In regard to decision making, which of the following statements reflects what research has found?
A. Individuals acting alone always make better decisions than groups.
B. Group decisions are seldom better than individual decisions.
C. Groups tend to be less productive than the best individuals working on any specific project.
D. Groups make better decisions than most individuals acting alone.
E. There has not been any research showing that either individuals acting alone nor groups make better-quality decisions.
D. Groups make better decisions than most individuals acting alone.
Although groups don't make as high-quality decisions as the best individual acting alone, research suggests that groups make better decisions than individuals acting alone.
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One technique associated with total quality management (TQM) is the use of ongoing training to achieve ________.
A. total overhaul of the organization B. continual improvement C. linear progress D. recognition
Which of the following statements about the current status (as of 2014) of legal and illegal immigration in the United States is accurate?
a. Relatively few undocumented workers in the U.S. have children. b. Illegal workers take a roughly even mix of low-skilled and high-skilled jobs. c. Several western states had the highest percentage of undocumented workers. d. The majority of illegal residents in the U.S. are not in the workforce.
The auditors are using mean-per-unit sampling to evaluate the reasonableness of the book value of the accounts receivable of Smith, Inc. Smith has 10,000 receivable accounts with a total book value of $800,000. The auditors estimate the population's standard deviation as being equal to $25. After examining the overall audit plan, the auditors believe that the account's tolerable misstatement is $40,000, and that a risk of incorrect rejection of .10 (risk coefficient = 1.64) and a risk of incorrect acceptance of .15 (risk coefficient = 1.04) should be used.Required:a. Calculate the required sample size.Now ignore your sample size calculation in part "a," and assume that your answer was a sample size of 289 (the square root of 289 is 17) and that you obtained the following results:Average
audited value of items in sample: $76.50Average book value of items in sample: $78Standard Deviation in the sample (audited values): $24Standard Deviation in the sample (book values): $26b. Using mean-per-unit sampling, calculate the projected misstatement for the population.c. Using mean-per-unit sampling, calculate the allowance for sampling risk and use it to form a statistical conclusion concerning the book value of the population ($800,000). That is, calculate an interval and either "accept" or "reject" the client's book value. What will be an ideal response?
Which of the following statements about the investments of property and liability insurers is (are) true?
I. Income from investments is important in offsetting any unfavorable underwriting experience. II. Because premium income is continually being received, the investment objective of liquidity is of little importance. A) I only B) II only C) both I and II D) neither I nor II