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Team recommended order quantities of 15000,18000,24000,28000 for a teddy bear. It would sell for $24 and costs $16. If inventory remains after holiday season it will sell surplus inventory for $5 per unit. They predicted an expected demand of 20000 units with a .95 probability that demand would be between 10000 units and 30000 units. They have asked for an analysis of the stock out probabilities for various order quantities, an estimate of the profit potential and to help make an order quantity recommendation.
A new restaurant with 123 seats is being planned. Studies show that 57% of the customers demand a smoke free area. How many seats sould be in the non-smoking area in order to be very sure (mean+3StandardDeviation) of having enough seating there?
When do you use a one-tailed test? How do you find the critical values for one-and two tailed tests? When do you reject the null hypothesis? Under what circumstances is the null accepted?
Determine whether each of the distributions given below represents a probability distribution. Justify your answer.
Found the sample mean to be 7.8 with a standard deviation of 1.8. Can you infer that in fact students watch less than 7 hours per week?
Several questions will be asked but the main outcome measure of interest will be the percentage of customers who were completely satisfied and plan to return and the average amount spent.
Develop a spreadsheet model to determine the optimal number of magazines to order each day. Use 500 replications and round the demand values generated by the normal random number generator (RNG) to the closest integer value.
Develop two-null hypothesis tests to ascertain if there are any statistical variances in the averages of bus route times and any statistical variance among the average performance of the bus drivers. Use the following information to conduct the te..
Find out point estimate and 95% confidence interval for mean family dental expenses of all employees of company.
Find the probability between the given values for normal distribution.
Standard deviation equal to 500 and 50 hours, respectively. Find the probability that a random sample of 15 bulbs will have an average life of less than 475 hours.
Using your knowledge of infectious disease epidemiology, quantify the pattern of disease X in this group, i.e., what are the infectivity, pathogenicity, and virulence of disease X?
A patient is chosen at random from the clinic. What is the probability that the patient's test comes out positive for Lyme disease?
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