...Critical Values of χ 2 Degrees of Freedom χ 2.995 0.0000 0.0100 0.0717 0.2070 0.4117 0.6757 0.9893 1.3444 1.7349 2.1559 2.6032 3.0738 3.5650 4.0747 4.6009 5.1422 5.6972 6.2648 6.8440 7.4338 8.0337 8.6427 9.2604 9.8862 10.5197 11.1602 11.8076 12.4613 13.1211 13.7867 20.7065 27.9907 35.5345 43.2752 51.1719 59.1963 67.3276 109.1422 152.2410 240.6634 330.9028 422.3034 χ 2.99 0.0002 0.0201 0.1148 0.2971 0.5543 0.8721 1.2390 1.6465 2.0879 2.5582 3.0535 3.5706 4.1069 4.6604 5.2293 5.8122 6.4078 7.0149 7.6327 8.2604 8.8972 9.5425 10.1957 10.8564 11.5240 12.1981 12.8785 13.5647 14.2565 14.9535 22.1643 29.7067 37.4849 45.4417 53.5401 61.7541 70.0649 112.6676 156.4320 245.9725 337.1553 429.3875 χ 2.975 0.0010 0.0506 0.2158 0.4844 0.8312 1.2373 1.6899 2.1797 2.7004 3.2470 3.8157 4.4038 5.0088 5.6287 6.2621 6.9077 7.5642 8.2307 8.9065 9.5908 10.2829 10.9823 11.6886 12.4012 13.1197 13.8439 14.5734 15.3079 16.0471 16.7908 24.4330 32.3574 40.4817 48.7576 57.1532 65.6466 74.2219 117.9845 162.7280 253.9123 346.4818 439.9360 χ 2.95 0.0039 0.1026 0.3518 0.7107 1.1455 1.6354 2.1673 2.7326 3.3251 3.9403 4.5748 5.2260 5.8919 6.5706 7.2609 7.9616 8.6718 9.3905 10.1170 10.8508 11.5913 12.3380 13.0905 13.8484 14.6114 15.3792 16.1514 16.9279 17.7084 18.4927 26.5093 34.7643 43.1880 51.7393 60.3915 69.1260 77.9295 122.6918 168.2786 260.8781 354.6410 449.1468 χ 2.90 0.0158 0.2107 0.5844 1.0636 1.6103 2.2041 2.8331 3.4895 4.1682 4.8652 5.5778 6.3038 7.0415 7.7895 8.5468 9.3122 10.0852...
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...itical values and p values Determination of critical values Critical values for a test of hypothesis depend upon a test statistic, which is specific to the type of test, and the significance level, , which defines the sensitivity of the test. A value of = 0.05 implies that the null hypothesis is rejected 5% of the time when it is in fact true. The choice of is somewhat arbitrary, although in practice values of 0.1, 0.05, and 0.01 are common. Critical values are essentially cut-off values that define regions where the test statistic is unlikely to lie; for example, a region where the critical value is exceeded with probability if the null hypothesis is true. The null hypothesis is rejected if the test statistic lies within this region which is often referred to as the rejection region(s). Critical values for specific tests of hypothesis are tabled in chapter 1. Information in this chapter This chapter gives formulas for the test statistics and points to the appropriate tables of critical values for tests of hypothesis regarding means, standard deviations, and proportion defectives. P values Another quantitative measure for reporting the result of a test of hypothesis is the p-value. The p-value is the probability of the test statistic being at least as extreme as the one observed given that the null hypothesis is true. A small p-value is an indication that the null hypothesis is false. Good practice It is good practice to decide in advance of the test how small...
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...CPA (Critical Path Analysis) and its value on Strategy Implementation Critical Path Analysis (CPA) plays a very important role in the planning and implementation of an operations strategy. Its helps with planning the implementation of the operations strategy and is a mechanism to help manage and control improvements and/or the targets of performance objectives, the alignment of capabilities (changes in layout, machinery etc.) and the resources required underpinning the implementation exercise. The main outcome from CPA and its main value to implementing an operations strategy is that it identifies those tasks which cannot be delayed or take longer than their estimate without impacting the overall project, this being from a time perspective. Such tasks form the basis of the critical path and are the tasks crucial to the success of the implementation exercise. Karaca & Onargan (2007) describe that critical paths are not fixed and as changes and updates are made, a new critical path may emerge. CPA and its Application within an Operational Context Karaca & Onargan (2007) discuss as part of their article on the application of CPA in workflow schema of Marble Processing Plants, a number of benefits emerged upon completion of this exercise. Through the use of CPA network diagrams, the critical path of workflow for the new marble plant resulted in better production capacity and production timing. The study proves CPA can be used in the design of a new marble plant and...
