Principles of Management
OER 2019 Edition
ISBN: 9780998625768
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 7.8, Problem 2CC
How is entrepreneurial diversity impacting small business and the economy?
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As a human resources manager in a health care organization, you will be asked to develop varying types of strategies and management techniques that improve the performance of your workforce. It is important for you to know how to keep abreast of such strategies through research, as well as analyze how such strategies and techniques can be applied in your organization. In this assessment, you will apply these skills.
Selecting: Blue Cross Blue Shield, Division: Healthcare Claims
Assuming: You are the human resources director for your selected organization.
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1. Sales of humanoid robots by a technology company from January 2024 to December 2025
are shown in the table below:
Time
Number sold
Month
Number sold
Time
Number sold
2024.1 51
2024.6 54
2024.11 44
2024.2 35
2024.7 52
2024.12 47
2024.3 28
2024.8 48
2025.1
2024.4 32
2024.9 42
2024.5 48
2024.10 46
(a) What can the above table of time and sales be called in forecasting?
(b) Using Naive approach, develop forecasts for 2025.1.
(c) Using 3-Month Moving Average, develop forecasts for 2025.1.
(d) Using Exponential Smoothing usinga-0.1, a-0.5, -0.9, develop
forecasts for months from 2024.1 to 2025.1. Note: The initial predicted
value is taken as the average of the first three observations.
(e) Analysing the effect of the above three predictions (-0.1, 0.5, -0.9)
by drawing a picture. What is the better value of a to predict by viewing
the picture?
2. (a) Control charts are tools used to monitor the stability of processes over time.
Explain the purpose of the following control charts, with one example for
each chart.
i) Median chart
ii) Standard deviation chart
(b) Assignable variation refers to variations in a process that can be attributed to
identifiable sources.
List two specific methods for identifying assignable variation in a
production process.
(c) A bakery is investigating the weight consistency of its bread loaves. Historically, the
process has had a standard deviation of 0.05 kg. The average weights from 20 samples,
each containing n=10 loaves, are recorded below:
Sample
Mean Weight (kg) Sample
1
0.503
Mean Weight (kg)
11
0.502
2
0.499
12
0.505
3
0.501
13
0.504
4
0.500
14
0.503
5
0.504
15
0.499
6
0.502
16
0.504
I
Chapter 7 Solutions
Principles of Management
Ch. 7.1 - What do you think enabled Jack Bonneau to start...Ch. 7.1 - What personal characteristics and values will Jack...Ch. 7.1 - Describe several types of entrepreneurs.Ch. 7.1 - What differentiates an entrepreneur from a...Ch. 7.1 - What are some major factors that motivate...Ch. 7.2 - What type of entrepreneur is Apollonia PoilĂ¢ne?Ch. 7.2 - What personal ethics drove Apollonias decision to...Ch. 7.2 - Describe the personality traits and skills...Ch. 7.2 - What does it mean when we say that an entrepreneur...Ch. 7.3 - What are three ways small businesses can be...
Ch. 7.3 - What social and economic factors have prompted the...Ch. 7.4 - How can potential business owners find new...Ch. 7.4 - Why is it important to develop a business plan?...Ch. 7.4 - What financing options do small-business owners...Ch. 7.5 - What led MailChimps founders to change its focus...Ch. 7.5 - What was MailChimps big idea that changed the...Ch. 7.5 - How does the small-business owners role change...Ch. 7.5 - How does managing a small business contribute to...Ch. 7.5 - What are the benefits to small firms of doing...Ch. 7.6 - Why are small businesses becoming so popular?Ch. 7.6 - Discuss the major advantages and disadvantages of...Ch. 7.7 - What is the Small Business Administration (SBA)?Ch. 7.7 - Describe the financial and management assistance...Ch. 7.8 - What significant trends are occurring in the...Ch. 7.8 - How is entrepreneurial diversity impacting small...Ch. 7.8 - How do ethics impact decision-making with...Ch. 7 - What are the differences between classic,...Ch. 7 - What differentiates an entrepreneur from a...Ch. 7 - What are some major factors that motivate...Ch. 7 - How can potential business owners find new...Ch. 7 - Why is it important to develop a business plan?...Ch. 7 - What financing options do small-business owners...Ch. 7 - How do the small-business owners and entrepreneurs...Ch. 7 - What are the benefits to small firms of doing...Ch. 7 - Describe the financial and management assistance...Ch. 7 - What significant trends are occurring in the...Ch. 7 - How is entrepreneurial diversity impacting small...Ch. 7 - How do ethics impact decision-making with...Ch. 7 - What characteristics made Vic Ahmed a successful...Ch. 7 - How did their Ahmed and Steven Cases partnership...Ch. 7 - Is focusing on smaller cities rather than areas...
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