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At a high school debate tournament, half of the teams were asked to wear suits and ties and the rest were asked to wear jeans and t-shirts. The results are given in the table below.
Test the hypothesis at the 0.05 level that the proportion of wins is the same for teams wearing suits as for teams wearing jeans.
Work in Process Inventory
The value of goods in production but not yet completed, often considered an asset on the balance sheet.
Lean Principles
A methodology originating from the Toyota Production System that seeks to maximize customer value while minimizing waste within manufacturing and related processes.
Cycle Efficiency
The effectiveness and speed with which a business completes its operational cycle from start to finish.
Conversion Costs
The combined costs of direct labor and manufacturing overhead to convert raw materials into finished goods.
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