A national association devoted to HR and workplace programs, practices, and training wants to study HR department practices and employee turnover of its member organizations. HR professionals and organization executives focus on turnover not only because it has significant cost implications but also because it affects overall business performance. A survey is designed to estimate the proportion of member organizations that have both talent and development programs in place to drive human-capital management as well as the member organizations' mean annual employee turnover cost (cost to fill a frontline employee position left vacant due to turnover).
A random sample of 100 member organizations reveals the following:
- Frontline employee turnover cost: = $12,500, S = $1,000.
- Thirty member organizations have both talent and development programs in place to drive human-capital management.
- Construct a 95% confidence interval estimate for the population mean frontline employee turnover cost of member organizations.
- Construct a 95% confidence interval estimate for the population proportion of member organizations that have both talent and development programs in place to drive human-capital management.
- What sample size is needed to have 99% confidence of estimating the population mean frontline employee turnover cost to within ±$250?
- How many member organizations need to be selected to have 90% confidence of estimating the population proportion of organizations that have both talent and development programs in place to drive human-capital management to within ±0.045?