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mathematics
statistics

Questions and Answers of Statistics

H.R. Prewett Limited forecasts the demand for one component to average 18 a day over a 200-day working year. If there are any shortages, production will be disrupted with very high costs. The total
A company advertises a 95% cycle-service level for all stock items. Stock is replenished from a single supplier who guarantees a lead time of four weeks. What reorder level should the company use for
An item of stock has a unit cost of £40, a reorder cost of £50 and a holding cost of £1 a unit a week. Demand for the item has a mean of 100 a week with a standard deviation of 10. Lead time is
Describe a periodic review system with an interval of two weeks for the company described in Problem 18.6.
A small store holds 10 categories of product with the following costs and annual demands:Do an ABC analysis of theseitems.
Annual demand for an item is 2,000 units, each order costs £10 to place and the annual holding cost is 40% of the unit cost. The unit cost depends on the quantity ordered as follows:For quantities
Virtually all inventory control systems are automated. Not surprisingly, there is a lot of software for the routine calculations. Figure shows the printout from a computer program that has done some
A small company wants to control the stocks of 30 items. It seems extravagant to buy an inventory control system for this number of items, and there is no one in the company to write their own
Current thinking has managers trying to eliminate their stocks. This has been assisted by just-in-time operations, e-business, efficient customer response, point-of-sales equipment, electronic fund
1. If you were the recruit, how would you set about this job and what would you say in your report?William Purvis looked across his desk at the company's latest management recruit and said, 'Welcome
A project has the activities shown in the following dependence table. Draw the network for this project.
(a) BiilsMoore Amateur Dramatic Society is planning its annual production and wants to use a network to coordinate the various activities. What activities do you think should be included in the
Draw a network for the following dependencetable.
If each activity in Problem 19.3 has a duration of one week, find the earliest and latest start and finish times for each activity and the corresponding total floats.
Sven Sengler has divided a project into the following activities. What does the network for the project look like?(a) If each activity can be reduced by up to two weeks, what is the shortest duration
A project consists of ten activities with estimated durations (in weeks) and dependences shown in the following table.(a) What are the estimated duration of the project and the earliest and latest
(a) Analyse the timing and resource use of the project described by the following values.(b) It costs â‚¬1,000 to reduce the duration of an activity by 1. If there is â‚¬12,000 available to
A project is shown in the following dependence table.(a) What is the probability that the project will be completed before week 17?(b) By what time is there a probability of 0.95 that the project
Most projects seem to finish late and over budget. But why should this happen, when there are many tools to help and a lot of experience and knowledge in the area? Find some examples of particularly
Project managers often say that their jobs consist of processing huge amounts of information, from supplier contacts through to customer delivery. What information is needed for successful project
1. How can you judge the current performance of the centre?2. Can you find the resources that the centre will need to maintain - or improve - the current level of service with increasing numbers of
Describe the operating characteristics of a single-server queue with random arrivals at an average rate of 100 an hour and random service times at an average rate of 120 an hour.
A single-server queue has random arrivals at a rate of 30 an hour and random service times at a rate of 40 an hour. If it costs £20 for each hour a customer spends in the system and £40 for each
Piotr Banasiewicz is a self-employed plumber who offers a 24-hour emergency service. For most of the year, calls arrive randomly at a rate of six a day. The time he takes to travel to a call and do
Figure shows the printout from a program that analyses queues. The title 'M/M/3' is an abbreviation to show that the queue has random arrivals, random service time and three servers. What do the
Customers arrive for a service at a rate of 100 an hour and each server can deal with 15 customers an hour. If customer time is valued at $20 an hour and server time costs $50 an hour, how can you
A supermarket has an average of 240 customers an hour arriving at peak times. During these periods all 10 checkouts could be used with each serving an average of 35 customers an hour. Simulate this
There are many specialised programs for simulation. Some of these are sophisticated simulation languages that include animation and many other features. If you were looking for a simulation program
The time that a tourist waits for a bus is uniformly distributed from zero to five minutes. How could you use random numbers to simulate the waiting times of a large number of customers?
The time for a fire engine to arrive at an emergency has a mean of 10 minutes and a standard deviation of 2.8 minutes. The fire service guarantees arrival within 15 minutes of an emergency phone
A volunteer ambulance service handles from zero to five service calls on any given day. A summary of the number of calls made during the last 360 days is shown in the following table.How could you
Parts leaving an assembly line are examined by two inspectors. Each inspector detects 85% of the defective parts, and 80% of the defective parts are detected by both inspectors.a. What is the
A person with a lot of spare time spins a coin 10,000 times and gets 5,067 heads. Do you think the coin is fair?
You believe that the average weight of a piece of equipment is more than 3,500 pounds. To test this, you sample the weights of 15 of them, and find an average of 3,531 pounds. Assuming a Normal
Describe how to set an appropriate significance level.
