Author: Michael

You can use Excel’s functions to calculate a confi dence interval if you know the standard deviation of the underlying probability distribution. For example, suppose you are conducting a survey on the cost of a medical procedure as part of research on health care reform. The cost of the procedure follows the normal distribution, where s 5 1,000. After sampling 50 different hospitals at random, you calculate the average cost to be $5,500. What is the 90% confi dence interval for the value of m—the mean cost of all hospitals? (That is, how far above and below $5,500 must you…

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A parametric test assumes a specific distribution such as the normal distribution, and the t test is an example. A nonparametric test does not assume a particular distribution for the data. Most nonparametric tests are based on ranks and not the actual data values (this frees them from assuming a particular distribution). The study of nonparametric statistics can fi ll an entire textbook. We’ll just cover the high points and show how to apply a nonparametric test to your data. The Wilcoxon Signed Rank Test The nonparametric counterpart to the t test is the Wilcoxon Signed Rank test. In the…

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Questions answered in this chapter ■ What is net present value (NPV) ■ How do I use the Excel NPV function? ■ How can I compute NPV when cash flows are received at the beginning of a year or in the middle of a year? ■ How can I compute NPV when cash flows are received at irregular intervals? Consider the following two investments, whose cash flows are listed in the file NPV.xlsx and shown in Figure 8-1. ■ Investment 1 requires a cash outflow of $10,000 today and $14,000 two years from now. One year from now, this investment…

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Physicians are individuals who through training, experience, and certifi cation are allowed to provide care to patients with a variety of illnesses. A Physician can be a general practitioner such a primary care physician or a specialist. Typically physicians are employed by a hospital or clinic. A general practitioner is someone that is qualified and holds a degree in general medicine. GPs typically work in family medical practices and on average they earn between $200,000 – $300,000 in Australia. If you are interested in a job in this field, it’s advisable to explore jobs in different Australian cities. At the…

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Instagram is a great tool to use, but you have to know how to use it. Most businesses like to engage users who post photographs for them, but you can easily post your own for your business and obtain even more followers. So why choose Instagram over the other social media websites out there? Well, Instagram has over half a million active users every month. These users have shared over forty billion photos since the conception of Instagram, and they share an average of ninety-five million photos and videos every day. Eighty percent of the users come from outside of…

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In this final chapter, we’re going to discuss tools every business should consider looking into for their social media marketing efforts. These tools will help you keep track of customers’ demographics, make life easier when sharing posts or videos, and streamline your social media experience. Google Analytics If you have a blog or a website you’re hooking your social media account to, then it’s likely that Google Analytics is already available to you. If it’s not installed, then you should immediately install it on your site or blog. This program was launched in November of 2005. It’s completely free for…

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If you’re someone who’s been on social media before as an individual rather than as a business, then you’ve most likely received one of these types of messages: “Thanks for following me, now check out my blog/website/podcast.” There aren’t many people who are interested in a pre-drafted call to action like this. A few years ago, an individual named Alex Howard, a Tech Republic columnist, tried out an experiment on his social media channels. He sent out pre-drafted messages to about 500 accounts and then asked for people’s opinion on what he’d done. While few of them responded positively, most…

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This is one of the most important tips you could follow in this book, and yet it’s an important point many beginning social media professionals tend to forget. Keeping the personal account unconnected doesn’t just pertain to the apparent protection against unintentionally posting to a work account rather than a personal one. It means you keep the tones of your messages on your branding page in sync, and you make sure all your messages contribute to the mission you’ve set out for whichever profile you’re posting to. Apart from serving completely different audiences, your personal and business account serve different…

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situations at certain times require decisions to be made between alternative courses of action. Parents may disagree with their offspring about the kind of clothes they wear or how late they stay out at night or how long they grow their hair. Students may challenge lecturers about a particular perspective on an issue or when they should submit a piece of work. The members of the board of directors of a company may have different views about future investment or diversification or the location of a new factory. In all these cases, some solution needs to be found, even if…

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There’s a widespread use of follower bots and fake accounts now, so the number of followers you have should not be your primary goal when it comes to measuring the success you have on social media. Avoid indiscriminately following thousands of users in the hopes that they follow you back because this will ruin your feeds with an oversaturation of posts. The frantic following of random people becomes spam, and it detracts from the value of your follow. Advertising on social media and creating an influential account on different platforms is imperative for business success nowadays. If you want to…

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