Successful management Discussion question, business and finance homework help

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Unit 3 Discussion

Discussion Topic

this Discussion, you will examine practical applications of hypothesis
testing. Make sure to read the chapter on Hypothesis testing before

management is about making decisions to bring about desired change. A
manager who has a specific objective will execute an action, hoping that
the result will be the achievement of that objective. However, due to
the multitude of factors that are in play in any real-life situation, it
is difficult to tell if the desired outcome has been achieved or if the
new numbers are only due to randomness.

example, a sales manager implements a bonus system and sees the sales
figures go up by 3% in the next month. She claims success, but was this
really due to the bonus system or could the increase be the result of
random fluctuations, something that would have happened anyway? Can the
manager confidently claim that there has been a significant change,
something that could not be the result of random fluctuations?

example may be where HR is worried there may be a difference between
the salaries of men versus women that may need to be corrected. Is the
difference between average salaries of the two genders significant, or
could it be due to coincidence? Can someone claim there is
discrimination at work?

testing answers such questions and is key to managing intelligently.
Without these answers, you cannot be sure if the actions you are taking
are working out or whether things really are the way you think they are.
If you do not know these, how can you know what to do?

this Discussion, describe a situation from your work experience where
decisions are being made that would benefit from hypothesis testing.
Follow the template below and answer all questions:

  1. Describe the decision situation: What
    is the desired outcome or the question that needs to be answered, and
    what are the actions being considered? Without hypothesis testing, how
    are decisions being made currently?
  2. How would you set up the hypothesis test? State what the null and alternative hypothesis would be, what kind of a test you would use.
  3. Describe the data you would use:
    What do you need, how much do you need, where would it come from? Is
    all the data currently being recorded or will it need to be collected?
    If it needs to be collected, will it need to be sampled (why), or can
    the entire data be recorded? Please make sure to answer all these
    questions in your explanation.
  4. How would you explain to management the significance of this test? How
    would you convince them that using this is necessary? What would be
    drawback of not using a hypothesis test in this situation?

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