When You Discover Major Changes Have Occurred in the Firm's

question 110

Multiple Choice

When you discover major changes have occurred in the firm's internal strategic position while conducting strategy evaluation,you should

• A)copy the actions of major competitors.
• B)take corrective actions.
• C)continue on the present strategic course.
• D)add additional funds to the present strategic plan.
• E)immediately discontinue all aspects of the present strategic course.

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Definitions:

Type I Error

The mistake of rejecting the null hypothesis when it is actually true, often termed as a "false positive" in hypothesis testing.

Probability

A measure of the likelihood that an event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

P-value

A statistical measure that indicates the probability of obtaining the observed results of a test, assuming that the null hypothesis is true.

Test Statistic

A statistic (a quantity derived from the sample) used in statistical testing to decide whether to reject the null hypothesis.