Results of a Small Experiment Show That People Are Likely $p$

question 5

Multiple Choice

Results of a small experiment show that people are likely to offer a different amount for used exercise equipment when bargaining with a friend than when bargaining with a stranger. The $p$ -value from testing the difference in mean offers was equal to $0.00162$ . At an $\alpha = 0.05$ , the correct conclusion is to

• A) reject the null hypothesis.
• B) fail to reject the null hypothesis.
• C) conclude that there is no difference between bargaining with a stranger versus a friend.
• D) Both A and C.
• E) Both \(\mathrm { B }\) and \(\mathrm { C }\).

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Definitions:

Lean Manufacturing

A systematic method for waste minimization within manufacturing systems without sacrificing productivity.

Zero Defects

A management philosophy aiming at reducing and ideally eliminating defects and errors in manufacturing and service processes.

Quality

The degree to which a product or service meets or exceeds customer expectations.

Lean Environment

A management philosophy focusing on reducing waste and improving efficiency in the production process, often resulting in cost savings and higher quality products.