you’ve done all this, you have what you need to complete your budget. Having documented your income and spending, you can start to see where you have money left over or where you can cut back so that you have money to put toward your goals.
Want-to-have expenses are the first area to look for spending cuts. Can you skip movie night in favor of a movie at home? Try adjusting the numbers you’ve tracked to see how much money that frees up. If you’ve already adjusted your spending on wants, evaluate your spending on needs. You may need internet at home, but do you need the fastest available?
Lastly, if the numbers still aren’t adding up, you can look at adjusting your fixed expenses. Doing so will be much more difficult and require greater discipline, but on close inspection a “need” may just be a “hard to part with.” Such decisions come with big trade-offs, so make sure you carefully weigh your options.
Tip: Small savings can add up to a lot of money, so don’t overlook the little stuff. You might be surprised at how much extra money you accumulate by making one minor adjustment at a time.
Step 6: Keep checking in
It’s important that you review your budget on a regular basis to be sure you are staying on track. You can also compare your monthly expenses to those of people similar to you. Few elements of your budget are set in stone: You may get a raise, your expenses may increase or you may have reached your goal and want to plan for a new one. Whatever the reason, keep checking in with your budget following the steps above.
after considering the burberry story, which business-level strategy is the company attempting to pursue?
The business-level strategy that Burberry is attempting to pursue is a differentiation strategy. Burberry is a luxury fashion brand that is known for its quality and high-end products. They have created a unique brand image that is recognized worldwide.
Their differentiation strategy is based on a combination of factors, including their product design, quality, and customer experience.
Product Design Burberry has a unique design that sets them apart from other fashion brands. They have a signature check pattern that is recognized worldwide. This pattern is used on many of their products, including their coats, bags, and scarves. This design is unique and sets them apart from other luxury fashion brands.
Quality Burberry is known for its quality products. They use high-quality materials to create their products. They also have a rigorous quality control process that ensures that their products meet their high standards. This quality is reflected in the price of their products, which is higher than many other fashion brands.
Customer Experience: Burberry provides a unique customer experience that sets them apart from other luxury fashion brands. They have created an interactive shopping experience that includes digital displays, social media, and other technology. This experience is designed to engage customers and create a sense of luxury and exclusivity.
Overall, Burberry's business-level strategy is based on differentiation. They have created a unique brand image that is recognized worldwide. Their differentiation strategy is based on product design, quality, and customer experience. Burberry's success is a testament to the effectiveness of this strategy.
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for products like pencils and paperclips which provide the same benefit for all consumers, marketers should probably use an: a. concentrated segmentation strategy b. lifestyle segmentation strategy c. benefit segmentation strategy d. undifferentiated segmentation strategy
For products like pencils and paperclips which provide the same benefit for all consumers, an undifferentiated segmentation strategy would likely be the most appropriate. Correct option is D.
This strategy involves marketing to the entire market as a homogeneous group with the same needs and preferences, without attempting to differentiate between different segments of consumers.
Undifferentiated segmentation is most effective when the product is standardized, with little or no variation in the benefits it provides, and when the cost of developing and implementing different marketing strategies for different segments outweighs the benefits.
Pencils and paperclips are good examples of standardized products, with the same basic benefits for all consumers.
Using an undifferentiated segmentation strategy can also help to maximize efficiency and reduce costs by allowing for economies of scale in production and marketing.
By treating the entire market as a single segment, marketers can focus on developing a single, unified marketing strategy that is more cost-effective and easier to implement than multiple strategies for different segments.
Overall, for products that provide the same benefit for all consumers, an undifferentiated segmentation strategy is likely to be the most effective and efficient approach for marketers.
Therefore, correct option is D.
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. What type of company would you like to create? Why would you like to create this type of company?
It's actually economics. Please help.
