THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 69

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
As part of its quality control program,the Scullia Auto Company (SAC)began inspecting all supplier shipments of steel bars and recording the defect rate according to quality criteria such as strength,dimensional characteristics,etc.When SAC began this program,the defect rate in 100 shipments averaged 9%.A recent report indicated an average defect rate of 2.2% in 136 shipments.The quality control department wants to determine,at the 0.05 level of significance,if this represents a significant improvement in the quality of the steel.
-What is the p-value?

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Definitions:

Operating Efficiency

A measure of how well a company uses its assets and manages its operations to generate income.

Return on Equity

A measure of financial performance calculated by dividing net income by shareholders' equity, indicating how efficiently a company uses investments to generate earnings growth.

Profit Margin

A financial ratio that measures the percentage of profit a company makes for each dollar of sales, indicating overall financial health and profitability.

Profit Margin

A financial ratio used to assess a company's financial health, showing the percentage of revenue that exceeds the cost of goods sold.