A large company (with over 10,000 employees) gives end-of-year bonuses out to their employees for excellent...

A large company (with over 10,000 employees) gives end-of-year bonuses out to their employees for excellent performance. They decide to give exactly 30% of their employees a bonus.

a) You share your office with three other employees (four of you in total). What is the probability that at least one of you gets a bonus if bonuses were handed out randomly? b) The data science team consists of 50 employees and receives 25 bonuses. What is the probability of a randomly selected group of 50 employees receives 25 or more bonuses?

c)Interpret the result in part (b).

d) Bonus pay is distributed with a mean of $5,000 and a standard deviation of $2,000. If you receive a bonus, what is the probability your bonus is greater than $6,000?

e) What is the probability that the average bonus pay for the data science team is greater than $6,000?

Solutions

Expert Solution

orchestra answered 1 year ago

Next > < Previous

Related Solutions

In our industry on average a firm paid out record year end bonuses of $125,500 per...

In our industry on average a firm paid out record year end bonuses of $125,500 per employee for 2008. We would like to take a sample of employees at our firm to see whether the mean year end bonus is different from the reported mean of $125,500 for the population. We sample 40 of our employees and we had a mean of $118,000. Assume a population standard deviation of $30,000. Setup for the p-value and critical value approaches. We want...

A company rewards its production department employees for meeting budgeted cost levels by giving out bonuses....

A company rewards its production department employees for meeting budgeted cost levels by giving out bonuses. If the department’s costs exceed the budget, employees do not get a bonus. What problems might arise with such a plan?

Wall Street securities firms paid out record year-end bonuses of $ 125,500 per employee for 2005...

Wall Street securities firms paid out record year-end bonuses of $ 125,500 per employee for 2005 (Fortune, February 6, 2006). Suppose we would like to take a sample of employees at the Jones & Ryan securities firm to see whether the mean year-end bonus is different from the reported mean of $ 125,500 for the population. State the null and alternative hypotheses you would use to test whether the year-end bonuses paid by Jones & Ryan were different from the...

Suppose Wall Street securities firms paid out year-end bonuses of $125,500 per employee last year. We...

Suppose Wall Street securities firms paid out year-end bonuses of $125,500 per employee last year. We take a sample of employees at the ASBE securities firm to see whether the mean year-end bonus is greater than the reported mean of $125,500 for the population. You wish to test the following claim (HaHa) at a significance level of α=0.01α=0.01. Ho:μ=125500 Ha:μ>125500 You believe the population is normally distributed and you know the standard deviation is σ=2900σ=2900. You obtain a sample mean...

Almost all employees working for financial companies in New York City receive large bonuses at the...

Almost all employees working for financial companies in New York City receive large bonuses at the end of the year. A sample of 65 employees selected from financial companies in New York City showed that they received an average bonus of $51,000 last year with a standard deviation of $18,000. Construct a 99% confidence interval for the average bonus that all employees working for financial companies in New York City received last year. Round your answers to cents.

Almost all employees working for financial companies in New York City receive large bonuses at the...

Almost all employees working for financial companies in New York City receive large bonuses at the end of the year. A sample of 63 employees selected from financial companies in New York City showed that they received an average bonus of $56,000 last year with a standard deviation of $16,000. Construct a 98% confidence interval for the average bonus that all employees working for financial companies in New York City received last year. Round your answers to cents. $_____ to...

Bay Street securities firms paid out record year-end bonuses of $130,500 per employee for 2014. Suppose...

Bay Street securities firms paid out record year-end bonuses of $130,500 per employee for 2014. Suppose we would like to take a sample of employees at the Roy-West securities firm to see whether the mean year-end bonus is greater than the reported mean of $130,500 for the population. (a)State the null and alternative hypothesis you would use to test whether the year end bonuses paid by Roy-West where greater than the population mean. b. Suppose a sample of 60 Roy-West...

Sky-High, Inc. pays company management bonuses at the end of each year if net income is...

Sky-High, Inc. pays company management bonuses at the end of each year if net income is equal to or greater than a specific percentage of net sales. However, in the past five years, that metric has not been reached. During these past five years, Sky-High has been lowering the requirements for granting credit to customers so that more sales can be generated. However, making those credit changes has caused the company’s uncollectible accounts percentage to rise substantially; for last year,...

Sky-High, Inc. pays company management bonuses at the end of each year if net income is...

Employees from Company A and Company B both receive annual bonuses. Test the claim that the...

Employees from Company A and Company B both receive annual bonuses. Test the claim that the difference in annual bonuses is greater than $100 at the 0.05 level of significance? WHAT WOULD THE HYPOTHESES BE FOR THE TEST!!

Subjects