Listeners can show interest to the speaker by _____ occasionally while listening.
nodding
both a and c
looking away
interrupting
What kind of businesses are motivated to earn a profit
O Public
O Government
O Private
O Nonprofit
Answer:
government is the corret answer
Most business are established for the purpose of making profits that serve their customers by selling a product or service. Private business are motivated to earn a profit. Thus, the correct option is C). Private.
What is the difference between profit and non-profit Organisation?For-profit organization are those organization that operates with the goal of making money. Most businesses are based on the purpose of earning for-profits that serve the customers by selling the product or service.
Not-for profit organization refers to those organizations that does not operate for profits.The major purpose of the non-profit organization is to provide the service or benefit to the community with no intention of earning a profit.
The major sources of funding for the non-profit organization are primarily funded through donations, fundraisers etc. and for the profit organizations are the sale of goods and services.
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A global computer network providing a variety of information and communication facilities, consisting of interconnected networks using standardized communication protocols.
Answer:
The correct answer is "Internet".
Explanation:
A global structure of data networks, the collection of several types of networks throughout which the clients at any device will, whether they have the authorization, obtain some technical information from other devices, recognized as an internet. Which utilizes a fraction of that same cumulative capacity of the already additional infrastructure network systems.what is meant by recession
Answer:
Spatial recession in paintings is the relationship between objects which appear to lie near to the observer and those which seem further away, and thus recede into space. ...
Explanation:
In, 2022, Thunder Bluff Steak House, began the year with $50 of accounts receivable and ended the year with $55 of accounts receivable. The company reported credit sales of $300 and collected $285 cash from customers. How much of the accounts receivable did the company write off? (hint use a T account for Accounts receivable).
In 2022, Thunder Bluff Steak House started with $50 of accounts receivable and ended the year with $55 of accounts receivable. The company recorded $300 in credit sales and received $285 in cash from customers. To determine how much of the accounts receivable the firm wrote off, we need to use a T account for accounts receivable.Here is a T-account for Accounts Receivable
In 2022, Thunder Bluff Steak House started with $50 of accounts receivable and ended the year with $55 of accounts receivable. The company recorded $300 in credit sales and received $285 in cash from customers. To determine how much of the accounts receivable the firm wrote off, we need to use a T account for accounts receivable.Here is a T-account for Accounts Receivable:By putting in the numbers given to us in the problem, we get the following:DebitCredit Beginning Balance$50 Credit Sales $300Collections($285)Ending Balance$55The company began with an accounts receivable balance of $50 and ended the year with a balance of $55. As a result, we can infer that the company did not write off any accounts receivable during the year.The sum of the credit sales and the ending balance ($300 + $55) equals $355, which is the total amount that the company billed customers during the year. The amount that was collected in cash ($285) was subtracted from the $355, resulting in $70, the sum of accounts receivable that were outstanding at year-end. Thus, no write-off was made by the company.More than 100 words
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________ refers to continually adjusting prices to reflect changes in supply and demand.
Dynamic pricing
Explanation:
found it on quizlet
What factors would the Marketing department need to consider when creating an advert❓❓❓
Answer:
1.weather
2.type of product
3.festival or period
4.means of advertising or communication
5.amout of consumers
6.markat value
Explanation:
hope it helps
You are creating a budget for your new business. What should you include?
A. All income and expenses.
B. Fixed expenses but not income.
C. Income but not variable expenses.
D. Fixed and variable expenses but not taxes.
Answer:
A
Explanation:
You should include all income and expenses because you need to know the value of the business and the amount of money you'll have to spend after you have deducted all the expenses and added all the incomes of the business.
Lisa loves to draw and has a good eye for what is visually appealing. She wants a job where she can work independently, and possibly be self- employed. Which marketing position best matches her interests and career goals? A. Logistician B. Marketing research analyst O C. Sales representative D. Graphic designer
Answer:
D. Graphic designer
Explanation:
Graphic designers use visual arts such as images, words, and graphics to communicate with their audience. They may use hand or computer software to create captivating messages that inform, inspire, and attract customers' attention.
