INTRO TO MANAGERIAL ACCT-CONNECT ACCESS
8th Edition
ISBN: 9781260118742
Author: BREWER
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter P, Problem 8E
To determine
To identify: The way the cognitive bias adversely impact the mangers planning, controlling and decision making.
To determine
To Identify: The steps to be taken by the managers to reduce the possibility of adverse influence of cognitive bias in the actions of mangers.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
In a random sample of adults surveyed recently in a country, researchers asked how important it is "to you personally" to have a high-paying job. A table reporting the responses by gender is shown below. Complete parts a through c below.
Full data set O
Male
Female
Extremely important
Very important
Somewhat important
Not too important
Not at all important
162
130
349
276
336
332
90
3
54
2
a) What percent of women consider it very important or extremely important for them personally to have a high-paying job?
high-paying job is %.
The percent of women who consider it very important or extremely important for them personally to have
(Round to the nearest integer as needed.)
b) How does that compare with men?
For young men, % consider it very important or extremely important for them personally to have a high-paying job, which is
V the percent of women.
c) Do the distributions across all response categories look similar or different?
O A. The distributions vary significantly, more women…
A professor wants to investigate the relationship between the grades students obtain in their midterm exam (X) and the grades they obtain (Y) in the final exam.
The professor collects data from 60 randomly chosen students. The estimated OLS regression is
Ý = 45 +0.85X,
where Y, denotes the predicted value of the grades obtained in the final exam by the " individual and X, denotes the grades obtained in the midterm exam.
From the sample data he makes the following calculations:
60
3230 48,
j= 1
60
3D1
^2
where u, is the square of the residual for the " observation.
He wants to test whether the grades obtained in the midterm exam have any effect on the grades obtained in the final exam or not.
Which of the following are the null and the alternative hypotheses of the test the professor wishes to conduct?
OA. Ho B1=0 vs. H B1 #0.
Ho: B1=0 vs. H B, #0.
O B. Ho B=D0.85 vs. H, B,#0.85.
C. Ho BA #0 vs. HA B.=0.
Click to select your answer(s).
DAL
Type here to search
II
Six employees of a marketing firm had effectiveness ratings as follows: 0.72, 0.46, 0.59, 0.64, 0.81 and 0.76. Find the probability of selecting an employee with the indicated effectiveness rating.
a. Greater than 0.75.
b. Less than 0.75 but greater than 0.5.
c. Greater than the mean.
d. Not less than 0.9.
Chapter P Solutions
INTRO TO MANAGERIAL ACCT-CONNECT ACCESS
Ch. P - How does managerial accounting differ from...Ch. P - Pick any major television network describe some...Ch. P - It you had to decide whether to continue making a...Ch. P - Why do companies prepare budgets?Ch. P - Prob. 5QCh. P - Prob. 6QCh. P - Prob. 7QCh. P - Why do management accountants need to understand...Ch. P - Prob. 9QCh. P - Pick three industries and describe the risks faced...
Ch. P - Pick any large company and explain there ways that...Ch. P - Locate the website of any company that publishes a...Ch. P - Why do companies that implement Lean Production...Ch. P - Why are leadership skills important to managers?Ch. P - Prob. 15QCh. P - If you were a restaurant owner, what internal...Ch. P - Prob. 17QCh. P - Prob. 18QCh. P - Why do companies take a physical count of their...Ch. P - Why do companies use sequential prenumbering for...Ch. P - Planning and Control Many companies use budgets...Ch. P - Controlling Assume that you work for an airline...Ch. P - Prob. 3ECh. P - Ethics and the Manager Richmond. Inc., operates a...Ch. P - Prob. 5ECh. P - Prob. 6ECh. P - Ethics in Business Consumers and attorney generals...Ch. P - Prob. 8ECh. P - Prob. 9ECh. P - Prob. 10ECh. P - Prob. 11ECh. P - Cognitive Bias and Decision Making During World...Ch. P - Ethics and Decision Making Assume that you just...