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...A Critical Reflection of the Value of Work Placements Word Count: 967 An internship is a directed, practical learning experience, outside of the normal classroom setting, in which students sharpen skills, gain experience through work on advanced productions, apply classroom learning to professional settings or projects, and learn first-hand how professional companies or organizations operate (Palomar College, 2005). It is generally know that many universities offer sandwich degree courses and this paper will critically examine the value of work placements undertaken by universities students. The popularity of work placements and internship has grown in the recent years as young graduates found it hard to secure a job. In 2011 UK government offered ‘youth contract’ to help young people getting jobs and this was initiated when youth unemployment has hit a record high, with more than one million young people out of work in the UK, and applicants far outweighing the number of entry-level and graduate vacancies ( Bennetts and Emilie, 2011 ). There are a number of benefits of work placements to both students and organisation offering internships. According to Gazzard (2011), ‘Placements can provide industry with a cost-effective labour pool and develop a pipeline of motivated and competent future employees.’ An article published in Hispanic Engineer & Information Technology (2013) states that internship experience not only benefits the company that a student work for, but internships...
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...into one experience. This strategy attempts to make the competition irrelevant. Porcini’s Porto creates a new segment outside of the three major segments: fast food, single location full-service restaurants and full-service chain restaurants. Porcini’s “new” approach creates a new uncontested market space (Blue Ocean Strategy, W. Chan Kim and Renée Mauborgne). Any alternative means for a person to eat is Porcini’s competition. Porcini’s experience differentiates in an advantageous way from the three major segments. Porcini’s wireless technology creates a quicker eating experience for the customer that is not available at competitors in full-service restaurant chains. It’s also important that this innovative strategy does not decrease the value of the product/service offered. The project team identified fast food to be the primary competition. Porcini’s quick service is complimented by high quality food, providing a competitive advantage over restaurants in the fast food segment. Porcini’s strategic focus on the employee hiring process and job satisfaction creates a team equipped with the talent and attitude to employ the strategic goals of the business. In order to provide high quality service, Pronto must employ people who can carry out the high...
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...out of 5 points Correct The purpose of strategic pricing is to _____. Answer Selected Answer: improve profits by capturing more value rather than making more sales Correct Answer: improve profits by capturing more value rather than making more sales Question 2 5 out of 5 points Correct To create value in a product and price it profitably, financial management must choose to _____. Answer Selected Answer: incur costs to make only profitable products given their value to the targeted customer Correct Answer: incur costs to make only profitable products given their value to the targeted customer Question 3 5 out of 5 points Correct Pricing that reflects market conditions is _____. Answer Selected Answer: customer-driven pricing Correct Answer: customer-driven pricing Question 4 5 out of 5 points Correct The key actions for price setting involve _____. Answer Selected Answer: setting appropriate pricing objectives, calculating price-volume trade-offs, and assessing drivers of price sensitivity that are unrelated to value Correct Answer: setting appropriate pricing objectives, calculating price-volume trade-offs, and assessing drivers of price sensitivity that are unrelated to value Question 5 5 out of 5 points Correct _____ allows a company to vary its prices outside the scope of value and cost according to explicit or cultural rules or protocols. Answer Selected Answer: Pricing policy Correct Answer: Pricing...
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...analysis, one measures present performance, establishes standards, specifies why behavior is deficient, calculates the net economic value of improvement after the cost of solutions, and places them in priority order. The result of this analysis is identification of potentially high-payoff behaviors and outputs that can be improved - an important first step, because, surprisingly, key behaviors and outputs are often overlooked or undervalued in organizations. Introduce the procedures used in Performance Management and quantify the amount of change that occurs in specific time periods. Because the investment in changing behavior is often very low and the economic payoffs may be high, the potential high return on investment usually excites top management Be specific Describe and communicate desired performances and the standards for judging them in terms that are measurable, observable and objective. A description of the events that are signals prompting the response should be included. In training, coaching, measuring performance, feeding back performance data, conducting a performance appraisal, writing procedures, and delivering positive reinforcement, it is essential to be specific. Alas, if the language used is vague, the desired behavior may not occur. Measure For any performance shown by the analysis to have sufficient economic value to an organization, measure the frequency of the performance against the desired standards. While...