The objective of marketing is to make customers interested in the company's products. Graphic designers can use their talents to create charming visual arts to make customers want to buy a company's products. Graphic designers can be employed, but the majority work as independent contractors. Lisa has the skills to be a graphic designer. She can practice her talent as a self-employed individual.
Answer:
Graphic designer
Explanation:
I just did it
How do property rights influence the exchange of goods and services in the market.
Property rights influence the exchange of goods and services in the market by preventing market failures from arising in an economy.
Property rights are vital as they preclude the violation of not only the right of producers and consumers but also prevent overexploitation of the resources at both ends.
Moreover, these rights control the profit-seeking temptations and behaviors of the manufacturers of the goods.
On top of this, the needs and wants of the consumers keep the outputs in control and do not let the production exceed needed.
Hence property rights are valuable tools and the best way to block market failure arising in an economy.
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Answer : Property rights determine ownership of resources among businesses, individuals, and governments.
What are the three methods commonly used to distribute door-to-door purchases to customers?
Door-to-door deliveries are frequently made by couriers, the post office, or the seller at the moment of purchase.
In-home sales of products or services are known as door-to-door sales. Trading anyplace outside the trader's business premises is also regarded as door-to-door sales, so door-to-door sales are not always conducted at the consumer's home. With the aid of advancements in technology, communication, and transportation, there are many ways that door-to-door sales can be applied successfully.
Products can be distributed independently, through wholesalers, or through distributors. Direct and indirect channels are the two main types. Direct channels involve selling goods to customers directly through physical storefronts or online. Selling goods through indirect channels entails selling them to middlemen, such wholesalers or retailers, who then sell them to customers.
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companies using a just-in-time (jit) inventory system that want to reduce their risk of supply chain disruptions should
Companies using a just-in-time (JIT) inventory system that want to reduce their risk of supply chain disruptions should: D. source inputs from multiple suppliers across different countries.
What is supply chain management?Supply chain management and it can be defined as an effective and efficient management of the flow (supply) of goods and services, as well as all of the production processes that are involved in the transformation of raw materials into finished products, in order to meet the insatiable want and need of the consumers on a timely basis.
What is a just-in-time (JIT) inventory system?A just-in-time (JIT) inventory system can be defined as a management framework that is designed and developed to help business firms (companies) cut their manufacturing costs while increasing efficiency between suppliers and consumers through the use of a proper inventory system.
In conclusion, inputs should be sourced directly from multiple suppliers across different countries by business firms (companies) that are utilizing a just-in-time (JIT) inventory system in order to mitigate the risk of supply chain disruptions.
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Complete Question:
Companies using a just-in-time (JIT) inventory system that want to reduce their risk of supply chain disruptions should Multiple Choice
expand warehouse capacity.
decrease their buffer stock.
increase their ready inventory supplies.
source inputs from multiple suppliers across different countries.
work to become the supplier's best customer.
what are two factors that have caused labor union membership to decline significantly over the past 50 years?
Two factors that have caused labour union membership to decline significantly over the past 50 years are Right-to-work laws were passed and the loss of jobs in manufacturing in the US.
What do you know about labour union membership ?
Unions are independent worker organisations formed for the purpose of furthering and defending workers' interests. As a result, they play an important role in the quest for better remuneration and working conditions. Union membership, density, and bargaining power all have a significant impact on working conditions. Reliable data on unions and unionisation, employers' organisations, collective bargaining, and industrial disputes are required to assess the extent of social dialogue. This page contains statistics and other information about global unionisation.
So, The required answer is Right-to-work laws were passed and the loss of jobs in manufacturing in the US.
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calculate the percentage by mass of all the components element in sodium trioxonitrate(v)
Sodium =27.05
Nitrogen=16.47
Oxygen=56.46
Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2021, year-end trial balance contained the following income statement items:
Account Title Debits Credits
Sales revenue $ 12,500,000
Interest revenue 50,000
Loss on sale of investments $100,000 Cost of goods sold 6,200,000 Selling expenses 620,000 General and administrative expenses 1,520,000 Interest expense 40,000 Research and development expense 1,200,000 Income tax expense 900,000
Based on the provided information regarding Pandora Corporation's income statement items, the company’s operating income for the year is $3,010,000.
