Businesses use various statistical tools when facing decisions and one of them is hypothesis testing. “Hypothesis testing is used in both science and business to test assumptions and theories and ultimately guide managers when facing decision.” (Doane & Seward, 2007). Team B’s research is based on the Wage Data sets on the difference in wages between men and women will be based on the hypothesis of a 95% confidence level men get paid more than women. In order for us to prove whether or not this statement is accurate we have formulated both a numerical and verbal hypothesis in regards to our research. Verbal hypothesis: H0: There is no difference in mean earnings between men and women H1: The mean earnings of men are significantly higher than women Numerical hypothesis ((1=men, (2=women): H0: (1 = (2 H1: (1 > (2 According to the data set, out of 100 participants with 47 being female and 53 being males, the average mean earnings for women is $24, 452 while the average mean earnings for men
Strategic Management Process Paper MGT/498 Strategic Management Process Paper The strategic management process is developed by an organization in which to direct decisions in order to achieve an organization’s goals and objectives. The strategic plan dictates how an organization operates ethically and socially in the business world. The strategic goals must address certain components to ensure the strategy addresses specific tasks and possibly how an organization will satisfy its stakeholder’s interests to culminate a successful plan. Primary Components The primary components of a strategic management process includes, Setting goals, analyzing information, plan formulation, implementation, and evaluation and control. The strategic management process is a philosophical approach to business rather than a simple set of rules (Clayton n.d.) Why Strategic Management Strategic management is the driving force of any organization.
Buyer Power Market size Size and value of each order Differences between competitors Price sensitivity Ability to substitute Cost of changing Buyer Power Market size Size and value of each order Differences between competitors Price sensitivity Ability to substitute Cost of changing Competitive Rivalry: Many competitors? Differences in the quality of competition? Switching costs for customers? Can you ensure customer loyalty? Cost of leaving the market?
Surplus value, in its most basic definition, is the amount of money earned by the capitalist after paying for overhead. In order to better understand this concept, we must explain what constitutes overhead. Overhead is the total amount of money that a company needs to pay in order to cover the raw materials used for the production of the commodity and the wages that are paid to cover the workers who have made the commodity. However, when the wage laborer makes more of a certain commodity than needed to cover overhead, surplus value is created. According to Marx, “the specific use-value, which this commodity possesses of being a source not only of value, but of more value than it has itself”.
Minimum wage laws force an employer to pay its employees above a mandated level. On one hand, yes, this means that workers have more money in their pockets. It means they can now go out and spend money which will, in turn, stimulate the broader economy, right? Wrong! The higher wages paid by the employer have to be made up somewhere.
Financial Decision Making Essay Explain the theoretical rationale for the NPV approach to investment appraisal and compare the strengths and weaknesses of the NPV approach to two other commonly used approaches. Introduction Net Present Value (NPV) is defined as the different between an investment's market value and its cost. NPV rules states that we will accept the project if it creates a positive NPV, and will reject the project if the NPV < 0. In other words, NPV is a measure of how much value being created today by undertaking investment. Managers need to make investment decisions and calculating NPV can help them to see the likelihood of investment being profitable.
Consumer surplus is a measure of the welfare that people gain from the consumption of goods and services, or a measure of the benefits they derive from the exchange of goods. Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service (indicated by the demand curve) and the total amount that they actually do pay (i.e. the market price for the product). The level of consumer surplus is shown by the area under the demand curve and above the ruling market price as illustrated in the diagram below: Price discrimination and consumer surplus Producers often take advantage of consumer surplus when setting prices. If a business can identify groups of consumers within their market who are willing and able to pay different prices for the same products, then sellers may engage in price discrimination – the aim of which is to extract from the purchaser, the price they are willing to pay, thereby turning consumer surplus into extra revenue.
Thirdly, where the sociologist has interpretivist perspective, detachment may seem a big barrier to overcome. The researcher cannot observe the full picture of a sample being questioned because he relies on responses. Apart from that, the pre-coded answers limit the chance of clarifying certain questions and addressing misunderstandings of the respondent. This roots to the aim of questionnaire, in addressing large scale population in order to draw generalisations; the concept of individuality is lost.
What must a company excel at? What value addition our customers expect from us? How much value a company generates for its shareholders? How a company can improve and innovate? For further elaboration following elements are used in the balanced scorecard: Financial Perspective Internal Processes Learning and Growth Customer Perspective Strategy Map for Ashton Graduate School: The strategy map specifically provides the information about the strategic direction towards the objectives that are more significant for all the employees of the company to act on it accordingly.
1. What are pricing objectives that firms may pursue? Answer : 1) Profit-Oriented * Designed to maximize price relative to competitors' prices, the products perceived value, the firm's cost structure, and production efficiency. Profit objectives are typically based on a target return, rather than simple profit maximization. 2) Volume-Oriented * Sets prices In order to maximize dollar or unit sales volume.