Question

In: Statistics and Probability

A study of the career paths of hotel general managers sent questionnaires to an SRS of...

A study of the career paths of hotel general managers sent questionnaires to an SRS of 300 hotels belonging to major U.S. hotel chains. There were 187 responses. The average time these 187 general managers had spent with their current company was 9.93 years. (Take it as known that the standard deviation of time with the company for all general managers is 3.5 years.) (a) Find the margin of error for an 85% confidence interval to estimate the mean time a general manager had spent with their current company: 9.3109 years (b) Find the margin of error for a 99% confidence interval to estimate the mean time a general manager had spent with their current company: years (c) In general, increasing the confidence level the margin of error (width) of the confidence interval. (Enter: ''DECREASES'', ''DOES NOT CHANGE'' or ''INCREASES'', without the quotes.)

Solutions

Expert Solution

Out of N = 187 sample size readings, the average time these 187 general managers had spent with their current company was M = 9.93 years. (Take it as known that the standard deviation of time with the company for all general managers is = 3.5 years.

a) Since the sample size is greater than 30 and the population standard deviation is known hence Z-statistic is applicable for the Margin of error calculation.

The Error is calculated as:

where Zc is calculated at given confidence level here the confidence level id 0.85 hence using excel formula for normal distribution the Zc is calculated using formula =NORM.S.INV(0.925) which results in Zc = 1.44

b) Again at 99% or 0.99, the margin of error is calculated as:

Zc at 0.99 confidence level is computed using excel formula =NORM.S.INV(0.995) which results in Zc = 2.58

c) So, as we can see that increasing the confidence level INCREASES the width of the margin of error because we can see that Zc is directly proportional to the margin of error and Zc increases as the confidence level increases.


Related Solutions

A study of the career paths of hotel general managers sent questionnaires to an SRS of...
A study of the career paths of hotel general managers sent questionnaires to an SRS of 250 hotels belonging to major U.S. hotel chains. There were 129 responses. The average time these 129 general managers had spent with their current company was 10.33 years. (Take it as known that the standard deviation of time with the company for all general managers is 2.1 years.) (a) Find the margin of error for an 85% confidence interval to estimate the mean time...
A study of the career paths of hotel general managers sent questionnaires to an SRS of...
A study of the career paths of hotel general managers sent questionnaires to an SRS of 250 hotels belonging to major U.S. hotel chains. There were 127 responses. The average time these 127 general managers had spent with their current company was 8.92 years. (Take it as known that the standard deviation of time with the company for all general managers is 2.8 years.) (a) Find the margin of error for a 90% confidence interval to estimate the mean time...
study of career plans of young women and men sent questionnaries to all 722 membwrs of...
study of career plans of young women and men sent questionnaries to all 722 membwrs of the senior class in the college and business adminstration at the university of illnois. one questin asked which major within the business program the students had chosen. here are the data from the students who responded: Female Male Accounting 68 56 Administration 91 40 Economics 5 6 Finance 61 59 a) find the two marginal distributions b) find the conditional distributions of major for...
A career adviser meets with a student regarding exploring career paths in the health information management...
A career adviser meets with a student regarding exploring career paths in the health information management (HIM) field. The student loves coding, but doesn’t think she could sit for extended periods of time due to an old back injury. She also likes to have a variety of tasks and responsibilities in her job duties that would allow her to interact with patients and other medical staff. Her career adviser explains there are many career choices within the profession, and it...
A hotel chain wanted to learn about the level of experience of its general managers. A...
A hotel chain wanted to learn about the level of experience of its general managers. A random sample of 14 general managers was taken, and these managers had a mean of 11.72 years of experience. Suppose that the standard deviation of years of experience for all general managers in the chain is known to be 3.2 years. What is the lower limit of a 95% confidence interval for the mean experience of all general managers in this hotel chain?
Health informatics is a continuously evolving field, and there are many career paths that can be...
Health informatics is a continuously evolving field, and there are many career paths that can be taken. For this Discussion, share with the class the path that you wish to take. In your post, explain your career goals and what topics in this course have helped you create the goals. Also, be sure to answer the following questions: Upon graduation, what career path do you wish to take? How has this course helped to shape your career path? Please explain...
You do not plan on going into marketing as a career option. You plan on being a general manager of a hotel or restaurant. Why do you need to study and understand marketing?
You do not plan on going into marketing as a career option.  You plan on being a general manager of a hotel or restaurant.  Why do you need to study and understand marketing?
A)Identify several different career paths that one might consider as an accounting professional.
Provide a carefully constructed narrative reply to each of the following requirements. You may consider using internet resources beyond your textbook to gather supporting information. Identify several different career paths that one might consider as an accounting professional. Define accounting, and define generally accepted accounting principles (GAAP). A)Identify several different career paths that one might consider as an accounting professional. b)What is ethical behavior, and why is it very important to the accounting profession? c)What challenges might arise that cause...
Suppose you’re considering to career paths: Work as a grocery store clerk for the 40 years...
Suppose you’re considering to career paths: Work as a grocery store clerk for the 40 years making $1000 a mont. Go to college in accounting at an additional cost of $400 a month (12 months/ year) for four years. After obtaining your degree you will make $1,400.00 per month the first and second years out of school. You will then quit your job and go get your MBA which will cost you $850.00 per month for 24 months. After obtaining...
What are some possible career paths one can take with an educational background in finance? What...
What are some possible career paths one can take with an educational background in finance? What are some of the key steps someone should take in order to prepare for a career in finance? What is the primary role a publicly traded company should pursue, and why?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT