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Children develop "representational insight," a connection between an object and a symbol for that object. A random sample of 2-year olds were shown a video of someone putting a toy under 1 of 4 randomly placed boxes in a room familiar to the child. Then they were taken to the room, and asked to "find the toy." The investigators reasoned that a child with representational insight would pick the correct box on the first try. If not, they would find the toy on the first try only of the time. Thirty out of 57 children found the toy by turning over the correct box on the first try.
Do these results provide convincing evidence that the proportion of 2-year old children who choose the correct box on the first try is greater than ? Use a significance level of to test the appropriate hypotheses.
Safety Inventory
Additional stock that is kept in inventory to protect against uncertainties in demand or supply.
Replenishment Cycles
The process and timing involved in restocking goods or inventory to maintain adequate supply levels.
Cycle Service Level
The probability that a demand during a replenishment cycle will be fully met without stocking out.
Periodic Replenishment
Periodic Replenishment refers to the inventory management practice of ordering or producing goods at regular intervals, regardless of the inventory levels.
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