The new business venture, Best-In-World, has been manufacturing technology devices for over 20 years and is considering adding a new technology device to its musi line. They have an established reputation for building quality devices, but they are rather novice in the music industry. The Chief Innovation and Design Officer, Julie Naugle-Hall, is tasked with hiring a marketing firm to conduct a survey to determine the feasibility and demand for their new music device. The follow decision table illustrates the potential payoffs for a high demand, moderate demand and low demand for the new music device. The decision will be whether to start production on t new device in small scale, large scale or not at all. Alternatives Answer Small-scale production Large-scale production No production Probabilities Step 2 of 3: What is the Expected Value with Perfect Information? Decision Table High Demand 850,000 1,700,000 0 0.20 State of Nature Moderate Demand 300,000 700,000 0 0.50 Low Demand -700,000 -1,000,000 0 0.30 Tables Keypad Keyboard Shortcuts

Name the forecasting methods

According to the 2017 Corporate Travel Index compiled by Business Travel News, the average daily cost for business travel in the United States rose to $321 per day (Executive Travel website). The file Travel contains sample data for an analogous study on the estimated daily living costs for an executive traveling to various international cities. The estimates include a single room at a four- star hotel, beverages, breakfast, taxi fares, and incidental costs. Click on the datafile logo to reference the data. DATA file City Daily Living Cost ($) City Daily Living Cost ($) Bangkok 242.87 Мехico City 212.00 Bogota 260.93 Milan 284.08 Cairo 194.19 Mumbai 139.16 Dublin 260.76 Paris 436.72 Frankfurt 355.36 Rio de Janeiro 240.87 Hong Kong 346.32 Seoul 310.41 Johannesburg 165.37 Tel Aviv 223.73 Lima 250.08 Toronto 181.25 London 326.76 Warsaw 238.20 Madrid 283.56 Washington, D.C. 250.61 a. Compute the sample mean (to 2 decimals). 260.21 b. Compute the sample standard deviation (to 2 decimals). S…

A major software company is considering a price increase on its most popular product.   They are currently selling below their competitor’s price. Someone from the Brand team suggested they check consumer response before making a price increase. You are called into explain how this marketing research might be carried out.  In terms of qualitative and quantitative options you tell them...

Elaine is interested in determining if men are more satisfied in their jobs than women in the healthcare industry. She administers a job satisfaction questionnaire to 20 men and 20 women working in hospital administration. Her grouping variable is gender and dependent variable is job satisfaction. The job satisfaction scale consists of 8 items measured using a 5-point rating scale. A higher score on this scale would indicate high job satisfaction. The maximum score that can be obtained on the scale is 40. We can assume that job satisfaction scores are normally distributed. Use the appropriate T test with a significance level of 0.05 to test the hypothesis.   Research Question   Do the mean job satisfaction scores differ for men and women working in the hospital administration department?   Hypothesis- The mean job satisfaction scores do not differ for men and women working in the hospital administration department.   Write a Results section based on your analysis. Interpret results of…

Some research situations are summarized below. For each situation, identify all variables.Then, for each variable, note the level of measurement AND whether it is an independent or dependent variable.         a.Ahealth researcher is interested in studying patient compliance (whether or not patients take the medicine their doctor prescribes). She surveys 800 diabetic patients, and finds compliance to be linked to patient age, education, gender, and socioeconomic status. b. A market researcher is hired by Target to see how customers buying habits have changed before and after COVID.  The researcher studies how much each customer spent (in $s), how frequently they visited the website each month, how frequently they visited the store each month.  They report that, since March, customers are spending less, visiting the website more frequently, and shopping in person less frequently.

Elaine is interested in determining if men are more satisfied in their jobs than women in the healthcare industry. She administers a job satisfaction questionnaire to 20 men and 20 women working in hospital administration. Her grouping variable is gender and dependent variable is job satisfaction. The job satisfaction scale consists of 8 items measured using a 5-point rating scale. A higher score on this scale would indicate high job satisfaction. The maximum score that can be obtained on the scale is 40. We can assume that job satisfaction scores are normally distributed. Use the appropriate T test with a significance level of 0.05 to test the hypothesis.   Research Question   Do the mean job satisfaction scores differ for men and women working in the hospital administration department?   Hypothesis   The mean job satisfaction scores do not differ for men and women working in the hospital administration department.     Compute an independent sample t test on these data. Report…

The Conch Café, located in Gulf Shores, Alabama, features casual lunches with a great view of the Gulf of Mexico. To accommodate the increase in business during the summer vacation season, Fuzzy Conch, the owner, hires a large number of servers as seasonal help. When he interviews a prospective server, he would like to provide data on the amount a server can earn in tips. He believes that the amount of the bill and the number of diners are both related to the amount of the tip. He gathered the following sample information.  Customer Amount of Tip Amount of Bill Number of Diners Customer Amount of Tip Amount of Bill Number of Diners 1   $ 7.00   $ 48.97   5 16 $ 3.30   $ 23.59   2 2     4.50     28.23   4 17   3.50     22.30   2 3     1.00     10.65   1 18   3.25     32.00   2 4     2.40     19.82   3 19   5.40     50.02   4 5     5.00     28.62   3 20   2.25     17.60   3 6     4.25     24.83   2 21   5.50     44.47   4 7     0.50     6.24   1 22   3.00     20.27   2…

An athletic director proudly states that he has used the average GPAs of the university's sports teams and is predicting a high graduation rate for the teams. Why is this method unsafe? Choose the correct answer below. OA. This method is unsafe because the average GPA may differ for each team. Using the average of the average GPA of each team obscures the possibility that certain teams tend to perform less well in classes. B. This method is unsafe because there is more variation in the GPAs of the athletes than the average GPA of the university's sports teams. Strong students may offset weak students in calculating the average GPAS, which makes it appear more likely that most students are doing well. OC. This method is unsafe because it is dangerous to extrapolate into the future. Classes in university tend to become more difficult, which makes it less likely that the average GPA will hold as time goes on. D. This method is unsafe because there is a minimum GPA required to graduate. If…