Metropolitan Research, Inc.

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There are five (5) parts to completing your managerial report worth ten (10) points each. You will be using Excel’s functions to summarize and compute your sample statistics. Your written report must be done in Word about 2-3 pages in length. This assignment tests your knowledge on how Ito compute and interpret the sample mean, variance, standard deviation, interval estimate of a population mean and other methods you’ve learned on how to organize and interpret your data. You must submit both your results in Excel and written report in Word

 

Metropolitan Research, Inc. a consumer research organization, conducts surveys designed to evaluate a wide variety of products and services available to consumers. In one particular study, Metropolitan looked at consumer satisfaction with the performance of automobiles produced by a major Detroit manufacturer. A questionnaire sent to owners of one of the manufacturer’s full-sized cars revealed several complaints about early transmission problems. To learn more about the transmission failures. Metropolitan used a sample of actual transmission repairs provided by a transmission repair firm in the Detroit area. The following data show the actual number of miles driven for 50 vehicles at the time of transmission failure.

85.092 32.609 59.465 77.437 32.534 64,090 32.464 59.902

39.323 89.641 94.219 116,803 92,857 63.436 65.605 85,861

64,342 61.978 67 998 59.817 101,769 95,774 121.352 69,568

74,276 66.998 40,001 72.069 25.066 77.098 69,922 35.662

74.425 67.202 118.444 53,500 79,294 64,544 86,813 116,269

37.831 89.341 73.341 85.288 138,114 53,402 85.586 82.256

77.539 88.798

 

 

1. Use appropriate descriptive statistics to summarize the transmission failure data.

2. Develop a 95% confidence interval for the mean number of miles driven until transmission failure for the population of automobiles with transmission failure. Provide a managerial interpretation of the interval estimate.

3. Discuss the implication of vour statistical findings in terms of the belief that some owners of the automobiles experienced early transmission failures

4. How many repair records should be sampled if the research firm wants the population mean number of miles driven until transmission failure to be estimated with a margin of error of 5000 miles? Use 95% confidence.

5. What other information would you like to gather to evaluate the transmission failure problem more fully?

 

Sample Solution

Recession is the period of temporary economic decline during which trade and industrial activity is reduced, this is usually understood, when the GDP has a fall in two successive quarters. The UK economy is expected to hit recession in the next few years, due to the decision to leave the E.U. This then effects loans and investments, as the money put into the business, will have a different worth. Economic recession is, however, the general economic decline, which is usually shows in the stock market, this leads to the increase in unemployment and the decrease in housing market. Recession has a negative effect on Jaguar, as sales and profits results to a decrease in sales and increase in costs.

Economic boom is when the business is on an expansion and reaches the peak point of the business cycle. This occurred in the first months of the decision to leave the EU, as the amount of the goods and services produced, increase for the preparation of leaving. The economic boom is the period where costs is low and sales is high, which is the best period of all businesses, due to the opportunity of profit. In this period this means that sales of Jaguar cars will increase, so employee numbers ad profits will grow.

Monetary

The monetary policy is the process by which the monetary authority of a country. Typically, the central bank which is the Bank of England controls the costs of borrowing short-term or the monetary base. When doing this they often target inflation rate or interest rate to ensure price stability and general trust in the currency. As of May 2018 £1 is currently equal to 1.13 euros. This is a continuous decrease since the announcement of “Brexit” when it dropped to the lowest point in many years. The inflation rate is 2.5% despite the current target being 2%, this means it is slightly higher than the government prefers it so stay which poses the risk for Jaguar’s potential level of sales, this is because customers may be reluctant to spending, due to the high costs. The interest rate at the bank of England is currently 0.5%. When the interest rates are low this is good for Jaguar Land Rover (as they can borrow and expand more quickly) as well as their customers because they will be less likely to save and more likely to invest in purchases such as cars. L

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