1. Suppose that the monthly worldwide average of airplane crashes of commercial planes is 2.0.
(a) What is the probability of exactly 6 crashes in the first 3 months?
(b) What is the probability of having exactly 2 crashes in each of the first two months?
(c) What is the probability of having exactly 2 crashes in the each of the first two months, given that there are exactly 6 crashes in the first 3 months?
*Please specify the terms you use (if necessary) and explain each step of your solutions.
The Wizard Tax Service is analyzing its operations during the month prior to the April 15 tax filing date. There is currently only one tax preparer at Wizard. On the basis of past data, it has been estimated that customers arrive according to a Poisson process with and average time between arrivals of 12 minutes. When the tax
The financial success of the Downhill Ski Resort in the Blue Ridge Mountains is dependent on the amount of snowfall during the winter months. If the snowfall averages more than 40 inches, the resort will be successful; if the snowfall is between 20 and 40 inches, the resort will receive a moderate financial return; and if snowfa
1.
The Snyder company percentages of all shipments that were received on time over the past 12 months are 80, 82, 84, 83, 83, 84, 85, 84, 82, 83, 84 and 83...
A. Compare a 3-month moving-averages forecast with an exponential smoothing forecast for a = 0.2 Which provides a better forecast?
Part
B. What is the forec
Moving average forecasting models are important tools that help managers make educated decisions. Moving averages are mainly used to forecast short historical range data. This tool along with other forecasting tools are now computerized, making it easy to use. In regards to moving average forecasting tools, do the following:
Use the binomial probability formula to determine the probability of x successes in n trials:
n=12, x=5, p=0.25
0.103
0.082
0.091
0.027
The probability is 0.7 that a person shopping at a certain store will spend less than $20. For groups of size 22, find the mean number who spend
Which of the following patterns on an averages chart that displayed 25 sample averages would reveal an out of control process?
a - sample averages scattered in a seemingly random pattern within the 3-sigma control limits
b - half the sample average above the center line and the other half below the center line
c - the first t
QUESTIONS
1. Calculate a few ratios and compare Reed's results with industry averages.
(Some industry averages are shown in Exhibit 4.) What do these ratios indicate?
2. Why does Holmes want Reed's to have an inventory reduction sale, and
what does he think will be accomplished by it?
3. Jim Reed had adopted a very loose wo
Each item produced by a certain manufacturer is, independantly, of acceptable quality with probability 0.95. Approximate the probability that at most 10 of the next 150 items produced are unacceptable.
How is the picture of the developing world influenced by China and India in health care, each of which has more than a billion people? What happens to the averages for low-income countries if you separate out those very large countries?
