Can you create a pie chart for “Cigarettes”? If so, display it. If this cannot be created in Minitab, explain why.

Can you create a bar chart for “Cigarettes”? Is so, display it. If this cannot be created in Minitab, explain why.

Concerning the descriptive statistics for “Cigarettes,” what should “N*” or “N missing” be? (Minitab won’t tell you this answer, but you can figure it out.)

Imagine having a management system so successful people that refer to it with capital letters—the Lincoln Management System—and other businesses benchmark their own systems by it. That is the situation of Ohio-based Lincoln Electric. For a number of years, other companies have tried to figure out Lincoln Electric’s secret: how management coaxes maximum productivity and quality from its workers even during difficult financial times. Lincoln Electric is a leading manufacturer of welding products, welding equipment, and electric motors, with more than $1 billion in sales and 6,000 workers worldwide. The company’s products are used for cutting, manufacturing, and repairing other metal products.

Lincoln uses a diverse control approach. Tasks are precisely defined, and individual employees must exceed strict performance goals in order to achieve top pay. The incentive and control system is powerful. Production workers are paid on a piece-rate basis, plus merit pay based on performance. Employees are eligible for annual bonuses, which fluctuate according to the company’s profits, and they participate in stock purchase plans. A worker’s bonus is based on four factors: work productivity, work quality, dependability, and cooperation with others. Some factory workers at Lincoln have earned more than $100,000 a year.

However, the Lincoln system succeeds largely because of an organizational culture based on openness and trust, shared control, and an egalitarian spirit. Though the line between managers and workers at Lincoln is firmly drawn, managers respect the expertise of production workers and value their contributions to many aspects of the business. The company has an open-door policy for all top executives, middle managers, and production workers, and regular face-to- face communication is encouraged. Workers are expected to challenge management if they believe practices or compensation rates are unfair. Most workers are hired right out of high school, and then trained and cross-trained to perform different jobs. Some are promoted to executive positions because Lincoln believes in promoting from within.

One of Lincoln’s founders felt that organizations should be based on certain values, including honesty, trustworthiness, openness, self-management, loyalty, accountability, and cooperativeness. These values continue to form the core of Lincoln’s culture, and management regularly rewards employees who manifest them. Because Lincoln so effectively socializes employees, they exercise a great degree of self-control on the job. There are 100 workers for each foreman. There are less tangible rewards to complement the piece-rate incentive system. Pride of workmanship and feelings of involvement, contribution, and esprit de corps are intrinsic rewards that flourish at Lincoln Electric. Cross-functional teams, empowered to make decisions, take responsibility for product planning, development, and marketing. Information about the company’s operations and financial performance is openly shared with workers.

Lincoln places emphasis on anticipating and solving customer problems. Sales representatives are given the technical training they need to understand customer needs, help customers understand and use Lincoln’s products, and solve problems. This customer focus is backed up by attention to the production process through the use of strict accountability standards and formal measurements for productivity quality, and innovation for all employees. In addition, a software program called Rhythm is used to streamline the flow of goods and materials in the production process.

Lincoln’s system worked so well in the United States that senior executives decided to extend it overseas. Lincoln built or purchased eleven plants in Japan, South America, and Europe, with plans to run the plants from the United States using Lincoln’s expertise with management control systems. Managers saw the opportunity to beat local competition by applying manufacturing control incentive systems to reduce costs and raise production in plants around the world. The results were abysmal and nearly sunk the company. Managers at international plants failed to meet their production and financial goals every year; they exaggerated the goals sent to Lincoln’s managers to receive more resources, especially during the recession in Europe and South America. Many overseas managers had no innate desire to increase sales, and workers were found sleeping on benches because of not enough work. The European labor culture was hostile to the piecework and bonus control system. The huge losses in the international plants, which could not seem to adopt Lincoln’s vaunted control systems, meant the company would have to borrow money to pay U.S. workers’ bonuses, or forgo bonuses for the first time in Lincoln’s history. Top managers began to question whether the Lincoln Management System could be transferred to other countries and wondered whether they simply misunderstood how to apply it in other cultures.

