A New Manager Recently Was Given an Assignment to Create

question 121

Essay

A new manager recently was given an assignment to create two possible wage schemes for a design firm.The manager came up with the following packages:
(1)Each employee will start at $15 per hour and will work eight hours per day; (2)each employee will receive $8 per hour and one-tenth of 1 percent of profits (expected profits are $80,000 per day if everyone puts out maximum effort).Which program will motivate the employees more?
Which program would you choose?
Why?

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Definitions:

Sample Size

The number of observations or data points collected in a sample, which can influence the reliability and accuracy of statistical analysis.

P-Value

The probability of observing data as extreme as, or more than, what was actually observed, assuming the null hypothesis is true.

Sample Proportion

The ratio of members in a sample that have a particular attribute to the total number of members in that sample.

Sample Size

The number of observations or datapoints collected in a sample, critical in determining the precision of estimates and power of statistical tests.