ABC Classification uses dollar usage to classify inventory items into categories of importance. There have been attempts to extend the concept of ABC Classification to other more sophisticated measures. Explain why this mostly does not work and why ABC Classification in its simplest form does work.
Question 2
In testing the difference between two population means using two independent samples, the population standard deviations are assumed to be unknown, each sample size is 30, and the calculated test statistic z = 2.56 . If the test is two-tail and 5 level of significance has been specified, the conclusion should be to:
a. reject the null hypothesis.
b. not to reject the null hypothesis.
c. choose two other independent samples.
d. none of these answers is correct.
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An inventory record sheet shows a balance on hand of 972. During the month units sold were 111, ...