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Suppose that the demand for a company s product in weeks 1, 2, and 3 are each normally distributed and the mean demand during each of these three weeks is 50, 45, and 65, respectively. Suppose the standard deviation of the demand during each of these three weeks is known to be 10, 5, and 15, respectively. It turns out that if we can assume that these three demands are probabilistically independent then the total demand for the three week period is also normally distributed. And, the mean demand for the entire three week period is the sum of the individual means. Likewise, the variance of the demand for the entire three week period is the sum of the individual weekly variances. But be careful! The standard deviation of the demand for the entire 3 week period is not the sum of the individual standard deviations. Square roots don t work that way!
Now, suppose that the company currently has 180 units in stock, and it will not be receiving any further shipments from its supplier for at least 3 weeks. What is the probability that the company will run out of units?
Discuss possible study designs. Which of the designs would we use to test our research hypothesis?
On Saturday morning, calls arrive at TicketMaster at a rate of 108 calls per hour. What is the probability of fewer than three calls in a randomly chosen minute?
The controller of Dash Shoes Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information:
Construct a 95% confidence interval on the population mean for the following sample data set:
Find the P value or an interval containing the P value for the sample test statistic.
If gambler rolls two dice and gets sum of four, he wins $10; and if he gets sum of three, he wins $25. Cost to play game is $5. What is expectation of this game?
There are three hospitals in the Tulsa, Oklahoma, area. The following data show the number of outpatient surgeries performed at each hospital last week.
Use of linear regression is a critical tool for a managers decision-making ability - Using a level of significance of .01, is there evidence that the out of state students may be receiving lower grades? Fully explain your answer.
The standard screening test for Down's syndrome is based on a combination of maternal age and the level of serum alpha fetoprotein. Using the test 80% of Down's syndrome cases can be identified while 5% of normals are detected as positives.
he probability is 1 in 4000000 that a single auto trip in the united states will result in a fatality. over a lifetime
How do question content and wording, response strategy, and preliminary analysis planning affect question construction? Provide examples of questions that were positively and negatively influenced by these elements.
Determine the P value for the indicated hypothesis test with given standardized test statistic, z. Make decision whether to reject H0 for given level of significance deviation.
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