The Chair of the Operations Management Department at Quality University

question 90

Multiple Choice

The chair of the operations management department at Quality University wants to construct a p-chart for determining whether the four faculty teaching the basic P/OM course are in control with regard to the number of students who fail the course. Accordingly, he sampled 100 final grades from last year for each instructor, with the following results

Using .95 control limits (5 percent risk of Type I error) , which instructor(s) , if any, should he conclude is (are) out of control?

• A)none
• B)Prof. B
• C)Prof. D
• D)both Prof. B and Prof. D
• E)all

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Definitions:

Troy Ounces

A measurement unit traditionally utilized for the weight of precious metals, where one troy ounce equals about 31.1035 grams.

Hedged

A financial strategy employed to reduce the risk of adverse price movements in an asset by taking an offsetting position in a related security.

Silver Price

The market price for silver, typically expressed per ounce, which can fluctuate based on supply and demand dynamics.

Forward Contract

An individualized pact made between two entities to trade an asset on an agreed future date at a price set in the present.