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Suppose you are given the average pay of all working

Introduction to Probability and Statistics for Engineers and Scientists | 5th Edition | ISBN: 9780123948113 | Authors: Sheldon M. Ross ISBN: 9780123948113 226

Solution for problem 15 Chapter 2

Introduction to Probability and Statistics for Engineers and Scientists | 5th Edition

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Introduction to Probability and Statistics for Engineers and Scientists | 5th Edition | ISBN: 9780123948113 | Authors: Sheldon M. Ross

Introduction to Probability and Statistics for Engineers and Scientists | 5th Edition

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Problem 15

Suppose you are given the average pay of all working people in each of the 50 states of the United States. (a) Do you think that the sample mean of the averages for the 50 states will equal the value given for the entire United States? (b) If the answer to part (a) is no, explain what other information aside from just the 50 averages would be needed to determine the sample mean salary for the entire country. Also, explain how you would use the additional information to compute this quantity.

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Innovation Final Exam Study Guide  Management is a balance between managing and controlling.  Firms consider users their most valuable source of new product ideas. Universities contribute significantly to innovation through the publication of research results that are incorporated into the development efforts of others. The Government helps universities implement discoveries and give rise to technology.  Creativity is the underlying process of innovation. It is the nurture for the development of new business that would otherwise lack technology and collaboration.  Collective thinking is most effective in groups of eccentric minds. 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Phones are now used for so much more than just a phone call; it is our handheld computers.  Source of Innovation: o Individuals o Research o Organization o Linkage o Online Collaboration  Creativity is the ability to produce work that is useful and novel to the community.  Innovative Workplaces: Google, Apple, Facebook, Space X, Sales Force, Tesla, Microsoft, IBM, Sony, Amazon, Boeing, Samsung, Yahoo, Virgin, T­Mobile, Ford, Audi, Toyota, GMC, Chevy, Nissan, BMW, GoPro, Intel, L.L. Bean, 3M, Scaled Composites.  Google and Amazon are the most innovative companies.  We discussed what companies are innovative We compiled a list in the class. o Google, Apple, Facebook, Space X, Sales Force, Tesla, Microsoft, IBM, Sony, Amazon, Boeing, Samsung, Yahoo, Virgin, T­Mobile, Ford, Audi, Toyota, GMC, Chevy, Nissan, BMW, GoPro, Intel, LL Bean, 3M, Scaled Composites. o Out of these, we discussed Google and Amazon the most. They both are two companies that had affected the classmates the most. For example, Google has created many apps like Google Translate as well as Google Glasses. Another example is that Amazon now has delivery services based on the area you are located in. One student in the class talked about how he picked out his ingredients he needed to make Buffalo Chicken Tacos. He said the delivery got to him a little over an hour later and he had dinner ready in an hour after that. He enjoyed it because this was during the snow day and he didn’t have to leave his house and it didn’t tempt him to buy more things like it would be like if we are in the store.  Video : Choice, Happiness, & Spaghetti Sauce (TED TALK) o This video was to discuss the Food Industry and how the customer’s influence the business’s ideas of new products. o Prego Sauce was struggling as a product and in comparison to other sauces, was falling short yearly in sales. o Innovation was made when a man discovered that not all individuals want a thin pasta sauce and this is how the making of Chunky Prego Sauce was made. o When Chunky Prego Sauce was first put on the shelves, the sales of Prego sky­ rocketed. o The same thing happened with Grey Poupon Mustard. It was sold in a small glass jar with old French writing and décor on the jar to make it stand out. Well, there was skeptics about the popularity of the product since it wasn’t your usual yellow mustard, but is sold quickly off the shelves.  Video : ABC Nightline – IDEO Shopping Cart o IDEO is the company that created the giant mechanical whale in Free Willy. o Shopping carts were clocked at 35 mph in this video. o The group working on this product was known for being laid back/informal, eclectic, collaborative, and for saying that there is no idea that is a bad idea.  PRESENTATION IDEA for IDEO: 1. Goal Description 2. Idea Pullin 3. Time Frame 4. Collaboration 5. No idea is a bad idea  The best way to evaluate an organization’s success in innovation is to look at the percentages of sales of products that had been introduces to the market in the last five years. The problem that you could potentially run into when doing this is that measurements can be skewed.  Innovation is important for firms because it is driven by globalization of markets and it is advent of advance technology. This enables more rapid product design and allows shorter production runs to be economically feasible.  Technological innovation advantages are increased GDP, greater mobility and communication, and improvement of medical technology.  Industries evaluate an organization’s success in innovation by looking over the percentages of the sales of products introduced in the last five years. Industries evaluate the weakness of this measure by skewing the percentages of these sales.  Innovation is important for firms to compete in industries. It is driven by globalization of markets and advent of advanced technology that enables more rapid product designs and allows shorter production runs.  Industries evaluate an organization’s success in innovation by looking over the percentages of the sales of products introduced in the last five years. Industries evaluate the weakness of this measure by skewing the percentages of these sales. An example of innovation that characterized the dimensions of innovations:  Toyota made an innovative step with the development of the Prius Hybrid. It is a product innovation since this is an output for the company. The Prius Hybrid is a radical innovation because it was very new and different when it first hit the streets.  It was a competence­enhancing innovation because it soon gave other car companies, the want and desire to make vehicles that were perfect for commuters, gas saving, and eco­ friendly.  