Explain how many dollars should you convert to shillings, Operation Management

Assignment Help:

(Shillings) You are traveling abroad and have only American dollars with you. You are currently in the capital but you will soon be heading out to a small town for an extended stay. In the town, no one takes credit cards and they only accept the domestic currency (shillings). In the capital, you can convert dollars to shillings at a rate of two shillings per dollar. In the town, you learn that one dollar only buys 1.6 shillings. Upon your return to the capital at the end of your trip, you can convert shillings back to dollars at a rate of 2.5 shillings per dollar. You estimate that your expenditures in the town will be normally distributed with mean of 400 shillings and standard deviation of 100 shillings.

a. How many dollars should you convert to shillings before leaving the capital?

b. After some thought, you feel that it might be embarrassing if you run out of shillings and need to ask to convert additional dollars, so you really do not want to run out of shillings. How many dollars should you convert to shillings if you want to ensure there is no more than a 1 in 200 chance you will run out of shillings?

 


Related Discussions:- Explain how many dollars should you convert to shillings

Explain legal constraints and ethical constrains, Legal constraints and eth...

Legal constraints and ethical constrains when dealing with drinking with business clients

Explain what output rate will be achieved, An assembly line with 30 activit...

An assembly line with 30 activities is to be balanced. The total amount of time to complete all 30 activities is 42 minutes. The longest activity takes 2.4 minutes and the shortest

Explain marketing problems and opportunities, The broad goal of _____ is to...

The broad goal of _____ is to identify and define both marketing problems and opportunities and to generate and improve marketing actions. advertising sales promotion publ

Explain smartphones are more likely to be used more, Considering research: ...

Considering research: Smartphones are more likely to be used more by whites or Hispanic

Cheapest car rental rents cars why getting loses, Cheapest Car Rental rents...

Cheapest Car Rental rents cars at the Chicago airport. The car rental market consists of two segments: the short term segment, which rents for an average of .5 weeks, and the mediu

How x control chart is used, How X control chart is used? X control cha...

How X control chart is used? X control chart is used with go and not go inspection.

Diverse means for differentiating products and services, Consider the diver...

Consider the diverse means of differentiating products and services. Which ones have the most impact on your choices? Why? Explain. Bottom of Form

Management , Management Management can be elucidated as an art or scie...

Management Management can be elucidated as an art or science, (however, it is  combination of  art and science) of getting things completed by the people, by planning coordina

Explain what advice might herzberg give bridget, Bridget Jones has been the...

Bridget Jones has been the manager of the research office at her company for over a year. She is beginning to wonder if she will ever be comfortable in this role. Her employees see

Time study - process design, Time Study - Process Design Time study by...

Time Study - Process Design Time study by stopwatch or micro-motion analysis is the original method of work measurement devised by Taylor and his followers, and is still routi

Write Your Message!

Captcha
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