How do the mean values compare

Assignment Help Engineering Mathematics
Reference no: EM131524228

Question: A retail manager in a discount store wants to establish a policy of the number of cashiers to have on hand and also when to open a new cash register. The first step in this process is to determine the rate at which customers arrive at the cash register. One day, the manager observes the following times (in minutes) between arrivals of customers at the cash registers:

835_0.1.png

a. What kind of theoretical distribution do you think would be appropriate for these data? Why?

b. Run @RISK's fitting procedure on the data. Is the distribution that you choose in part a the best fitting distribution? Does the distribution you choose in part a fit the data closely enough to be chosen?

c. We did not use all the information we had when we ran the preceding fitting procedure. Waiting times can never be negative. Therefore, rerun @RISK's fitting procedure setting the lower bound to be fixed at zero. See Steps 3.5 and 3.6 for instructions on how to modify the fit. Does this improve the fit of the distribution you choose in part a? How do the mean values compare?

Reference no: EM131524228

Questions Cloud

The company has promised to maintain constant dividend : The company has promised to maintain a constant dividend.
What contrasting cultural values about uncertainty avoidance : What are some of the contrasting cultural values about uncertainty avoidance, ethnocentrism, communication apprehension, and culture shock that could potentiall
Describing methods for conflict resolution : Differentiating common organizational structures and how they affect project processes and activities.
Purpose and sketch the contents for prince : Explain the purpose and sketch the contents for Prince 2 quality documentation.
How do the mean values compare : A retail manager in a discount store wants to establish a policy of the number of cashiers to have on hand and also when to open a new cash register.
What is the real return on long-term government bonds : What is the real return on long-term government bonds?
Analyze background information on the chosen organization : Analyze background information on the chosen organization. Identify type of research method to be used and justify the reasons for using a particular approach.
What is the p-e ratio and dividend yield : how much could the investor expect to pay for the shares? What is the P/E Ratio and Dividend Yield?
What is the monthly payment for loan : What is the monthly payment for a 30 year loan with a 6% APR if the loan is for $175,000?

Reviews

Write a Review

 

Engineering Mathematics Questions & Answers

  What is the probability that a victim randomly selected

What is the probability that a victim randomly selected from this list of transportation fatalities for 2007 died in a train or a plane accident? Round answer to two decimal places.

  What is labview

What is LabVIEW and How to make basic Electrical Projects in LabVIEW? How Load Characteristics of a Self-excited DC shunt Generator in LabVIEW works

  What is the implication of moore law for managers

State Moore's Law. What is the implication of Moore's Law for managers? Name the five data characteristics, and provide a short explanation for each of the data characteristics.

  Solve the model with excel solver

Assume that x and y can be positive or negative (URE can either consume or supply labor and capital), formulate the model and solve it with Excel Solver. Try different starting points (initial values in the changing cells).

  How much will your investment be worth in given years

The interest rate on short-term German bonds is -0.1%. Explain how this is possible and what it means.

  Find a transformation putting each of the function

MATH3101 ASSIGNMENT. For the following: x· = 1 + r/2x + x2, Find a transformation putting each of the f(r, x) in normal form for a saddle-node bifurcation in a vicinity of the bifurcation point

  Standard deviation for the average time issues

What is the probability that a randomly selected fertilized chicken egg hatches in less than 20 days?

  Compute an eigenvector for each of the eigenvalues

Compute an eigenvector for each of the eigenvalues found in part (a). Be sure to scale the eigenvectors so that each is a unit vector (i.e., vT.v = 1 for each eigenvector v).

  What is the new transportation plan and what is the new cost

The company wishes to spread out the source for each of its markets to the maximum extent possible. To accomplish this, it will accept a 5% increase in its total transportation cost from part (a). What is the new transportation plan, and what is t..

  Define shaplry value

The formula for the Shapley value is where i is the set of all coalitions S ⊂ N containing i as a member (i.e., i ∈ S). Show that an equivalent formula is

  Culminating quantitative research report

For this assignment you are to write a culminating quantitative research report on the concepts and topics that you learned in this course. For this paper, you need to critique two or more research papers/journals that use quantitative research me..

  Problem regarding the dynamic programming

A company is planning its advertising strategy for next year for its three major products. Since the three products are quite different, each advertising effort will focus on a single product.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd