A Large Consulting Firm Is Deciding on If Its Workforce

question 10

Essay

A large consulting firm is deciding on if its workforce should be expanded,maintained,or decreased.Suppose that demand is given in week-long projects,and that a consultant can work on 3 projects each month (1 week off for personal leave and/or other duties such as conferences,etc).Currently there are 25 consultants.Ten consultants are trained for LEAN and 15 for Six Sigma,with 5 of those consultants being overlaps (the consultant is trained for BOTH LEAN and Six Sigma).Assume that all consultants can do the general work.Complete the table (the forecast period is an upcoming month)and prepare a recommendation.

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Definitions:

Interval Estimate

An array of values extracted from sampling efforts, which is supposed to enclose the value of an unidentified population parameter.

Population Parameter

A numerical value that summarizes or describes an aspect of a population, such as the mean or variance.

Sampling Procedure

The method or process used to select a sample from a population for statistical analysis.

Confidence Interval

A grouping of values from sample statistics, thought to potentially envelop the value of an unknown population feature.