Janice interiors installs custom interiors for luxury mobile homes. in its most recent negotiation with the union, the firm proposed to share productivity gains in direct labor equally with the union. in return, the union agreed not to demand wage increases. most union members, however, are skeptical about management’s honesty in calculating productivity measures. nevertheless, union members voted to try the program. kim tomas, the management accountant responsible for determining productivity measures, collected these data at the end of the current year: currentyear prioryearnumber of installations 560 500direct labor hours 115,000 99,000steve janice, the ceo, is very eager to demonstrate the firm’s good intentions by showing the labor union a positive result. he suggests to kim that some of the direct labor hours are actually indirect. for example, some of the labor hours are indirect because these hours cannot be allocated to specific types of work. required: 1. compute the partial labor productivity for each year.2. recompute the partial productivity for the current year assuming 8,000 hours are reclassified as indire

Reliability and validity reliability and validity are two important considerations that must be made with any type of data collection. reliability refers to the ability to consistently produce a given result. in the context of psychological research, this would mean that any instruments or tools used to collect data do so in consistent, reproducible ways. unfortunately, being consistent in measurement does not necessarily mean that you have measured something correctly. to illustrate this concept, consider a kitchen scale that would be used to measure the weight of cereal that you eat in the morning. if the scale is not properly calibrated, it may consistently under- or overestimate the amount of cereal that’s being measured. while the scale is highly reliable in producing consistent results (e.g., the same amount of cereal poured onto the scale produces the same reading each time), those results are incorrect. this is where validity comes into play. validity refers to the extent to which a given instrument or tool accurately measures what it’s supposed to measure. while any valid measure is by necessity reliable, the reverse is not necessarily true. researchers strive to use instruments that are both highly reliable and valid.

Consider the following information on stocks a, b, c and their returns (in decimals) in each state: state prob. of state a b c boom 20% 0.27 0.22 0.16 good 45% 0.16 0.09 0.07 poor 25% 0.03 0 0.03 bust 10% -0.08 -0.04 -0.02 if your portfolio is invested 25% in a, 40% in b, and 35% in c, what is the standard deviation of the portfolio in percent? answer to two decimals, carry intermediate calcs. to at least four decimals.

If the reserve requirement is 10 percent, what amount of excess reserves does a bank acquire when a business deposits a $500 check drawn on another bank?