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Questions and Answers of
Statistics
Reconsider the Goferbroke Co. case study, including the application of utilities in Section 9.9. Max Flyer now has decided that, given the company's precarious financial situation, he needs to take a
Consider the following decision tree, where the probabilities for each event node are shown in parentheses.The dollar amount given next to each branch is the cash flow generated along that branch,
Reconsider the Goferbroke Co. case study when using utilities, as presented in Section 9.9.a. Beginning with the decision tree shown in Figure 9.23 (Available in one of this chapter's Excel files),
Reconsider Problem 9.4. Warren Buffy decides that Bayes' decision rule is his most reliable decision criterion. He believes that 0.1 is just about right as the prior probability of an improving
Betsy Pitzer makes decisions according to Bayes' decision rule. For her current problem, Betsy has constructed the following payoff table (in units of dollars).a. Which alternative should Betsy
Reconsider the Goferbroke Co. case study, including its analysis in Sections 9.6 and 9.7. With the help of the consulting geologist, Jennifer Flyer now has obtained some historical data that provides
Read the referenced article that fully describes the management science study summarized in the application vignette presented in Section 9.7. Briefly describe how decision analysis was applied in
Vincent Cuomo is the credit manager for the Fine Fabrics Mill. He is currently faced with the question of whether to extend $100,000 of credit to a potential new customer, a dress manufacturer.
Follow the instructions of Problem 9.1 with the following payoff table.a. Which alternative should be chosen under the maximax criterion? b. Which alternative should be chosen under the maximin
The Athletic Department of Leland University is considering whether to hold an extensive campaign next year to raise funds for a new athletic field. The response to the campaign depends heavily on
The Morton Ward Company is considering the introduction of a new product that is believed to have a 50-50 chance of being successful. One option is to try out the product in a test market, at an
Read the referenced article that fully describes the management science study summarized in the application vignette presented in Section 9.9. Briefly describe how decision analysis was applied in
You are given the following payoff table.a. Assume that your utility function for the payoffs is U(x) (x. Plot the expected utility of each decision alternative versus the value of p on the same
Read the referenced article that fully describes the management science study summarized in the application vignette presented in Section 9.3. Briefly describe how decision analysis was applied in
Consider a decision analysis problem whose payoffs (in units of thousands of dollars) are given by the following payoff table.a. Which alternative should be chosen under the maximax criterion?b.
You are given the following payoff table (in units of thousands of dollars) for a decision analysis problem.a. Which alternative should be chosen under the maximax criterion?b. Which alternative
a. Mark first asks you to forecast daily demand for the next week using the data from the past 13 weeks. You should make the forecasts for all the days of the next week now (at the end of week 5),
The Hammaker Company's newest product has had the following sales during its first five months: 5, 17, 29, 41, 39. The sales manager now wants a forecast of sales in the next month a. Use the
Read the referenced article that fully describes the management science study summarized in the application vignette presented in Section 10.3. Briefly describe how forecasting was applied in this
Reconsider Problem 10.15. Notice the steady trend upward in the number of applications over the past three years-from 4,600 to 5,300 to 6,000. Suppose now that the Admissions Office of Ivy College
Sales of stoves have been going well for the Good- Value Department Store. These sales for the past five months have been 15, 18, 12, 17, 13. Use the following methods to obtain a forecast of sales
Reconsider Problem 10.22. Use the lessons learned from the CCW case study to address the following questions. a. What might be causing the significant shifts in total sales from month to month that
Reconsider Problem 10.38. Use the forecasting module in your Interactive Management Science Modules to generate the linear regression line. On the resulting graph that shows this line and the five
Sharon Johnson, sales manager for the Alvarez-Baines Company, is trying to choose between two methods for forecasting sales that she has been using during the past five months. During these months,
Read the referenced article that fully describes the management science study summarized in the application vignette presented in Section 10.2. Briefly describe how forecasting was applied in this
Jerry Jansen, materials handling manager at the Casper-Edison Corporation's new factory, needs to decide whether to purchase a small tractor-trailer train or a heavy-duty forklift truck for
Suppose a queueing system fitting the M/M/ 1 model has W = 120 minutes and L = 8 customers. Use these facts (and the formula for W) to find λ and µ. Then find the various other measures of
Consider the M/M/s model. For each of the following two cases, generate a data table that gives the values of L, Lq, W, Wq, and P{W > 5} for the following mean arrival rates: 0.5, 0.9, and 0.99
Consider the M/G/ 1 model. What is the effect on Lq and Wq if 1/λ, 1/ µ, and s are all reduced by half? Explain.
