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Managerial Problem & Statistical Analysis THROUGH T

THE SOLUTION OF A MANAGERIAL PROBLEM

THROUGH THE APPLICATION OF STATISTICAL ANALYSIS

This research examines a problem that is amenable to solution through the application of statistical analysis. Through the application of statistical analysis to this problem, a variety of statistical concepts and procedures are illustrated.procedure employed in the example of hypothesis testing.

The Managerial Problem to Be Solved

Managers of aircraft manufacturing organizations (producing a product with a production life extending to an indefinite time into the future) must be able to answer the question: What will be the probable level of production costs per unit at specified future time points? As such costs cannot be determined with certainty in advance, an accurate and reliable procedure for their estimation must be derived.

The production time for the completion of an aircraft, such as a jet airliner, typically ranges from 18to24 months. Orders for such aircraft, however, are often placed by customers as much as five years prior to the expected delivery date. Thus, the aircraft manufacturing manager must be able to project the production cost of an aircraft with a high degree of accuracy some years in advance.

A wide variety of components and systems are combined to produce an aircraft. One of the major components, and typically the most costly component is the airframe, or aircraft body. The cost of labor involved in airframe production is one of the major

cost elements involved in such production. The projection of labor costs in airframe production is a function of both wage rates/benefits levels and production manhours. Wage rates/ benefits levels over a period of years will vary according to prevailing economic conditions, labor contract negotiations, and other factors, and are typically projected through the application of econometric forecasting. Often an aircraft manufacturer will seek protecti...

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Managerial Problem & Statistical Analysis THROUGH T. (1969, December 31). In LotsofEssays.com. Retrieved 17:08, December 07, 2021, from https://www.lotsofessays.com/viewpaper/1703942.html