A retailer is looking to evaluate its customer service. Management has determined that if the retailer wants to stay competitive, then it will have to have at least an 85% satisfaction rate among its customers. Management will take corrective actions if the satisfaction rate falls below 85%. To test is the rate is below 85%, a survey was conducted of 700 customers and 584 of them were satisfied with their customer service. (a) What is the p-value for the test? (Round to three decimal places.) (b) At the 10% significance level, should the management take corrective action? Explain briefly.
A retailer is looking to evaluate its customer service. Management has determined that if the retailer wants to stay competitive, then it will have to have at least an 85% satisfaction rate among its customers. Management will take corrective actions if the satisfaction rate falls below 85%. To test is the rate is below 85%, a survey was conducted of 700 customers and 584 of them were satisfied with their customer service. (a) What is the p-value for the test? (Round to three decimal places.) (b) At the 10% significance level, should the management take corrective action? Explain briefly.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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A retailer is looking to evaluate its customer service. Management has determined that if the retailer wants to stay competitive, then it will have to have at least an 85% satisfaction rate among its customers. Management will take corrective actions if the satisfaction rate falls below 85%. To test is the rate is below 85%, a survey was conducted of 700 customers and 584 of them were satisfied with their customer service.
(a) What is the p-value for the test? (Round to three decimal places.)
(b) At the 10% significance level, should the management take corrective action? Explain briefly.
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