A company rates every employee as below average, average, or above average. Past performance indicates that each
Question:
A company rates every employee as below average, average, or above average. Past performance indicates that each year, 10% of the below-average employees will raise their rating to average, and 25% of the average employees will raise their rating to above average. On the other hand, 15% of the average employees will lower their rating to below average, and 15% of the above average employees will lower their rating to average. Company policy prohibits rating changes from below average to above average, or conversely, in a single year. Over the long run, what percentage of employees will receive below-average ratings? Average ratings? Above-average ratings?
Step by Step Answer:
Finite Mathematics For Business Economics Life Sciences And Social Sciences
ISBN: 9780134862620
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker