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Using Probability/Statistics in a Business Plan

A game company that manufactures a dart game that dispenses tickets has been asked to put a business plan together for a customer who wishes to buy the game. The dart game gives 5 tickets for a score of 50, 4 tickets for a score of 40, 3 tickets for a score of 30, 2 tickets for a score of 20, 1 ticket for a score of 10, and no tickets if the board is not hit.

The customer will be exchanging the tickets for stuffed animals the cost $3.00 each. Prepare a report for the customer that presents the expected value in points of each throw of the darts, and then present a graphic representation of at least three plans

1. cost per dart
2. cost in tickets of the animals
3. expected profit
4. one or two paragraph summary of the possible plans.

Score Probability
50 1/32
40 1/16
30 1/8
20 1/4
10 1/2
0 1/32

The customer does not necessarily win a stuffed animal with every ticket. This is one aspect that can be varied with the recommended plans. The other aspect that can be varied is the amount a customer will pay for a dart. The customer buys a dart for $X, he throws the dart which lands on some point are, once the customer has y tickets he can turn them in for a stuffed animal. The animal costs the operator $3 each. Kiijubg at the profit per animal won while varying X & Y. The expected points per dart is 17.8.

Solution Preview

The customer buys a dart for $X, he throws the dart which lands on some point are, once the customer has y tickets he can turn them in for a stuffed animal. The animal costs the operator $3 each. Kiijubg at tge profit per animal won while varying X & Y. The expected points per dart is 17.8.

A game company that manufactures a dart game that dispenses tickets has been asked to put a business plan together for a customer who wishes to buy the game. The dart game gives 5 tickets for a score of 50, 4 tickets for a score of 40, 3 tickets for a score of 30, 2 tickets for a score of 20, 1 ticket for a score of 10, and no tickets if the board is not hit.

The customer will be exchanging the tickets for stuffed animals the cost $3.00 each. Prepare a report for the customer that presents the expected value in points of each throw of the darts, and then present a graphic representation of at least three plans
1. cost per dart
2. cost in tickets of the animals
3. expected profit
4. one or two paragraph summary of the possible plans.

Score Probability
50 1/32
40 1/16
30 1/8
20 1/4
10 1/2
0 1/32

To summarize, we have a game in which a customer buys a dart costing $x, then throws the dart, and wins an average of 1.78125 tickets (see below). The customer can then exchange y tickets for a stuffed animal. The animal always costs the game operator $3.

Expected number of points per dart toss: For each toss of the dart, the customer will get a score of 17.8125 on average. This is calculated by multiplying each possible score by its ...

Solution Summary

This solution provides detailed information on cost per dart, cost in tickets of the animals, expected profit and one or two paragraph summary for each of the three possible plans.

$2.19