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ANOVA CASE STUDY

The watch supervisor wants to know if there is a statistical significance between the working shift’s productivity. The following data pertains:

8 AM – 4 PM 4 PM – Midnight Midnight – 8 AM
23 21 22
32 30 20
27 28 21
30 29 19

Conduct a One — factor Analysis of Variance. Once you have the excel computer results, conduct an eight step hypothsis test to provide your conclusions. A reminder:

The eight step hypothesis test are: Do them in this order and in this sequence, each step stated in the right order and sequence is worth 10 points. If you have the information but in the wrong sequence, you will receive only five points for that step.

  1. Hypothesis (Ho and Ha)
  2. Level of significance.
    If your name is in the top six alphabetically in the class, use 0.01 level of signifcance.
    If your name is in the second six alphabetically in the class, use 0.05 level of signifcance.
    If your name is in the top six alphabetically in the class, use 0.10 level of signifcance.
  3. Test statistics
  4. Decision rule
  5. Statistics
  6. Decision
  7. Conclusion
  8. Recommendations

Sample Solution

). To begin with, whether or not inflation is always deemed to be a challenge or if there are actually any potential benefits surrounding the macroeconomic issue will be discussed. Generally speaking, moderate inflation has some benefits, especially when it’s compared to deflation. For instance, the real value of debt decreases, moderate rates also enable prices of goods to adjust to their real value prices. In some cases, at levels of moderate inflation, companies are able to increase wages whilst the prices of goods increases. However, the average inflation target is usually around 2% which is quite contrasting to that of Venezuela’s. Long term economic growth is thought to be optimised when price stability is maintained, which is done by controlling inflation (Investopedia 2019). At the level of inflation currently being faced by Venezuela, it is more suitable to refer to it as hyperinflation – a more extreme inflation during which price increases are uncontrollable and the value of money erodes to the extent that it is rendered worthless (thebalance 2019). Under these circumstances, few people benefit, however, debt holders and individuals who had taken out loans are amongst those who do, as inflation has the effect of eroding debt. Depending on the spread and severity of the inflation, the increase in prices make a debt worthless by comparison, under hyperinflation conditions, it’s virtually eliminated. Therefore, they find themselves able to pay back loans with ease and worthless money. Venezuela’s national debt had risen to approximately $156 billion in 2018 suggesting that they’d benefit from this immensely (MarketsInsider 2019). Similarly, those who are involved in the commodities export businesses are also at advantage. The decrease in value of a local currency results in cheaper exports in comparison to those of an exporter’s foreign competitors, at the same time, hard foreign currency is obtained (thebalance 2019) by the exporter. Individuals who had however, lent money as opposed to loaned it, are likely to be most negatively impacted due to their money becoming worthless. Understandably, the negatives associated with inflation with regards to Venezuela considerably outweigh any benefits. As of January 2020, Maduro initiated an increase in the national minimum wage. The minimum monthly salary earner is currently receiving 250,000 bolivars (£2.80) , a 67% increase from the previous minimum wage – 150,000 bolivars. Alongside this, he implemented a food bonus of 200,000 bolivars (Quartz 2020) – that goes for individuals who are actually employed. It was predicted that Venezuela’s unemployment rate would have reached 50% by this year.. Venezuela’s unemployment rate – referring to the segment of the labour force
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