Lawyers are investigating the performance of some company directors and formulate the hypotheses Ho ‘the directors are honest’ and Ha ‘the directors are stealing from the company'. a. What does
Sales for Fast Kat, a 16-foot catamaran sailboat, have averaged 250 boats per month over the last five years, with a standard deviation of 25 boats. Assuming that the demand is about the same as past
Refer to Problem. What is the probability that sales will be more than 265 boats during the next month? What is the probability that sales will be less than 250 boats next month?
Precision Parts is a job shop that specializes in producing electric motor shafts. The average shaft size for the E300 electric motor is 0.55 inch, with a standard deviation of 0.10 inch. It is
Refer to Problem. What is the probability that a shaft size will be greater than 0.65 inch? What is the probability that a shaft size will be between 0.53 and 0.59 inch? What is the probability that
This year Jan Rich, who is ranked number one in women's singles in tennis, and Marie Wacker, who is ranked number three, will play 4 times. If Marie can beat Jan 3 times, she will be ranked number
Over the last two months, the Wilmington Phantoms have been encountering trouble with one of their star basketball players. During the last 30 games, he has fouled out 15 times. The owner of the
Wisconsin Cheese Processor, Inc., produces equipment that processes cheese products. Ken Newgren is particularly concerned about a new cheese processor that has been producing defective cheese
Natway, a national distribution company of home vacuum cleaners, recommends that its salespersons make only two calls per day, one in the morning and one in the afternoon. Twenty-five percent of the
Chris Dunphy, executive vice president for marketing and sales of Sumu Electronics, is considering the possibility of introducing a new line of inexpensive wrist watches, which would be oriented
Helen Murvis, hospital administrator for Portland General Hospital, is trying to determine whether to build a large wing onto the existing hospital, a small wing, or no wing at all. If the population
Hardie Lord, Helen Murvis's boss, is not convinced that Helen used the correct decision technique. Hardie believes that Helen should use a coefficient of realism of 0.75 in determining the best
Dorothy Stanyard has three major routes to take to work. She can take Tennessee Street the entire way, she can take several back streets to work, or she can use the expressway. The traffic patterns
After buying a computer system, Sim Thomas must decide whether to purchase(1) A complete maintenance (or service) policy at a cost of $500, which would cover all maintenance costs;(2) A partial
Bob Welch, a famous divorce attorney, is facing a decision with four options (alternatives) and four scenarios (states of nature). The options relate to furniture in his client's house. The options
Drink-At-Home, Inc. (DAH, Inc.), develops, processes, and markets mixes to be used in nonalcoholic cocktails and mixed drinks for home consumption. Mrs. Lee, who is in charge of research and
Ruth Jones, a robust 50-year-old insurance adjuster living in the northern suburbs of Chicago, has been diagnosed by a University of Illinois cardiologist as having a defective heart valve. Although
After retiring as a physician, Bob Guthrie became an avid downhill skier on the steep slopes of the Utah Rocky Mountains. As an amateur inventor, Bob was always looking for something new. With the
Raquel Covington is a graduate student majoring in environmental management. In one particular class, Raquel has maintained a low A average throughout the semester, and she needs an A or a high B on
George Lyon is about to buy a compact stereo cassette player. He is currently considering three brands—Sun, Hitek, and Surgo. The important factors to George are the price, color, warranty, size of
Linda Frieden is thinking about buying a new car. She is considering three different car models: car 1, car 2, and car 3. An important factor for Linda is the price. She has determined that car 1 is
Linda Frieden is also concerned about the warranty for the three cars she is considering. The second car is moderately preferred to the first car in terms of warranty. The third car is very to
Linda Frieden would like to consider style as an important factor in making a decision to purchase a new car. Car 2 is moderately preferred to car 1 in terms of style, but car 1 is moderately
Linda Frieden now must determine the relative weights for the three factors of price, warranty, and style. She believes that the price is equally to moderately preferred over warranty and that price
Gina Fox is a student who will be graduating soon, and she is planning to attend graduate school to work toward an MBA. Gina has been accepted into the graduate programs at three universities. Now
Upon reevaluating the situation, Gina Fox (see Problem) is not comfortable with her ratings. Therefore, she has decided to compare the universities two at a time. On cost, B is strongly preferred to
Jim Locke, an undergraduate student in the ESU College of Business, is trying to decide which microcomputer to purchase with the money his parents gave him for Christmas. He has reduced the number of
What is the purpose of conducting break-even analysis?
Under what circumstances can the normal distribution be used in break-even analysis? What does it usually represent?
What assumption do you have to make about the relationship between EMV and a state of nature when you are using the mean to determine the value of EMV?
Describe how EVPI can be determined when the distribution of the states of nature follows a normal distribution.