To calculate Pandora Corporation's operating income for the year ending December 31, 2021, follow these steps:
1. Calculate total revenue:
Sales revenue + Interest revenue
Total revenue = $12,500,000 + $50,000 = $12,550,000
2. Calculate total expenses:
Cost of goods sold + Selling expenses + General and administrative expenses + Research and development expense
Total expenses = $6,200,000 + $620,000 + $1,520,000 + $1,200,000 = $9,540,000
3. Calculate operating income: Total revenue - Total expenses
Operating income = $12,550,000 - $9,540,000 = $3,010,000
Pandora Corporation's operating income for the year ending December 31, 2021, is $3,010,000.
Note: The question is incomplete. The complete question probably is: Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2021, year-end trial balance contained the following income statement items:
Account Title Debits Credits
Sales revenue $ 12,500,000
Interest revenue 50,000
Loss on sale of investments $100,000
Cost of goods sold 6,200,000
Selling expenses 620,000
General and administrative expenses 1,520,000
Interest expense 40,000
Research and development expense 1,200,000
Income tax expense 900,000
Calculate the company’s operating income for the year.
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who tfluff took my points
Answer:
Explanation:
i see u hiding yo word and btw it was not me
Movie tickets and film streaming services are substitutes. If the price of film streaming increases, what happens in the market for movie tickets?.
Answer:
Since no one would be buying the movie tickets then the market would go down and probably crash. hope this helps!
Is marketing hard? and it is stressful or can give you an anxiety?
Answer:
yes yes yes yes yes
Explanation:
There is so much pressure and things at stake that sometimes you feel like everything's gonna go wrong.
write an explanation of how the iPhone goes from a design at Apple to a retail store shelf. Include at least four steps in the process.
The journey of the iPhone from designing at apple to retail stores includes sending the design to the manufacturing unit where the materials are selected, then these material is arranged based on the design then polishing and finishing took place, and at last shipped to different countries' outlets.
What is iPhone?An iPhone is the latest smart device introduced by the organization named apple with unique features of advanced technology. This phone provides the features of a computer in the phone itself.
The journey of the iPhone from design at apple to retail store shelf includes-
Decision-making for material selectionDevelopment of Device body partsAssembly of body parts and finishing which includes glass finishingTransported to various outlets.Learn more about Apple Iphone, here:
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Why is the housing market not a perfectly competitive market
Answer:
houses are essential. a need doesn't fall in perfect competition conditions.
Dogs and Formals. Paul owns a dog grooming business and needs patient people to work there. He gives all applicants a test he obtained from a management firm that has been proven to measure psychological traits such as patience. Penny alleges sex discrimination after she fails the test miserably and Paul refuses to hire her. Paul tells her that there is no way he is giving her a dime because he is entitled to protect his client's dogs. Upon learning that her state lacked a state office representing the Equal Opportunity Commission, Penny immediately sues him in federal court alleging a violation of Title VII. Paul, who is getting tired of the dog grooming business, also opens a new formal wear shop and needs to hire employees there as well. He wants to appeal to high school and college age young ladies attending proms and formals. Paul decides that he does not want older sales clerks to assist in choosing formal dresses. He only wants young, attractive ones. Paul runs an ad in the local paper-seeking applicants for sales clerks and stating that a qualification for the job is computer training while in high school. Tina, age 60, applies and tells Paul that while she sees no reason that computer training should be required, she attended computer training in adult education and has excellent computer as well as sales skills. Paul refuses to hire her telling her that unless he follows the ad, he may be seen as practicing discrimination. Deciding that formal wear is more trouble than dogs, Paul shuts down the formal wear store. Which of the following is true involving Paul's plan to require computer training in high school in order to eliminate older workers?