What types of control —feedforward, concurrent, or feedback—are illustrated in this case? What types of control —feedforward, concurrent, or feedback—are illustrated in this case?

Q.6: Read the case and answer questions at the end adequately:                              12 marks

Imagine having a management system so successful people that refer to it with capital letters—the Lincoln Management System—and other businesses benchmark their own systems by it. That is the situation of Ohio-based Lincoln Electric. For a number of years, other companies have tried to figure out Lincoln Electric’s secret: how management coaxes maximum productivity and quality from its workers even during difficult financial times. Lincoln Electric is a leading manufacturer of welding products, welding equipment, and electric motors, with more than $1 billion in sales and 6,000 workers worldwide. The company’s products are used for cutting, manufacturing, and repairing other metal products.

Lincoln uses a diverse control approach. Tasks are precisely defined, and individual employees must exceed strict performance goals in order to achieve top pay. The incentive and control system is powerful. Production workers are paid on a piece-rate basis, plus merit pay based on performance. Employees are eligible for annual bonuses, which fluctuate according to the company’s profits, and they participate in stock purchase plans. A worker’s bonus is based on four factors: work productivity, work quality, dependability, and cooperation with others. Some factory workers at Lincoln have earned more than $100,000 a year.

However, the Lincoln system succeeds largely because of an organizational culture based on openness and trust, shared control, and an egalitarian spirit. Though the line between managers and workers at Lincoln is firmly drawn, managers respect the expertise of production workers and value their contributions to many aspects of the business. The company has an open-door policy for all top executives, middle managers, and production workers, and regular face-to- face communication is encouraged. Workers are expected to challenge management if they believe practices or compensation rates are unfair. Most workers are hired right out of high school, and then trained and cross-trained to perform different jobs. Some are promoted to executive positions because Lincoln believes in promoting from within.

One of Lincoln’s founders felt that organizations should be based on certain values, including honesty, trustworthiness, openness, self-management, loyalty, accountability, and cooperativeness. These values continue to form the core of Lincoln’s culture, and management regularly rewards employees who manifest them. Because Lincoln so effectively socializes employees, they exercise a great degree of self-control on the job. There are 100 workers for each foreman. There are less tangible rewards to complement the piece-rate incentive system. Pride of workmanship and feelings of involvement, contribution, and esprit de corps are intrinsic rewards that flourish at Lincoln Electric. Cross-functional teams, empowered to make decisions, take responsibility for product planning, development, and marketing. Information about the company’s operations and financial performance is openly shared with workers.

Lincoln places emphasis on anticipating and solving customer problems. Sales representatives are given the technical training they need to understand customer needs, help customers understand and use Lincoln’s products, and solve problems. This customer focus is backed up by attention to the production process through the use of strict accountability standards and formal measurements for productivity quality, and innovation for all employees. In addition, a software program called Rhythm is used to streamline the flow of goods and materials in the production process.

Lincoln’s system worked so well in the United States that senior executives decided to extend it overseas. Lincoln built or purchased eleven plants in Japan, South America, and Europe, with plans to run the plants from the United States using Lincoln’s expertise with management control systems. Managers saw the opportunity to beat local competition by applying manufacturing control incentive systems to reduce costs and raise production in plants around the world. The results were abysmal and nearly sunk the company. Managers at international plants failed to meet their production and financial goals every year; they exaggerated the goals sent to Lincoln’s managers to receive more resources, especially during the recession in Europe and South America. Many overseas managers had no innate desire to increase sales, and workers were found sleeping on benches because of not enough work. The European labor culture was hostile to the piecework and bonus control system. The huge losses in the international plants, which could not seem to adopt Lincoln’s vaunted control systems, meant the company would have to borrow money to pay U.S. workers’ bonuses, or forgo bonuses for the first time in Lincoln’s history. Top managers began to question whether the Lincoln Management System could be transferred to other countries and wondered whether they simply misunderstood how to apply it in other cultures.

