A group of investors wants to develop a chain of fast-food restaurants. In determining potential costs for each facility‚ they must consider‚ among other expenses‚ the average monthly electric bill. They decide to sample some fast-food restaurants currently operating to estimate the monthly cost of electricity. They want to be 90% confident of their results and want the error of the interval estimate to be no more than $100. They estimate that such bills range from $600 to $2‚500. How large a sample
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Business research 1.0 UNIT 1 Part I 1.1 Formal Research and Business Proposal When comparing formal research and business proposals it is imperative to note that the formal research is academic in nature while a business proposal has a more practical orientation to it as it is mostly used in the implementation of the various ideas that may have been noted to be affecting the business. The consideration will be in terms of the different objectives of both the formal research and the business proposal
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the 5 positions are filled at random form the 11 finalists‚ what is the probability of selecting: A: 3 females and 2 males? B: 4 females and 1 male? C: 5 females? D: At least 4 females? Problem 2 By examining the past driving records of drivers in a certain city‚ an insurance company has determined the following (empirical) probabilities: [pic] If a driver in this city is selected at random‚ what is the probability that: A: He or she drives less than 10‚000 miles per year
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ROLE OF INFORMATION DATA INFORMATION KNOWLEDGE INTELLIGENCE •Forms of Information •Human Information Sources •NOT ALL SEEN AS A COST‚ BUT USE AS A ASSET?? (Data -- Information – Intelligence Knowledge (Implicit/tacit) INNOVATION WHY ARE WE IN BUSINESS ??? TO MAKE MONEY!!! Systems Approach ENVIRONMENT INPUT PROCESS (Transformation Structuring) OUTPUT Competitive PROVIDING VALUE TO A CUSTOMER NEED Organization Transformation process CUSTOMER For Profit
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Role of Computers in Business By Zachary Fenell‚ eHow Contributor updated: December 29‚ 2009 I want to do this! What’s This? Computers in business can help to make the workplace better connected and more efficient. Computers in business could also hinder business communication. The effect computer technology has on business depends on the use of the technology in the workplace. Implementing Computers Inside the workplace computer technology should be used to aid‚ not substitute for‚ business
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Communication is life blood of a business organization. No organization can succeed or progress‚ build up reputation‚ and win friends and customers without effective communication skills. In fact successful communication is the bed rock of ground and pleasant relationship between the seniors and sub ordinates‚ between the workers and the management‚ between the customers and the sellers good and efficient system of communication helps in better coordination and efficient control. It results in
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The role of business communication to the profitability of the organization Communication is an integral part of an organization. Communication is required not only for good human relations but also for a successful business. Communication seeks to fulfill the basic functions such as to inform‚ to persuade and to promote goodwill. Communication involves sharing information‚ ideas‚ thoughts‚ opinions and plans between various parts of an organization. Therefore just giving directives without expecting
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I. INTRODUCTION A biologist cannot hope to understand the basic elements of life by studying only one organism‚ and a physicist cannot hope to understand force and energy by studying only one kind of matter. By the same logic‚ we cannot understand the needs and wants of people with regards to their relaxation and leisure time by studying only one culture in one place. It was because people always involve change. Especially these days‚ city dwellers in every walk of life need to have a relaxing
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organisation like Tesco PLC‚ people work together in functional areas. Each functional area has a specific purpose. Below are the main functional areas: Finance The main activities of the finance department are: * To record all the business transactions This means that they record in their schedule all the expenses that have been paid and all incomings. They also make sure that each department does not spend more than it has been allocated. * Measure the financial performance
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The Role of Cognitive Dissonance in Decision Making Introduction When making decisions humans commonly fall victim to errors in logic and reasoning. Since the inception of the study of the mind‚ psychologists have endeavored to isolate the characteristics and causes of errors in human thinking. Researchers and theorists have developed categories of such errors: representativeness heuristics‚ availability heuristics‚ memory and hindsight biases‚ etc. . . . In other words‚ to err is human. In
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