The Best Strategy for Managing a Workforce in Response to Changes

question 51

Multiple Choice

The best strategy for managing a workforce in response to changes in demand is to:

• A)Maintain a lean workforce of core employees and have a body of contingent workers who could be more readily cut back as the need arises.
• B)Maintain a workforce of solely contingent employees so that you can hire more if demand rises.
• C)Maintain a strong workforce of core employees and hire contingent workers as needed.
• D)Maintain short employment contracts and rehire each employee as needed year to year.

Know the importance of reporting detailed results of a t-statistic, including group means and inferential statistics details.

Grasp the distinction between directional and non-directional alternative hypotheses and its impact on hypothesis testing.

Understand that the t statistic can have both positive and negative values, reflecting the direction of a relationship.

Comprehend the concept of one-tailed and two-tailed tests and when each is appropriate.

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Definitions:

Median

The middle value in a data set, which separates the higher half from the lower half of the data.

Extreme Values

The smallest or largest values in a data set or distribution, often considered as outliers or as significant for their rarity.

Variation

Variation refers to the extent to which data points in a data set differ from each other and from the mean of the dataset.

Standard Deviation

A measure that quantifies the amount of variation or dispersion of a set of data values from the mean value.