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Expected values and estimating the cost of a life saved.

If it costs $600 per car or truck to install seat belts and all people are required to use them when in the vehicle, what is the cost of each life saved if the use of a seat belt reduces the probability of being killed by 50%. Assume that 0.6 of the present 25,000 vehicle occupants killed in collisions were not wearing seat belt

Activity-Based Costing as an Alternative to Traditional Product Costing

Please see attached problem. Coffee Bean, Inc. (CBI), is a processor and distributor of a variety of blends of coffee. The company buys coffee beans from around the world and roasts, blends, and packages them for resale. CBI currently has 40 different coffees that it sells to gourmet shops in one-pound bags. The major cost o

Seasonal Index Problems

In determining monthly seasonal indexes for gas consumption, the sum of the 12 means for gas consumption as a percentage of the moving average is 1150. To get the seasonal indexes, each of the 12 monthly means is to be multiplied by: a. 1200 / 1150 b. (1200 + 1150) / 12 c. (1150 + 12) / 1200 d. 1150 / 1200

Compute a moving average and a weighted moving average and compare results.

The manager of carpet city outlet needs to make an accurate forecast of demand for soft shag carpet (its biggest seller). If the manager does not order enough carpet from the carpet mill, customers will buy their carpet from one of carpet city's many competitors. The manager has collected the following demand data for the past

Estimate the seasonal index associated with quarter 4.

An analyst wants to use the ratio to moving average method to forecast a company's sales forecast the next few quarters. Beginning in quarter 4 of 04, the analyst collects the following sales data. Estimate the seasonal index associated with quarter 4. Centered ratio to Time

Expected Value for a Magazine Sweepstakes

Expected Value for a Magazine Sweepstakes Reader's Digests ran a sweepstakes in which prizes were listed with the chances of winning: $1,000,000 (1 chance in 90,000,000), $100,000 (1 chance in 110,000,000), $25,000 (1 chance in 110,000,000), $5,000 (1 chance in 36,667,000), and $2,500 (1 chance in 27,500,000). a. Assuming tha

Gantt Chart for Task Time Estimation

Chapter Three - A. Task time estimates for a production line setup project are as follows: Activity Time (in hours) Immediate predecessors A 6.0 -- B 7.2 -- C 5.0 A D 6.0 B,C E 4.5 B,C F

Mean and Median of Owens Orchards

Owens Orchards sells apples in a large bag by weight. A sample of seven bags contained the following numbers of apples: 23, 19, 26, 17, 21, 24, 22. Compute the mean number and median number of apples in a bag. Verify that S (X - X) = 0.

3-Month and Weighted Moving Average Forecasts

1. The owner of Carpet World needs to make an accurate forecast of demand for Berber carpet. If she does not order enough from the carpet mill, customers will go some place else. Historically she has sold the following in the previous 8 months. Month Demand for Berber (1000 yd.) 1

Sales Records for Fastgro Fertilizer Company

Forecasting 1. The Fastgro Fertilizer Company distributes fertilize to various lawn and garden shops. The company must base its production schedule on a forecast of how may tons of fertilizer will be demaned from it. The company has gathered the following data from the past 3 years from its sales records: Year Quarter Demand

Moving Average and Trend Analysis

4. The following sales data are available for 1998-2003 inclusive: Year Demand 1998 7 1999 12 2000 14 2001 20 2002 16 a. Determine a 4-year moving average forecast for 2003. b. Use a linear trend model to predict

Process Improvement and Median Changes

If you have a set of results and change or make improvements the process but the median remain the same, which is the possible cause of this phenomenon? Please provide an example.

Expected Value of Perfect Information

A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the following payoff table based on whether business is brisk or slow. Alternative Brisk Slow Buy 90 -10 Rent 70 40 Lease 60 55 If the probability of brisk business is .40 and for slow business is .60, determine the expec

Least Square, Moving Average, or Weighted Moving Average

Choose either the Least Squares Method, the Moving Average Method, or the Weighted Moving Average and provide step-by-step instructions you would use to plot the associated trend line. Use a small data set of your choice to illustrate your example. Your instructions should address MS Excel, MegaStat, or a manual calculation.

Statistical Tests of Ordinal Level Data

Five tests of ordinal level data are presented: the sign test, the median test, the Wilcoxon signed-rank test, the Wilcoxon rank-sum test, the Kruskal-Wallis analysis of variance by ranks. Select one of these tests and describe in your own words, the purpose of the test, any particular assumptions/limitations pertaining to

expected total variable cost

Lee motel cost function based on guest days of occupancy for custodial cost is given as: Y=$60,000 + $5.50X. Lee Motel expects an occupancy level of 10,000 guest days. Lee Motel expected total variable cost is what?

Expected Value

A health club has six tennis courts. The owner hypothesizes that his patrons have no preference for a particular court. He observes how many people play on each court on a particular day. Compute the expected value for the data shown below. Court Number of Players 1 9 2

Mode, Median and Mean for Black Hole Pizza Parlor

Black Hole Pizza Parlor instructs its cooks to put a "handful" of cheese on each large pizza. A random sample of six such handfuls were weighed. The weights to the nearest ounce were: 3 2 3 4 3 5 a) Find the mode, the median and the mean weight of the handfuls of cheese. b) Find the range and the stand deviation of t

Problem on Expected values.

A video rental store has two video cameras available for customers to rent. Historically, demand for cameras has followed this distribution. The revenue per rental is $40. If a customer wants a camera and none is available, the store gives a $15 coupon for tape rental. Demand Relative Frequency Revenue Cost 0 .35 0 0 1 .25 40

Statistical Analysis of the Article

Please help so I can complete this assignment: The project consists of providing a summary of an article which used a statistics table or graph. Here is the article : http://pewresearch.org/pubs/813/gen-dems What type of variables are being measured? dependent or independent? Is the study a correlation type? Predictors o

Expected value for the best investment

A local real estate investor in Orlando is considering five alternative investments: an amusement park, a theater, a restaurant, a motel, or a gift shop. Profits from the amusement park, theater, gift shop or restaurant will be affected by the cost of gasoline; profits from the motel will be relatively stable under any condition

Mean (Expected Value)

Give the mean of the following probability distribution? x P(x) 1 0.20 2 0.10 3 0.35 4 0.05 5 0.30 a. 1.20 b. 1.46 c. 3.15 d. 2.13

Finding E(Y) for a moment-generating function.

3.88 ===== Use your answer from 3.87 to show that E(Y) = aE(X) +b 3.87: [ If X is a random variable with moment-generating function M(t), and Y is a function of X given by Y=aX+b, show that the moment-generating function for Y is e^(tb) * M(at) ] My answer for exercise 3.87 is attached.

A weighted moving average having the early periods more heavily weighted

A weighted moving average having the early periods more heavily weighted A. is more responsive to recent demand changes. B. is less responsive to recent demand. C. places emphasis on the past demand data. D. is always the most effective weighting scheme. E. is not a time-series model. 2. Which of the following i