Marsha operates an espresso stand. Customers arrive randomly at a mean rate of 30 per hour. The time needed by Marsha to serve a customer has an exponential distribution with a mean of 75 seconds. a.
Read the referenced article that fully describes the management science study summarized in the application vignette presented in Section 11.6. Briefly describe how a queueing model was applied in
Greg is making plans to open a new fast-food restaurant soon. He is estimating that customers will arrive randomly at a mean rate of 150 per hour during the busiest times of the day. He is planning
For each of the following statements about using the exponential distribution as the probability distribution of interarrival times, label the statement as true or false and then justify your answer
The County Hospital emergency room always has one doctor on duty. In the past, having just a single doctor there has been sufficient. However, because of a growing tendency for emergency cases to use
The Becker Company factory has been experiencing long delays in jobs going through the turret lathe department because of inadequate capacity. The head of this department contends that five machines
For each of the following statements about using the exponential distribution as the probability distribution of service times, label the statement as true or false and then justify your answer by
This was the first time that Carl Schilling had been summoned to meet with the bigwigs in the fancy executive offices upstairs. And he hopes it will be the last time. Carl doesn't like the
Reconsider Eddie's Bicycle Shop described in the preceding problem. Forty percent of the bicycles require only a minor repair. The repair time for these bicycles has a uniform distribution between
Refer to the first 100 minutes of the computer simulation of the current operation of Herr Cutter's barber shop presented in Figure 12.7 and summarized in Figure 12.8. Now consider the alternative of
Read the referenced article that fully describes the management science study summarized in the application vignette presented in Section 12.4. Briefly describe how computer simulation was applied in
A major banking institution, Best Bank, plans to open a new branch office in Little-town. Preliminary estimates suggest that two tellers (and teller windows) should be provided, but this decision now
Consider the case study introduced in Section 12.2. After observing the operation of the barber shop, Herr Cutter's nephew Fritz is concerned that his uncle's estimate that the time required to give
For the Dupit Corp. case study introduced in Section 11.4, the management science team was able to apply a variety of queueing models by making the following simplifying approximation. Except for the
Each time an unbiased coin is flipped three times, the probability of getting 0, 1, 2, and 3 heads is , , , and , respectively. Therefore, with eight
Read the referenced article that fully describes the management science study summarized in the application vignette presented in Section 12.2. Briefly describe how computer simulation was applied in
Eddie's Bicycle Shop has a thriving business repairing bicycles. Trisha runs the reception area where customers check in their bicycles to be repaired and then later pick up their bicycles and pay
Read the referenced article that fully describes the management science study summarized in the application vignette presented in Section 13.5. Briefly describe how computer simulation was applied in
Now that Jennifer is in middle school, her parents have decided that they really must start saving for her college education. They have $6,000 to invest right now. Furthermore, they plan to save
Ivy University is planning to construct a new building for its business school. This project will require completing all of the activities in the table below. For most of these activities, a set of
Consider Problem 16.12 (see Chapter 16 on the CDROM), which involves estimating both the duration of a project and the probability that it will be completed by the deadline. Assume now that the
Reconsider the Heavy Duty Co. problem that was presented as Example 2 in Section 12.1. For each of the following three options in parts a through c, obtain an estimate of the expected cost per day by
a. Build a simulation model in a spreadsheet to calculate the value of the option in today's dollars. Use RSPE to run three separate simulations to estimate the value of the call option and hence the
What is statistics? Discuss.