A. He is not guilty of any violation without additional evidence of intent to discriminate.
B. He is not guilty of any violation unless he can establish through a survey that most people prefer younger sales clerks.
C. He is guilty of violating the Age Discrimination in Employment Act.
D. He is not guilty of any violation unless he can establish through a survey that most of the formal wear store's customers prefer younger sales clerks.
E. He is not guilty of any violation because common sense tells us that younger people make better sales clerks.
Answer: He is guilty of violating the Age Discrimination in Employment Act
Explanation:
The option that's true which involves Paul's plan requiring computer training in high school in order to eliminate older workers is that Paul is guilty of violating the Age Discrimination in Employment Act.
The Age Discrimination in Employment Act of 1967 simply protects the workers who are 40 years and above from being discriminated against due to their age during the hiring, promotion, compensation, or any other conditions of employment. In this case, Paul is guilty as he violated the Act.
Being guilty of violating the Age Discrimination in Employment Act is the true statement as regards Paul's plan to require computer training in high school in order to eliminate older workers.
Paul is guilty here because the act of The Age Discrimination in Employment Act of 1967. was set up to serve as protection over applicants as well as employees that are over 40 years of age so they won't be discriminated.Therefore, option C is correct.
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Which of the following statements best describe the basic fixed-order quantity model? group of answer choices an order is placed when the remaining on-hand inventory reaches the reorder point. An order is placed after the on-hand inventory has been counted or reviewed. An order is placed after there is a stockout. An order is placed when the inventory holding costs are lower than the setup costs. None of the above statements is correct.
When the remaining stock hits the reorder point, "an order is placed."
The fixed-order quantity model is also known as the reorder point model. In this model, an order is placed when the inventory level reaches a predetermined reorder point. This ensures that the on-hand inventory does not run out before the next order is received. The other statements do not accurately describe the basic fixed-order quantity model.
In the basic fixed-order quantity model, also known as the Economic Order Quantity (EOQ) model, an order is placed when the inventory level reaches a predetermined reorder point. This model helps minimize the total inventory costs, which include holding costs, setup costs, and stockout costs. By setting a reorder point, the system ensures that there is enough stock to meet the demand while waiting for the new order to arrive, without holding excessive inventory.
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Cain Company reports net cash provided by operating activities of $35,000. It also reports the following information under “Adjustments to reconcile net income to net cash provided by operating activities” on its statement of cash flows (using the indirect method).
It can be seen from the solutions given that Cain's net income is $24,000.
Here is the solution:Net income = Net cash provided by operating activities - Adjustments
= $35,000 - $6,000 - $10,000 + $4,000 + $7,000 + $4,000
= $24,000
Therefore, Cain's net income is $24,000.
Here is a breakdown of the adjustments:
To determine cash flow from operations, it is necessary to include the gain on equipment sales in the net income as it is a non-cash entry.
A rise in accounts receivable implies that customers are prolonging payment of their invoices, resulting in decreased cash flow from the company's activities.
The depreciation expense is classified as a non-cash expense, hence it must be included in the calculation of cash from operations by adding it back to the net income.
A decrease in inventory indicates that the company is experiencing faster turnover of its inventory, leading to increased cash flow generated by its operations.
A rise in prepaid expenses denotes that the company is channeling more funds towards prepaid expenditures like insurance and rent, implying a reduced cash inflow from its operational activities.
A decline in the amount of wages that the company owes indicates that it is not promptly compensating its workforce. Consequently, this implies that the company's operational cash flow is reduced.
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We suppose an economy defined by:
Y=10000 ; G = 2000 ; T = 1000 ;
r (real interest rate) = 3%;
C = 400 + 0.6 (Y-T) ;
Lo (factors that affect demand of moeny) = 5 ;
Ms (money supply) = 15000 ;
Mg (growth rate of money) = 10% ;
Yg (growth rate of Y) = 7%
question : If M increase by 3%, the P increase by ? ( the options I have are : 1.22%/1.23%/1.24%/1.25%)
Answer:
Explanation:
To find the percentage increase in P if M increases by 3%, we need to use the equation for the quantity theory of money, which is:
M * V = P * Y
Where M is the money supply, V is the velocity of money, P is the price level, and Y is the output of the economy.
