Every Spring Semester,the School of Business Coordinates with Local Business

question 117

Multiple Choice

Every spring semester,the School of Business coordinates with local business leaders a luncheon for graduating seniors,their families,and friends.Corporate sponsorship pays for the lunches of each of the seniors,but students have to purchase tickets to cover the cost of lunches served to guests they bring with them.Data on the number of guests each graduating senior invited to the luncheon from 500 graduating seniors last year were collected.Based on this information,which of the following will you construct to learn about the percentage of seniors who will bring at least one guest to the luncheon?

• A)Confidence interval estimate for the total using the Student's t distribution
• B)Confidence interval estimate for the mean using the Student's t distribution
• C)Confidence interval estimate for the proportion using the standard normal distribution
• D)Confidence interval estimate for the difference between two means using the standard normal distribution

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Definitions:

Stochastic Probability

Involves randomness and uncertainty, it is the probability approach used to model and predict outcomes in situations where exact outcomes are unpredictable.

Transitional Probability

Calculated as the proportion of employees, or the number of employees who have historically resided in a given employment state divided by the total number of employees in the job. The transitional probability of termination for a job that has 10 employees and historically has seen 2 leave every year is 2/10, or 20 percent.

Markov Model

A mathematical model that accounts for transitions from one state to another in a system, where the probability of each state depends only on the current state and not on the history of states.

HR Strategy

An organization’s approach to managing its human resources, designed to align HR practices with business objectives to gain a competitive advantage.