Business Finance Homework Help

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The below scenario describes a real-world or business application that utilizes statistical analysis to help resolve a business problem: increasing efficiency by decreasing processing time. Prepare an analysis by completing five steps of the hypothesis testing with one sample. The report should be a minimum of 5 pages in length.

Last week, your manager asked you to analyze staffing needs for the Foreclosure Department. She was so impressed, and she wants you to create another report for her. Her intention is to decrease the processing time per document.

Based on last week’s report, the average number of processed documents per hour was 15.11, with a standard deviation of 2.666. That is, one document was reviewed in 238.25 seconds. To be objective as much as possible, the manager spoke with an employee whose average was exactly 15 documents per hour. The employee claimed that if she was given a larger monitor, the processing time would be shorter.

They conducted an experiment with a large monitor and measured processing time. After reviewing 20 documents, the calculated average processing time per document was 190.58 seconds. The manager believes that a bigger monitor helped reduce the processing time for reviewing foreclosure documents. Conduct a hypothesis test using a 95% confidence level, which means that significance level a = 0.05.

Use the 5-step process, and explain each term or concept mentioned in each section in the following.

Step 1: Set Up Null and Alternative Hypotheses

Based on the request description, explain if a one-tailed or two-tailed test is needed. If a one-tailed test is needed, is it a left or right-tailed test? Please explain why one alternative is better than the other.

State both of the following hypotheses:

• Null hypothesis
• Alternative hypothesis

You will need the following information to progress to Step 2:

• Standard deviation: Explain what standard deviation is. Locate the calculated standard deviation in the assignment description, and enter here.
• Random variable: Explain what a random variable is. Locate it in the assignment description, and enter here.
• Test type: Compare and contrast t-test and z-test. Once done, determine which one is appropriate for the experiment given the fact that the sample size is less than 30.

Step 2: Decide the Level of Significance

Explain what the significance level is, and determine whether the one used in the assignment description is high, medium, or low. What does this significance level tell you about this test? Locate the level of significance in the given scenario, and list it in this step.

Significance level = ?

Determine the degree of freedom based on the number of reviewed documents in the new experiment (n = 20) and based on the formula Degree of freedom = n – 1.

Degree of freedom = ?

Critical value = (You will need to use the t-table and find the intersection point between the degree of freedom and the alpha value that is provided in the assignment description.)

Step 3: Calculate the Test Statistics

Calculate the test statistics based on the test type determined in Step 1.

If the determination was done correctly, you should use this formula to calculate the test statistics.

Test statistics = ?

Step 4: Compare the Calculated Test Statistics and the Critical Value

Construct a bell-shaped diagram showing the critical value and the calculated test statistic.

Step 5: Reach a Conclusion

Was the manager’s conclusion correct? Share your conclusions on the assumptions in the scenario using the hypothesis testing that you conducted in the previous four steps

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You are a Business Analyst working for the ABC Ball Bearing company. An hour ago, you sent an order of 74 boxes of your A1 ball bearings to a customer on your delivery truck.  You have just found out that your truck is going to go over a bridge that has a weight limit of 11,500 lbs.  You need to determine if your truck will safely make it over the bridge.  If you determine that the truck cannot make it over the bridge, you will need to call the driver and have him/her turn back.The plant manager has told you that an empty delivery truck with the driver weights about 8500 lbs.You have 30 boxes of the A1 ball bearings in your plant. You immediately had them weighed.  The weights of the boxes are:40.1    41.1    39.5    40.1    39.1    41.237.639.141.640.843.238.938.143.536.939.140.541.237.644.038.039.842.138.641.343.736.943.638.140.2Calculate the Mean and the Standard Deviation of this sample.Using the normal distribution curve, calculate the probability the truck’s total weight is under 11,500 lbs. What is your decision?  Will you allow the truck to continue or will you call the driver and tell him/her to turn back? Show all of your calculations.Discuss several types of sampling: e. convenience sampling, random sampling, stratified sampling, systematic sampling or cluster sampling.  Discuss which type of sampling is used in this scenario.Discuss what sampling bias is. Do you believe that using the 30 boxes in your warehouse caused sampling bias?What does the central limit theorem state and why is it important to solving this problem. Is the thirty boxes of ball bearings enough to predict the probability of safely going over the bridge?Use the template provided to complete a 5-page report (excluding the cover page). NOTE: Please delete all instructions and examples before submitting your work.Use this template to complete your assignment.Submitting your assignment in APA format means, at a minimum, you will need the following:Title page: The title should be in all capitals.Length: 5 pages minimumBody: This begins on the page following the title page and abstract page and must be double-spaced (be careful not to triple- or quadruple-space between paragraphs). The typeface should be 12-pt. Times Roman or 12-pt. Courier in regular black type. Do not use color, bold type, or italics, except as required for APA-level headings and references. The deliverable length of the body of your paper for this assignment is 5 pages. In-body academic citations to support your decisions and analysis are required. A variety of academic sources is encouraged.Reference page: References that align with your in-body academic sources are listed on the final page of your paper. The references must be in APA format using appropriate spacing, hanging indent, italics, and uppercase and lowercase usage as appropriate for the type of resource used. Remember, the Reference page is not a bibliography but a further listing of the abbreviated in-body citations used in the paper. Every referenced item must have a corresponding in-body citation.Please submit your assignment.For assistance with your assignment, please use your text, Web resources, and all course materials.Grading Rubric: Maximum 200 PointsGrading CriteriaPoints     Deliverable requirements addressed; understanding of material and presenter’s message and intent are clear 80 pointsFollowed assignment guidelines and criteria40 ptsYes/CompleteMostlyNot at allOverall quality40 ptsExcellentSatisfactoryNeeds ImprovementScholarly research that supports the writer’s position is properly acknowledged and cited, and direct quotations do not exceed 10% of the word count of the body of the assignment deliverable 50 pointsTitle page, table of contents, tables, exhibits, appendices or reference page included25 ptsYesPartiallyNot at allContent is original with less than 35% match25 ptsYes36–50%51% or overCritical thinking: Position is well-justified; logical flow; examples  20 pointsPosition is justified with examples10 ptsExcellentSatisfactoryNeeds ImprovementPresentation flows logically10 ptsExcellentSatisfactoryNeeds ImprovementStructure: Includes introduction and conclusion, proper paragraph formatting, and reads as a polished academic paper or professional presentation, as appropriate for the required assignment deliverable15 pointsIncludes introduction and conclusion5 ptsExcellentSatisfactoryNeeds ImprovementParagraphs are formatted properly5 ptsExcellentSatisfactoryNeeds ImprovementReads as polished academic paper or presentation5 ptsExcellentSatisfactoryNeeds ImprovementMechanical: No spelling, grammatical, or punctuation errors 20 pointsSpelling and grammar are accurate10 ptsYesPartiallyNot at allPunctuation is accurate10 ptsYesPartiallyNot at allAPA: Deliverable is cited properly according to the APA Publication Manual 15 pointsReferences are cited in accordance with APA formatting10 ptsYesPartiallyNot at allReference page is included5 ptsYesPartiallyNot at all