It was architectural as an innovation because it brought in a whole new design. The car was made with an engine that would automatically switch back and forth with the energy motor to create the best gas mileage as well as allowing the vehicle to be eco­friendly.  All in all, the Prius Hybrid was the first of its kind. It made itself a stepping stone for other car companies and models to match in innovation. Honda has taken the design of Toyota and has created the Honda Insight Hybrid, which is the same design and model of the Prius Hybrid. An example of innovation is when Toyota developed the Prius Hybrid. I viewed this as a product innovation since this is an output for the company. The Prius Hybrid is a radical innovation because it was very new and different when it first hit the streets.  It was a competency­enhancing innovation because it soon gave other car company the want and desire to make vehicles that were perfect for commuters, gas saving, and eco­ friendly. It was architectural as an innovation because it brought in a whole new design.  The car was made with an engine that goes back and forth with the energy motor to create the best gas mileage as well as eco­friendly.  All in all, the Prius Hybrid was the first of its kind. It made itself a stepping stone for other car companies/models to match in innovation. Now, Honda has created the Honda Insight Hybrid, which is modeled after the Toyota Prius Hybrid.  An example of hiring a product to do a job would be our cell phones. It allows us to keep our life on trach, every essential aspect – work, school, relationships, etc.  Now we are seeing even more new technology to accommodate our lives such as health and fitness apps.  Phones are basically computers that is being used now for so much more than calls, thus giving us the incredible machines we use today.  Iphones are a radical innovation since it was the unforeseen combination of many different/separate items, phones, computers, cameras, map, etc.  Now we have incrimination in the smartphone market, where we see minor changes every year. Just last night, I saw an ad for the new Samsung phone that has slightly improved.  Both the rate of Technology performant improvement and the rate at which technology is adopted in the marketplace repeatedly to conform an S­Shape Curve.  Collaborative research is especially important in high technology sectors, where it is unlikely that a single individual or organization will possess. All of the resources and capabilities are necessary to develop and implement a significant innovation.  Creativity is the underlying process for innovation. Firms collaborate with customers by leveraging resources and capabilities across multiple individuals. They nurture the development of new businesses that would otherwise lack technology advice, collaboration, and funding, which would result in market failure.  A disadvantage to Technological innovation is pollution, resource depletion, and unintended consequences of Technology Changes.  The innovation process makes a funnel with many potential new product ideas going from large to small in the development process. o 3000 Ideas ­> 300 Submissions ­> 125 Small Projects ­> 4 Major Developments ­> 2 Launches ­> 1 Product  Successful innovation requires in­depth understanding of dynamics of innovation, a well­ craft innovation strategy, and a well development process to implementation.  For example, you start out as an innovative group with 3,000 ideas, but only 300 is submitted in the end from the group. Out of these 300, 125 small projects are made to test out the product. After testing, 4 major developments are chosen and they are once again ran through to find the pros and cons to the product. Out of these 4, 2 will be launched to see which one is favored. When one is chosen, this is the product that the company would use. Reasons of Technology Improvement and Technology Diffusions creating an S­Shape Curve: o The rate of Technology performance improvement and the rate at which Technology is adopted in the marketplace is repeatedly done to conform an S­Shape Curve. As you gain a deeper understanding of Technology, your improvements will accelerate, but at some point it begins to diminish. o Technology Performance and Technology diffusion are related since improvements will foster a faster adoption and the adoption may motivate investment, which will improve performance. As performance increases as well as effort, the technology gets closer to the limitation. It soon lags and eventually creates an S Shape Curve.  Advantages to technological innovation is increased GDP, Greater mobility and communication, and improved medical technology. Disadvantages are pollution, resource depletion, and unintended consequences of technology change.  Innovation projects fail to generate an economic return because it requires an in­depth understanding of dynamics of innovations, a well­craft innovative strategies, and a well­ developed process to implementation.  The innovation process makes a funnel with many potential new product ideas going from larger too small in the development process.  For example, you start out as an innovative group with 3,000 ideas, but only 300 is submitted in the end from the group. Out of these 300, 125 small projects are made to test out the product. After testing, 4 major developments are chosen and they are once again ran through to find the pros and cons to the product. Out of these 4, 2 will be launched to see which one is favored. When one is chosen, this is the product that the company would use.  A disadvantage to Technological innovation is pollution, resource depletion, and unintended consequences of Technology Changes.  The innovation process makes a funnel with many potential new product ideas going from large to small in the development process. 1. 3000 Ideas ­> 300 Submissions ­> 125 Small Projects ­> 4 Major Developments ­> 2 Launches ­> 1 Product  Successful innovation requires in­depth understanding of dynamics of innovation, a well­ craft innovation strategy, and a well development process to implementation.

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Chapter 2, Problem 15 is Solved
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Textbook: Introduction to Probability and Statistics for Engineers and Scientists
Edition: 5
Author: Sheldon M. Ross
ISBN: 9780123948113

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Suppose you are given the average pay of all working