Terrorists often use wireless networks to communicate. To disrupt these communications, the U.S. military uses jamming attacks on the wireless networks. The International Journal of Production
Researchers have constructed a new measure of disclosure quality-called disaggregation quality (DQ)-based on the level of disaggregation of financial data items in a firm's annual reports (Journal of
The information systems organization, ISACA, conducts an annual survey of cyber security at firms from around the world. ISACA sends survey questionnaires via email to all professionals that hold
In Civil War History (June 2009), historian Jane Flaherty researched the condition of the U.S. Treasury on the eve of the Civil War in 1861. Between 1854 and 1857 (under President Franklin Pierce),
Under what conditions will consumers dispose of recyclable paper in the garbage? This was the question of interest in an article published in the Journal of Consumer Research (December, 2013). In one
In business, employees are often asked to perform a complex task when their attention is divided (i.e., multi-tasking). Human Factors (May 2014) published a study designed to determine whether video
Zillow.com is a real estate Web site that provides free estimates of the market value of homes. A trio of University of Texas at San Antonio professors compared Zillow estimates to actual sale prices
Refer to the "Statistics in Action" box of this chapter (p. 1). Recall that the popular primetime ABC television program 20/20 presented several misleading (and possibly unethical) surveys in a
List the three major methods of collecting data and explain their differences.
Refer to the International Economic Review (August 2008) study on the economic rewards to obtaining an MBA degree, Exercise 1.27 (p. 27). Job status information was collected for a sample of 3,244
Refer to the Business and Society (March 2011) study on the sustainability behaviors of CPA corporations, Exercise 2.67.Numerical descriptive measures for level of support for corporate
Do firms with executive directors who network with executives at other firms perform better? This was one of the questions of interest in a study published in the Journal of Accounting Public Policy
Refer to the College Choice 2015 Rankings of National Research Universities, Exercise 2.43 (p. 71). Recall that data on academic reputation score, financial aid awarded, and net cost to attend for
Refer to the Electrical Engineering (Vol. 95, 2013) study of power quality (measured by "sags" and "swells") in Turkish transformers, Exercise 2.96. For a sample of 103 transformers built for heavy
Refer to the Business and Society (March 2011) study on the sustainability behaviors of CPA corporations, Exercise 2.100. Recall that data on the level of support for corporate sustainability were
Refer to Exercise 2.81 (p. 87) and the data on the sanitation levels of passenger cruise ships.a. Use the box plot method to detect any outliers in the data set.b. Use the z-score method to detect
Refer to the Geographical Analysis (Vol. 42, 2010) study of the decay properties of sandstone when exposed to the weather, Exercise 2.77. Recall that slices of sandstone blocks were tested for
Pipes used in a water distribution network are susceptible to breakage due to a variety of factors. When pipes break, engineers must decide whether to repair or replace the broken pipe. A team of
In business, do nice guys really finish last? Do "nice guys finish last" in the competitive corporate world? In a study published in Nature (March 20, 2008), college students repeatedly played a
An analysis of road accident data in India was undertaken, and the results published in the Journal of Big Data (Vol. 2, 2015). For a particular cluster of roads, the hourly numbers of accidents
What are the features of Apple's iPhone 6 that appeal most to customers? To answer this question, researchers collected data on customer opinions and published the results in Decision Analytics
Refer to the Forbes listing of the 2015 values of the 32 teams in the National Football League (NFL), Exercise 2.26 (p. 60). Construct a scatterplot to investigate the relationship between 2015 value
Refer to Glassdoor Economic Research firm's 2015 ranking of the 40 best-paid CEOs in Table 2.1 (p. 41). Recall that data were collected on a CEO's current salary, age, and ratio of salary to a
Refer to the Museum Management and Curatorship (June 2010) study of how museums evaluate their performance, Exercise 2.14 (p. 50). Recall that managers of 30 museums of contemporary art identified