A publishing company is planning on developing an advanced quantitative analysis book for graduate students in doctoral programs. The company estimates that sales will be normally distributed, with
Refer to Problem M3-5.(a) What is the opportunity loss function?(b) Compute the expected opportunity loss.(c) What is the EVPI?(d) What is the probability that the new book will be profitable?(e)
Barclay Brothers Company, the firm discussed in this module, thinks it underestimated the mean for its game Strategy. Rudy Barclay thinks expected sales may be 9,000 games. He also thinks that there
True-Lens, Inc., is considering producing longwearing contact lenses. Fixed costs will be $24,000, with a variable cost per set of lenses of $8. The lenses will sell to optometrists for $24 per
Leisure Supplies produces sinks and ranges for travel trailers and recreational vehicles. The unit price on its double sink is $28 and the unit cost is$20. The fixed cost in producing the double sink
Belt Office Supplies sells desks, lamps, chairs, and other related supplies. The company's executive lamp sells for $45, and Elizabeth Belt has determined that the break-even point for executive
Elizabeth Belt is not completely certain that the loss per lamp is $10 if sales are below the breakeven point (refer to Problem). The loss per lamp could be as low as $8 or as high as $15. What
Leisure Supplies is considering the possibility of using a new process for producing sinks. This new process would increase the fixed cost by $16,000.In other words, the fixed cost would double
Quality Cleaners specializes in cleaning apartment units and office buildings. Although the work is not too enjoyable, Joe Boyett has been able to realize a considerable profit in the Chicago area.
Diane Kennedy is contemplating the possibility of going into competition with Primary Pumps, a manufacturer of industrial water pumps. Diane has gathered some interesting information from a friend of
Jack Fuller estimates that the break-even point for EM5, a standard electrical motor, is 500 motors. For any motor that is not sold, there is an opportunity loss of $15. The average sales have been
Jack Fuller believes that he has made a mistake in his sales figures for EM5 (Problem for details). He believes that the average sales are 750 instead of 700 units. Furthermore, he estimates that 20%
Patrick's Pressure Wash pays $4,000 per month to lease equipment that it uses for washing sidewalks, swimming pool decks, houses, and other things.Based on the size of a work crew, the cost of the
Determine the EVPI for Patrick's Pressure Wash in Problem if the average monthly demand is 120 jobs, with a standard deviation of 15.
If Patrick (Problem) charged $150 per job while his labor cost remained at $80 per job, what would be the break-even point?
The gross domestic product (GDP) of the United States from 1993 to 2003 is given in the table below. The numbers are in billions of U.S. dollars. Develop forecasts for the GDP of 2004 using
Using the GDP data in problem 5-42, develop a trend line for forecasting GDP in the future. Use this to forecast GDP for 2004.
Jerilyn Ross, a New York City psychologist, specializes in treating patients who are phobic and afraid to leave their homes. The following table indicates how many patients Dr. Ross has seen each
Using trend analysis for the data in problem, predict the crime rate in years 11, 12, and 13? How well does the model fit the data?
Using the data in Problem 5-44, apply linear regression to study the relationship between the crime rate and Dr. Ross's patient load. If the robbery rate increases to 131.2 in year 11, how many
Smith Savings and Loan is proud of its long tradition in Apopka, Florida. Begun by Laurie Shader-Smith thirteen years after World War II, the S&L has bucked the trend of financial and liquidity
Using exponential smoothing with α = 0.6 for the data in problem, predict GSP for 2003. Assume that the forecast for 1959 was 0.40. Compare this model with an exponential smoothing model with α =
Using the data in problem 5-47, develop a trend line and predict deposits in 2003, 2004, and 2005. Develop a trend line and predict GSP in 2003, 2004, and 2005.
Using the data in problem, develop a regression line to predict deposits based on GSP. Examine the data carefully. Can you make a case for excluding a portion of the information? Why?
A company has decided to order 360 units whenever the on-hand inventory falls to 90 units. There appears to be no seasonal fluctuation to the demand, but it does fluctuate daily and is approximately
The demand for a product is normally distributed, but all of the other EOQ assumptions are met. The annual demand is 10,000 units, and there are 250 working days per year. The ordering cost is $48
Rob Roller has been in charge of inventory policy at Cyclorama, a large retail bicycle shop in Orlando, Florida. He now orders Chrome-Moly frames from Frameco, a local frame supplier. Cyclorama
Barry's hardware store carries 20 different types of ladders. Some are used for industrial purposes and are quite expensive. Others, intended for household use only, are very inexpensive. Barry has
Annual demand for the Doll two-drawer filing cabinet is 50,000 units. Bill Doll, president of Doll Office Suppliers, controls one of the largest office supply stores in Nevada. He estimates that the
Bill Doll (See Problem) now believes that the carrying cost may be as high as $16 per unit per year. Furthermore, Bill estimates that the lead time is 35 days instead of 25 days. Resolve Problem
Pampered Pet, Inc., is a large pet store located in Eastwood Mall. Although the store specializes in dogs, it also sells fish, turtle, and bird supplies. Everlast Leader, which is a leather lead for
Melinda Sholer has spent the past few weeks determining inventory costs for Toco, a toy manufacturer located near Taos, New Mexico. She knows that the annual demand will be 20,000 units per year and
Drake Radio got its start during World War I by manufacturing radio communications equipment for the military. By the start of World War II, Drake was one of the largest suppliers of military
The Southeastern Division of LaPlace Power and Light Company is responsible for providing dependable electric service to customers in and around the areas of Metairie, Kenner, Destreban, LaPlace,

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