If M increases by 3%, then the new value of M can be found by multiplying the old value of M by 1 + the percentage increase:
M' = M * (1 + 0.03) = 15000 * 1.03 = 15450
We can then solve for the new value of P by substituting the new values of M and Y into the equation:
P' = (M' * V) / Y = (15450 * V) / 10000 = 1.5450 * V
We can then find the percentage increase in P by taking the difference between the new value of P and the old value of P, and dividing by the old value of P:
Percentage increase in P = (P' - P) / P = (1.5450 * V - 1) / 1 = 0.5450 * V
So the percentage increase in P is 0.5450 * V.
Police are investigating the site of a convenience store robbery. The glass door was
broken, and it looks as if several packages of cigarettes are missing from behind the
counter. One police officer notices a man walking past the store and gets an odd
feeling about him. He stops the man and insists on searching his pockets. Inside the
man's pockets, police find several packs of cigarettes. They arrest the man and
charge him with the crime. Unfortunately, the judge throws out the charges. What is
MOST likely the judge's reason for dismissal?
A-The man is under 18 years old.
B-The man did not have money to post bail.
C-The policeman did not have probable cause to search the man.
D-The policeman did not have enough evidence that the man was the robber.
The MOST likely judge's reason for dismissal is the policeman did not have enough evidence that the man was the robber. Thus the correct option is D.
What is Robbery?Theft or robbery is defined as the stealing of someone else's property without their permission and using force or a threat of force that exhibits fear in them to perform any action against them.
To prove a crime against someone requires one to submit enough evidence which helps to establish the claim as the justice system is based on evidence not on arguments.
In the given case, police found the activity of the men suspicious as they found cigarette packets from him. There is no evidence that he has stolen the cigarette packets might be possible he has purchased them.
So due to a lack of evidence against the person the Judge dismissal the case. Therefore, option D is appropriate.
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Albert Abbasi, VP of Operations at Ingleside International Bank, is evaluating the service level provided to walk-in customers. Accordingly, he plans a sample of waiting times for walk- in customers. If the population of waiting times has a mean of 15 minutes and a standard deviation of 4 minutes, the probability that Albert's sample of 64 will have a mean between 13.5 and 16.5 minutes is a) 0.9974 b) 0.4987 c) 0.9772 d) 0.4772 e) 0.5000
The given situation states that Albert Abbasi, VP of Operations at Ingleside International Bank, is assessing the service level that is provided to walk-in customers. As a result, he plans a sample of waiting times for walk-in customers. Therefore, the VP of Operations will use the central limit theorem (CLT) to evaluate his sample.
CLT states that the sampling distribution of the sample means is approximately normally distributed with a mean µ and a standard deviation of σ/sqrt(n). Where,µ = the population meanσ = the population standard deviationn = the sample sizeUsing the standard normal distribution formula, we can calculate the Z score.
Z score = (x - µ) / σ / sqrt(n)Where,x = the sample meanµ = the population meanσ = the population standard deviationn = the sample sizeOn substituting the given values in the above formula, we get:Z score = (16.5 - 15) / 4 / sqrt(64) = 1.5/0.5 = 3Similarly,Z score = (13.5 - 15) / 4 / sqrt(64) = -1.5/0.5 = -3We need to find the probability that the sample mean is between 13.5 and 16.5 minutes. That is, we need to find P(-3 ≤ Z ≤ 3)P(-3 ≤ Z ≤ 3) = P(Z ≤ 3) - P(Z < -3) = 0.9987 - 0.0013 ≈ 0.9974Therefore, the probability that Albert's sample of 64 will have a mean between 13.5 and 16.5 minutes is 0.9974. Hence, option (a) is correct.
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