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Generating 95% Confidence Intervals

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Data was collected in a clinical trial evaluating a new compound designed to improve wound healing in trauma patients. The new compound was compared against a placebo. After treatment for 5 days with the new compound or placebo, the extent of wound healing was measured and the data are shown in the table below. Suppose that clinicians feel that if the percent reduction in the size of the wound is greater than 50% then the treatment is a success.

(a) Generate a 95% CI for the percent success in patients receiving the new compound.
(b) Generate a 95% CI for the difference in the percent success between the new compound and placebo.
(c) Generate a 95% CI for the RR of treatment success between treatments.
(d) Generate a 95% CI for the OR of treatment success.

Treatment Number of patients with percent reduction in size of wound
None 1-25 26-50 51-75 76-100
New compound (n=125) 4 11 37 32 41
Placebo (n=125) 12 24 45 34 10

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Solution Summary

The expert generates a 95% CI for percent success in patients receiving new compounds.

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Inventory Control

Each question is worth one point.

Current Ordering Model

A wholesale distributor stocks and sells low flow toilets to contractors for use in commercial office buildings. The estimated annual demand for the toilets is 25,000 units. The estimated average demand per day is 70 units. The purchase cost from the toilet manufacturer is $125.00 per unit. The lead time for a new order is 5 days. The ordering cost is $500.00 per order. The average holding cost per unit per year is $5.00. The distributor has traditionally ordered 500 units each time they placed an order. Answer questions 1 through 3 based upon the preceding information regarding the distributor's current ordering model.

1. What is the average dollar value of inventory based upon ordering 500 units each time an order is placed?

2. What is the total annual cost (Purchase Cost + Ordering Cost + Holding Cost) based upon ordering 500 units each time an order is placed?

3. What is the reorder point?

Economic Order Quantity (EOQ) Model

The president of the wholesale distributor has recently heard about the EOQ model and is interested in learning whether or not using this model would allow the company to reduce its annual costs by optimizing the number of orders placed each year and the number of toilets purchased in each order. The estimated annual demand, estimated ...

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