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...What values appear to be driving the doctors and nurses in the hospitals to treat heart attack patients? From the case study, the eleven hospitals utilize 90 minutes or less to deliver therapy in order to restore blood flow to heart attack patients. The followings are the values that appear to drive the doctors and nurses in the hospitals to treat the heart attack patients: (a) The hospitals are well organized, they have ability to reward high quality performance, and are flexible enough to deal with setbacks. (b) Teamwork is another important value that drives doctors and nurses when treating heart attack patients. This is important because they need to work quickly. (c) All the hospitals shared the same core values, they were committed to reducing delays throughout their process, they provided real-time data feedback to measure success and had innovative protocols and flexibility in refining their protocols. (d) Effective communication and ethics is also critical. Doctors and nurses commit to their profession not only for financial gain, but also because they value human life and want to make a difference in the world by preserving life. They are also sensitive to their patients’ needs. Without these values it would not be feasible for the hospital to maintain their success and reputation of delivering therapy to restore blood flow to heart attack patients in only 90 minutes or less. This huge accomplishment can only be achieved when the foundation and core values of an...
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...Kudler’s Fine Foods must implement a plan that will carry its business to new heights. The strategic plan must include a mission,vision and values statement that will describe what the company stands for and why it exists. Kudlers Fine Food's goal is to be the premiere gourmet grocery store. Kudlers seeks to specialize in providing the finest meats, produce, cheeses, and wine. Kudlers will need to revise their vision statement, mission statement, and value statements in order to achieve being the industry leader in specialty foods. Organizational Mission A mission statement is why the organization was created and why it exists. A good mission statement not only explains why the organization exists but also what it hopes to achieve in the future. It articulates the organization’s nature, its values and its work. (Radtkey, J., 1998) Kudler’s mission is to provide a wide selection of the freshest ingredients as well as all the tools a gourmet cook could ever want. They are committed to providing their customers the finest selection of very best foods and wines so their customers’ culinary visions can come true. (Kudler, 2007) Vision A vision is a brief statement that captures the heart of the company and defines why it exists. (Lenehan & Farrell, 2007) Kudlers is committed to providing outstanding quality, service, and value. By offering the freshest ingredients and well trained staff that can answer, and assist in all customers’ needs, Kudler Fine Food’s vision...
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...Angiomax which does not maximize the perceived value (PV) that the drug provides to its key customer segments. Therefore, Medicines Co., must develop a positioning strategy that maximizes the perceived value of Angiomax. Medicines Co. must first determine the critical characteristics its key customer segments (doctors, hospital administrators, and pharmacists) value in an anticoagulant (Appendix A). Medicines Co. should then develop a positioning statement that highlights Angiomax’s strengths for its most compatible customer segment – doctors. The positioning statement for doctors would be “Angiomax outperforms Heparin in high-risk patients resulting in significantly fewer complications while performing angioplasty procedures”. The focus should be on doctors because of the high overlap between Angiomax’s benefits and doctors’ values in an anticoagulant. Additionally, by providing doctors with information (Appendix B) that quantifies the cost savings from reduced complications in high-risk patients, Medicines Co. bridges the gap between the true economic value (TEV) and the PV that doctors have for Angiomax. This solution is the best because it focuses on what doctors’ value in an anticoagulant. From the case, we know that doctors are key customers for adopting new drugs and that hospital administrators, who have similar preferences for an anticoagulant, are difficult to reach directly (Appendix A). By focusing on the value offered to doctors, we are raising doctors’ PV...
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...bankruptcy. Chrysler’s culture consists of various dynamics of organizational culture such as, observable artifacts, espoused values, and basic assumptions. The main observable artifact Mr. Marchionne was most upset about was the way Mr. Fong doubled rebates so the company could make sales. This action was one of the main reasons the Chrysler culture was not turning a profit. Espoused values are standard values, leaving the company able to conduct business. One of the espoused values I noticed was how Mr. Marchionne “spelled out” the lacks of the company. For example he speaks about how the quality of vehicle control needs to improve and it was essential that there was a more sufficient control over pricing. An obvious basic assumption I noticed in the case study was the way the CEO held interviews so he could personally assess each individual. This helped him decide who he wanted to keep and who he wanted to push out. His actions added a sense of fear to the company and encouraged employees to work hard to maintain their job. Mr. Marchionne improved the PE fit of his direct reports. Once he had reshaped the company, twenty-three people reported to him. They were precisely chosen to guarantee that they had the fitting values, skills and capabilities that fit the requirements that were set. It is clear that Chrysler’s new culture is classified by the competing values framework. Marchionne’s controlling style of leadership would suggest that the hierarchy type would be most fitting. On...
