It Is Desired to Estimate the Mean Total Compensation of CEOs

question 16

Multiple Choice

It is desired to estimate the mean total compensation of CEOs in the Service industry.Data were randomly collected from 18 CEOs and the 95% confidence interval was calculated to be ($2,181,260, $5,836,180) .Which of the following interpretations is correct?

• A)95% of the sampled total compensation values fell between $2,181,260 and $5,836,180.
• B)We are 95% confident that the mean of the sampled CEOs falls in the interval $2,181,260 to $5,836,180.
• C)In the population of Service industry CEOs,95% of them will have total compensations that fall in the interval $2,181,260 to $5,836,180.
• D)We are 95% confident that the mean total compensation of all CEOs in the Service industry falls in the interval $2,181,260 to $5,836,180.

Analyze and calculate chargeout rates and total job costs in service organizations.

Describe differences between service and merchandising entities regarding cost components.

Explain the significance of chargeout rates and realisation rates in service entities.

Understand the distinctions and characteristics between professional service firms and mass service entities.

---

Definitions:

Retail Store

A business establishment that sells goods or services directly to the public, typically from a fixed location or online platform.

Production Possibilities Curve

A graphical representation illustrating the maximum output possibilities for two goods, given a set of inputs and technological efficiency.

Government Policy

Guidelines or rules established by governments to direct public action in specific areas such as health, education, and economic management.

Consumer Goods

Products and services that are used by individuals or households to satisfy their immediate wants and needs.