Assume That a Study of 500 Randomly Selected Airplane Routes

question 39

Multiple Choice

Assume that a study of 500 randomly selected airplane routes showed that 482 arrived on time. Select the correct interpretation of the probability of an airplane arriving late. Interpret an
Event as significant if its probability is less than or equal to 0.05.

• A)Significant at 0.036
• B)Not significant at 0.036
• C)Significant at 0.0036
• D)Not significant at 0.964

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Definitions:

Labor Rate Variance

The difference between the actual cost of labor and the expected (or standard) cost.

Labor Standards

Benchmarks or criteria set for the amount of time and effort required to perform tasks efficiently and effectively.

Direct Labor-Hours

The total hours worked directly on the production of goods or provision of services, often used as a basis for assigning labor costs to products.

Labor Efficiency Variance

The difference between the actual hours worked and the standard hours expected to complete a task, multiplied by the standard labor rate.