The Chairman of a College of Business with Five Departments

question 36

Essay

The Chairman of a College of Business with five departments wants to estimate the average number of student-hours lost per month due to illness of their professors.Describe a sampling plan that will help the Dean compare the average student-loss hours for the five departments.

---

Definitions:

Rule of 70

A method to estimate the number of years it will take for a variable to double, by dividing 70 by the annual growth rate of the variable.

Interest Rate

The percentage of a sum of money charged for its use, reflecting the cost of borrowing or the return on saving.

Managed Mutual Funds

Investment funds that are operated by professional fund managers who allocate the fund's investments and attempt to produce capital gains for the fund's investors.

Stock Index

A measure designed to track the performance of a group of stocks, representing a specific segment of the market.