Knowledge Booster
Similar questions
- The mean height of women in a country (ages 20−29) is 63.9 inches. A random sample of 60 women in this age group is selected. What is the probability that the mean height for the sample is greater than 65 inches? Assume σ=2.84. The probability that the mean height for the sample is greater than 65 inches is nothing.arrow_forwardThe Scholastic Aptitude Test (or SAT) is a standardized college entrance test that is used by colleges and universities as a means for making admission decisions. The critical reading and mathematics components of the SAT are reported on a scale from 200 to 800. Several universities believe these scores are strong predictors of an incoming student’s potential success, and they use these scores as important inputs when making admission decisions on potential freshman. The tile RugglesCollege contains freshman year GPA and the critical reading and mathematics SAT scores for a random sample of 200 students who recently completed their freshman year at Ruggles College. Develop an estimated multiple regression equation that includes critical reading and mathematics SAT scores as independent variables. How much variation in freshman GPA is explained by this model? Test whether each of the regression parameters β0, β1, and β2, is equal to zero at a 0.05 level of significance. What are the correct interpretations of the estimated regression parameters? Are these interpretations reasonable? Using the multiple linear regression model you developed in part (a), what is the predicted freshman GPA of Bobby Engle, a student who has been admitted to Ruggles College with a 660 SAT score on critical reading and at a 630 SAT score on mathematics? The Ruggles College Director of Admissions believes that the relationship between a student’s scores on the critical reading component of the SAT and the student’s freshman GPA varies with the student’s score on the mathematics component of the SAT. Develop an estimated multiple regression equation that includes critical reading and mathematics SAT scores and their interaction as independent variables. How much variation in freshman GPA is explained by this model? Test whether each of the regression parameters β0, β1, β2, and β3 is equal to zero at a 0.05 level of significance. What are the correct interpretations of the estimated regression parameters? Do these results support the conjecture made by the Ruggles College Director of Admissions? Do you prefer the estimated regression model developed in part (a) or part (c)? Explain. What other factors could be included in the model as independent variables?arrow_forwardExhibit 1.1 18 13 10 16 14 13 17 15 13 11 14 14 11 10 12 12 11 13 15 9 12 13 16 8 21 Fill in the blanks for the information listed below. Trust Test (Test of Relationship Understanding Under Stress) T-Score Sten Score Percentile Raw Score TRAIT Empathy 63 _____ _____ _____ (M = 30, SD = 3)arrow_forward
- 2. Which of these distributions would you expect to have the highest standard deviation? Age of children in a fourth grade classroom Height of players on a high school basketball team Number of books read by people in New York State Number of M&Ms in a sample of 10 M&M packetsarrow_forwardThe mean score of a random sample of 22 student applicants who took the college entrance examination is calculated to be 76.9. The population variance is known to be 27.4. Find the 99% confidence interval for the mean of the entire student applicants.arrow_forwardSubject: accountingarrow_forward
- determine the level of measurement (nominal, ordinal, interval, ratio) for each of the variables listed, and briefly state how you were able to identify the level of measurement being used. Please note: each level of measurement may be used more than once, or not at all. Student’s gender identity (male, female, other)arrow_forwardA sociologist was hired by a large city hospital to investigate the relationship between the number of unauthorized days that employees are absent per year and the distance (miles) between home and work for the employees. A sample of 10 employees was chosen, and the following data were collected. a. Develop a scatter chart for these data. Does a linear relationship appear reasonable? Explain. b. Use the data to develop an estimated regression equation that could be used to predict the number of days absent given the distance to work. What is the estimated regression model? c. What is the 99% confidence interval for the regression parameter 1? Based on this interval, what conclusion can you make about the hypotheses that the regression parameter 1 is equal to zero? d. What is the 99% confidence interval for the regression parameter 0? Based on this interval, what conclusion can you make about the hypotheses that the regression parameter 0 is equal to zero? e. How much of the variation in the sample values of number of days absent does the model you estimated in part (b) explain?arrow_forwardThe percent frequency distributions of job satisfaction scores for a sample of information systems (IS) senior executives and middle managers are as follows. The scores range from a low of 1 (very dissatisfied) to a high of 5 (very satisfied). Develop a probability distribution for the job satisfaction score of a randomly selected senior executive. Develop a probability distribution for the job satisfaction score of a randomly selected middle manager. What is the probability that a randomly selected senior executive will report a job satisfaction score of 4 or 5? What is the probability that a randomly selected middle manager is very satisfied? Compare the overall job satisfaction of senior executives and middle managers.arrow_forward
- Indicate whether the items below are used as key performance indicators for the areas Percent of students belonging to the top 30 percentile in national standards tests *(A) Financial(B) Customer(C) Internal Process(D) Learning and Growth performance.arrow_forwardThe Human Resources Manager for Optilytics LLC is evaluating applications for the position of Senior Data Scientist. The file OptilyticsLLC presents summary data of the applicants for the position. a. Use a PivotTable in Excel to create a joint probability table showing the probabilities associated with a randomly selected applicants sex and highest degree achieved. Use this joint probability table to answer the questions below. b. What are the marginal probabilities? What do they tell you about the probabilities associated with the sex of applicants and highest degree completed by applicants? c. If the applicant is female, what is the probability that the highest degree completed by the applicant is a PhD? d. If the highest degree completed by the applicant is a bachelors degree, what is the probability that the applicant is male? e. What is the probability that a randomly selected applicant will be a male whose highest completed degree is a PhD?arrow_forwardIn a sampling application to determine the average weight of students enrolled in a fitnessclass, if the sample estimate is 120 pounds, the precision is 10 pounds, and the reliability is90 percent, which of the following statements is true?a. There is 10 percent likelihood that the average weight of a student in the class is morethan 130 pounds.b. There is 10 percent likelihood that the average weight of a student in the class is less than110 pounds.c. There is 90 percent likelihood that the average weight of a student in the class is less than110 pounds or more than 130 pounds.d. There is a 90 percent likelihood that the average weight of a student in the class is between110 and 130 pounds.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Essentials of Business Analytics (MindTap Course ...StatisticsISBN:9781305627734Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. AndersonPublisher:Cengage Learning
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
Essentials Of Business AnalyticsStatisticsISBN:9781285187273Author:Camm, Jeff.Publisher:Cengage Learning,
Essentials of Business Analytics (MindTap Course ...
Statistics
ISBN:9781305627734
Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Publisher:Cengage Learning
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
Essentials Of Business Analytics
Statistics
ISBN:9781285187273
Author:Camm, Jeff.
Publisher:Cengage Learning,