TABLE 10-12 The Dean of a College Is Interested in the Proportion

question 54

True/False

TABLE 10-12
The dean of a college is interested in the proportion of graduates from his college who have a job offer on graduation day. He is particularly interested in seeing if there is a difference in this proportion for accounting and economics majors. In a random sample of 100 of each type of major at graduation, he found that 65 accounting majors and 52 economics majors
had job offers. If the accounting majors are designated as "Group 1" and the economics majors are designated as "Group 2," perform the appropriate hypothesis test using a level of significance of 0.05.
-Referring to Table 10-12, the same decision would be made with this test if the level of significance had been 0.01 rather than 0.05.

Understand the principles and methods of Total Quality Management.

Recognize the significance and approach of Lean Process Improvement.

Identify the objectives and techniques of Six Sigma.

Comprehend the concept and application of the Zero-Defects Approach.

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Definitions:

Industry Concentration

A measure of the extent to which a small number of firms dominate the total production, sales, or market share in an industry.

Elastic

A measure in economics indicating how much the demand or supply of a good changes in response to a change in price.

Marginal Revenue

The extra revenue gained by selling an additional unit of a product or service.