In the context of business management, the purpose of budgeting includes the following three aspects:
•A forecast of income and expenditure (and thereby profitability)
•A tool for decision making
•A means to monitor business performance
ANSWER:
Social change refers to any significant alteration over time in behaviour patterns and cultural values and norms. By “significant” alteration, sociologists mean changes yielding profound social consequences.
Answer:
a. H0 : U ≥ 15
Ha : U < 15
b. Type I error is incorrectly conclude that the pain is reduced in less than 15 minutes.
c. Type II error is fail to conclude that time for pain reduction is less than 15 mints when actually its less than 15 minutes.
Explanation:
Null hypothesis is a statement that is to be tested against the alternative hypothesis and then decision is taken whether to accept or reject the null hypothesis.
Type I error is one in which we reject a true null hypothesis.
Type II error is one in which we fail to reject the null hypothesis that is actually false.
Answer:
The ideal allocation of 500 police officers should be in West Philadelphia.
Explanation:
We must first describe what the word "allocation" means. Allocation refers to a place that, due to some circumstance, needs to be considered as a place for the allocation of resources. These resources can be money, materials, raw materials, labor, among others.
In the question above, we can see that a wave of crime broke out in Philadelphia, making this region a place that is in need of a specific resource, police. In this case, the ideal allocation of 500 police officers is in West Philadelphia, where the number of crimes is very large and there is a need for professionals like the police.
<u>Answer:</u>
<u>Cost reduction; leading to profit for the company/business.</u>
<u>Explanation:</u>
Remember, a cash flow is an indication or indicator of the amount of money coming into and out of a business.
Thus, effective purchasing Implies buying the right items needed for operations at <em>the right/fair price </em>so as to reduce the total cost of operations, which invariably leads to more Profit since there's reductions in costs.
