Identify the Null Hypothesis, Alternative Hypothesis, Test Statistic, P-Value, Conclusion $64 \%$

question 55

Essay

Identify the null hypothesis, alternative hypothesis, test statistic, P-value, conclusion about the null hypothesis, and final conclusion that addresses the original claim.
-A nationwide study of American homeowners revealed that $64 \%$ have one or more lawn mowers. A lawn equipment manufacturer, located in Omaha, feels the estimate is too low for households in Omaha. Can the value $0.64$ be rejected if a survey of 490 homes in Omaha yields 331 with one or more lawn mowers? Use ?=0.05

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Definitions:

Vendor Managed Inventory

A business model where the supplier assumes the responsibility of managing inventory levels at the retailer or buyer’s location, aiming to improve supply chain efficiency.

Coordinated Stocking

A strategy where inventory levels across different locations or stages in a supply chain are managed in sync to optimize overall performance and minimize costs.

Sell-in to Sell-through

The process from selling products into retail channels (sell-in) to the actual sale of those products to the end consumers (sell-through).

CRP System

Continuous Replenishment Program, a supply chain management strategy aimed at improving inventory management and enhancing the flow of goods from suppliers to consumers.