Refer to the Significance (December 2015) study on estimating the number of U.S, deaths attributable to nitrogen oxide (NOx) pollution produced from illegal VW vehicles, Exercise 2.82. Recall that
Consider the following three measurements: 50, 70, 80.Find the z-score for each measurement if they are from apopulation with a mean and standard deviation equal toa. µ = 60, σ = 10b. µ = 50, σ =
Web site communication through blogs and forums is a key marketing tool for companies. The Journal of Relationship Marketing (Vol. 7, 2008) investigated the prevalence of blogs and forums at Fortune
According to the Bureau of Justice Statistics (September 2013), 80% of all licensed drivers stopped by police are 25 years or older. Give a percentile ranking for the age of 25 years in the
The Center for International Trade Development (CITD), provides a listing of the top 30 U.S. export markets for sparkling wines. Data on the amount exported (thousands of dollars) and 3-year
Refer to the Business and Society (March 2011) study on the sustainability behaviors of CPA corporations, Exercise 1.28. Corporate sustainability, recall, refers to business practices designed around
To minimize the potential for gastrointestinal disease outbreaks, all passenger cruise ships arriving at U.S. ports are subject to unannounced sanitation inspections. Ships are rated on a 100-point
The National Science Foundation (NSF) sponsored a study on girls' participation in informal science, technology, engineering, or mathematics (STEM) programs. The results of the study were published
Cable TV subscriptions and "cord cutters." Has the increasing popularity of smartphones and video streaming over the Internet affected cable and satellite TV subscriptions?This was one of the
Ecolabels such as Energy Star, Green Key, and Audubon International are used by hotels to advertise their energy-saving and conservation policies. The Journal of Vacation Marketing (January 2016)
Based on factors (e.g, academic reputation, financial aid offerings, overall cost, and success of graduates in the post-college job market) that actual college freshmen said were most important to
Performance-based logistics. Refer to the Journal of Business Logistics (Vol. 36, 2015) study of the factors that lead to successful performance-based logistics (PBL) projects , Exercise 1.15 (p.
Oil field pipes are internally coated in order to prevent corrosion. Researchers at the University of Louisiana, Lafayette, investigated the influence that coating may have on the surface roughness
Naturalstone, such as sandstone, is a popular building construction material. An experiment was carried out to better understand the decay properties of sandstone when exposed to the weather
Do social robots walk or roll? A social (or service) robot is designed to entertain, educate, and care for human users. In a paper published by the International Conference on Social Robotics (Vol.
Refer to the Journal of Petroleum Geology (April 2010) study of the environmental factors associated with biodegradation in crude oil reservoirs, Exercise 2.29 (p. 61). Recall that amount of dioxide
According to the Nuclear Energy Institute (NEI), there were 62 nuclear power plants operating in the United States in 2015. The table at top of the next column lists the 30 states that operate
Top credit card issuers, by region. The Nilson Report (December 2015) published a list of the top 150 credit card issuers worldwide. The issuers (e.g., American Express, MasterCard, Visa) were ranked
Refer to the Geographical Analysis (Vol. 42, 2010) study of the decay properties of sandstone when exposed to the weather, Exercise 2.47 (p. 72). Recall that slices of sandstone blocks were tested
Association of Individual Investors (AAII) statistics on stock screeners, Exercise 2.44 (p. 71). Annualized percentage return on investment (as compared to the Standard & Poor's 500 Index) for 13
Refer to the Business and Society (March 2011) study on the sustainability behaviors of CPA corporations, Exercise 2.48 (p. 72).Numerical measures of variation for level of support for the 992 senior
Refer to Exercise 2.54 (p. 74) and the Nuclear Energy Institute's data on the number of nuclear power plants operating in each of 30 states. a. Find the range, variance, and standard deviation of
To help its user's combat malicious attacks (e.g., worms, viruses) on its computer software, Microsoft periodically issues a security bulletin that reports the software affected by the vulnerability.
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