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...IKEA ANALYSIS REPORT Dan Pinzon Argosy University Abstract This report explores the notion of values-based service, and how a company like IKEA creates value for customers and other stakeholders. In order to better understand the IKEA environment we will look at IKEA’s marketing strategy, beginning with its products, services, and other attributes that contribute to its value proposition. Following, exploring how IKEA creates a well-defined market position, and how they differentiate their offerings from competitor offerings. Included in this report is an assessment of IKEA’s strategy by analyzing its sources of value in its value chain, an explanation of its intangible products and benefits, and why IKEA considers its customers to be critical stakeholders. This report concludes with an establishment of several key performance measures that enables management to integrate IKEA’s values in its operations. Introduction In 1943 Swedish entrepreneur Ingvar Kamprad founded the now furniture giant IKEA. He began by going door to door selling pens, wallets, and watches. When he began selling his low priced furniture, his competitors immediately tried everything to stop him. The local suppliers were banned from selling him raw materials, and he was not allowed to showcase his furniture in industry expeditions. So Ingvar began to innovate, building his own furniture and buying raw materials from other countries. As the company grew globally, IKEA realized the need to adapt to...
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...Shell organizational culture + ethics Shell is a company with a lot of values and principles, this is because shell is a very large company and it is very aware of it’s huge footprint on the nature. Shell employees share a set of core values – honesty, integrity and respect for people. they also firmly believe in the fundamental importance of trust, openness, teamwork and professionalism, and pride in what they do. Shell has 8 main business principles; 1. Economic - Long-term profitability is essential to achieving their business goals and to their continued growth. It is a measure both of efficiency and of the value that customers place on Shell products and services. It supplies the necessary corporate resources for the continuing investment that is required to develop and produce future energy supplies to meet customer needs. Without profits and a strong financial foundation, it would not be possible to fulfil our responsibilities. 2. Competition - Shell companies support free enterprise. They seek to compete fairly and ethically and within the framework of competition laws; shell will not prevent others from competing freely with them. 3. Business integrity - Shell companies insist on honesty, integrity and fairness in all aspects of our business and expect the same in their relationships with all those with whom we do business. The direct or indirect offer, payment, soliciting or acceptance of bribes in any form is unacceptable. 4. Health, safety, security...
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...| Business Leadership and Human Values Seminar2 CreditsBU 131.601.F5Summer Session 2016Wednesdays 1:30-4:30pm -- June 8 – July 27 Harbor East Room 230 | Instructor Rick Milter, Ph.D. Contact Information Phone Number: 410.234.9422 milter@jhu.edu Office Hours Typically before class session or by appointment. Required Learning Materials This course is a series of thematic conversations about human values and your responsibilities as an emerging/aspiring business leader. There is no traditional textbook, but there is much reading. You are required to read The Moral Compass: Leadership for a Free World, a workbook by Lindsay Thompson available online as a PDF in Course Documents. You will find details about required learning materials in the Bibliography and Theme Briefs sections of the Syllabus. Course Description and Overview This course explores ethical leadership as a framework for enterprise value creation in a complex environment of competing economic and moral claims. Students examine the intrinsic ethical challenges of leadership and the concept of a moral compass as a foundation for responding effectively to the ethical challenges of corporate citizenship and value creation in a competitive global economy. (2 credits) Syllabus Table of Contents Page Topic 2 Bibliography & Learning Resources 6 Calendar, Seminar Structure, Theme Briefs, Content 42 Seminar Preparation Toolkit 48 Learning Objectives, Graded Assignments...
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...new HBSP book The Keystone Advantage: What the New Dynamics of Business Ecosystems Mean for Strategy, Innovation, and Sustainability. Think of the business environment as a series of ecosystems, they urge, with "keystone" companies such as Microsoft and Wal-Mart providing for the health of all who do business with them. What are the best strategies for companies living in these ecosystems? This excerpt focuses on strategies for niche players. The essence of a niche strategy is to achieve specialization by taking explicit advantage of the opportunities provided by the ecosystem while avoiding the kinds of traps that challenge firms in such environments. Our observation of a variety of niche strategies in action highlights a few critical components. Value creation The first driver of an effective niche...
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