Questions

1. What types of control —feedforward, concurrent, or feedback—are illustrated in this case?                                                                                                                                  4 marks
2. Based on what you have read, what do you think makes the Lincoln System so successful in the United States?                                                                                                 4 marks         

3 -What is the problem with transporting Lincoln’s control systems to other national cultures? What suggestions would you make to Lincoln’s managers to make future international manufacturing plants more successful? 4 marks

10. A study is made of residents in Phoenix and its suburbs concerning the proportion of residents who subscribe to Sporting news. A random sample of 88 urban residents showed that 12 subscribed. A random sample of 97 suburban residents showed that 18 subscribed. Does this indicate that there is a difference in the proportion of suburban residents that subscribe to this magazine? Use alpha at .05. a. State the null and alternative hypotheses (.5 points) b. What is the formula you will use? (.5 points) c. Identify all variables and corresponding values from the formula. Calculate the test statistic. (2 points) d. Sketch the distribution, label the critical value(s), shade the critical region(s), and plot the calculated test statistic. (1.5 points) e. Interpret your result. (1.5 points)  

The number of "destination weddings" has skyrocketed in recent years. For example, many couples are opting to have their weddings in the Caribbean. A Caribbean vacation resort recently advertised in Bride Magazine that the cost of a Caribbean wedding was less than $30,000. Listed below is a total cost in $000 for a sample of 8 Caribbean weddings. At the 0.05 significance level, is it reasonable to conclude the mean wedding cost is less than $30,000 as advertised? 28.5 29.5 29.9 30.2 29.2 30.4 29.0 28.9 How can I calculate in excel?

a.) State the null hypothesis and the alternate hypothesis.

b.) State the decision rule for 0.05 significance level.

c.) Compute the value of the test statistic.

d.) What is the conclusion regarding the null hypothesis.( Do not reject-reject) H0. The cost is (less/not less) than $30,000.

Linear functions of the form y = ax + b are used to describe many real-world situations. Research any relationship between two variables that occurs in your field of study or career and then:

Describe the two variables. Which is the input (x) variable and which is the output, or y, variable?

Show an example of this relationship with real-world data from one of the following sources: magazine, internet, advertisement, newspaper, professional journal, college professor, or professional in the field.  Create a scatterplot to show the data. Does the relationship appear to be linear? Why or why not?  Explain.

Use Excel to find the regression equation, r²-value, and r-value for this data set.  Show the equation and the r-value on your scatterplot. Using Table A-6 in the text, determine whether your r-value is significant. Explain.

Mr. RH purchased 30 acres of undeveloped ranch land 10 years ago for $935,000. He is considering subdividing the land into one-third-acre lots and improving the land by adding streets, sidewalks, and utilities. He plans to advertise the 90 lots for sale in a local real estate magazine. Mr. RH projects that the improvements will cost $275,000 and that he can sell the lots for $20,000 each. He is also considering an offer from a local corporation to purchase the 30 acre tract in its undeveloped state for $1.35 million. Assuming that Mr. RH makes no other property dispositions during the year and has a 35 percent tax rate on ordinary income and a 15 percent tax rate on capital gains, which alternative maximize his cash flow and why?

The Internet is a great place to find additional information about financial statement fraud. Using your favorite Internet search engine, try various word combinations to see what you can find about financial statement fraud. For example, type in the search window "financial statement fraud" and check out some of the results.

1)Name and provide the web address of one article.

2) Give 2 reasons why the article is interesting.  

Next, go to the following Web address: www.cfo.com/article.cfm/14490470. Here you will find an article from CFO magazine about the auditor's role in detecting financial statement fraud.

3) What are some of the key points of the article?

4) What did you learn after reading this article?

In a study of the accuracy of fast food drive-through orders, McDonald's had 33. orders that were not accurate among 362 orders observed (based on data from QSR magazine). Construct a 95% confidence interval for the proportion of orders that are not accurate. What would be the sample sizes needed to get a 95% confidence interval of plus or minus 3% given that the initial estimate of the population proportion is either 1%, 25%, 50%, 75% or 99% (calculate the five intervals). What do you notice that is interesting?

What would be the sample sizes needed to get a 95% confidence interval of

plus or minus 3% given that the initial estimate of the population proportion is either 1%, 25%, 50%,

75% or 99% (calculate the five intervals). What do you notice that is interesting?