the expected lost sales = 10‚000 * 0.1429 ≈ 1‚429 Expected sales = 30‚000 – 1‚429 = 30‚571 jerseys 3. First‚ we normalize the order quantity to find its z-statistic z=Q-μσ=28‚000-20‚00010‚000=0.8 In-stock probability = normdist(0.8‚ 0‚ 1‚ 1) = 0.788145 Therefore‚ the probability of filling all demand is 0.788145 4. Quantity = 8‚000 First‚ we normalize the order quantity to find the z-statistic z=Q-μσ=8‚000-15‚00010‚000=-0.7 We then look up the standard normal loss function. The expected
Premium Normal distribution
answer. Cutting or over writing is not allowed. | | | |If in a table all possible values of a random variable are given with their corresponding probabilities‚ then its table is called as | | | |(a) Prob. Density function (b) Dist. function (c) Prob. Distribution (d) Continuous dist. | | | |A
Premium Normal distribution Probability theory Random variable
B6014 MANAGERIAL STATISTICS Course Description: This course introduces students to basic concepts in probability and statistics of relevance to managerial decision making. Topics include basic data analysis‚ random variables and probability distributions‚ sampling distributions‚ interval estimation‚ hypothesis testing and regression. Numerous examples are chosen from quality-control applications‚ finance‚ marketing and management. Type and Length of Exam: Open book‚ 3 hours‚ calculator such as HP-12C
Premium Statistics Normal distribution Statistical inference
Question No. 1 A survey to collect data on the entire population is a census a sample a population an inference Question No. 2 A portion of the population selected to represent the population is called statistical inference descriptive statistics a census a sample Question No. 3 Qualitative data can be graphically represented by using a(n) Options histogram frequency polygon ogive bar graph Question No. 4 Fifteen percent of the students in a school of Business Administration
Premium Standard deviation Statistics Median
we know that when adopting a quantitative research design‚ a failure to use a probability sampling technique significantly limits our ability to make broader generalisations from our results (i.e.‚ our ability to make statistical inferences from our sample to the population being studied). However‚ the degree to which this reduces the quality of our findings is a matter of debate. Also‚ whilst the lack of a probability sampling technique when using a quantitative research design is a very obvious
Premium Scientific method Qualitative research Quantitative research
Section 1: Review and Preview * Chapters 2 and 3 used “descriptive statistics when summarizing data using tools (such as graphs)‚ and statistics (such as mean and standard deviation) * Methods of inferential statistics use sample data to make an inference or conclusion about a population * Two main activities of inferential statistics are using sample data to… * Estimate a population parameters * Such as estimating a population parameter with a confidence interval
Premium Statistical hypothesis testing Normal distribution Sample size
level. Calculate the probability that not more than one high acidity level catalyst is selected. [4 marks] b) Potholes on a highway can be a serious problem and are in constant need of repair. With a particular type of terrain and make of concrete‚ past experience suggests that‚ on the average‚ 2 potholes per kilometre after a certain amount of usage. It is assumed that the Poisson process applies to the random variable for the number of potholes. i. What is the probability that there will be between
Premium Standard deviation Randomness Normal distribution
Version: 1.5 Risk Management 1. 1.1. INTRODUCTION Purpose and Objectives Risk Management is the systematic process of identifying‚ analyzing‚ and responding to project risks. It includes maximizing the probability and consequences of positive events and minimizing the probability and consequences of adverse events to project objectives. A risk management plan defines how a project team will handle risks to achieve that goal. 2. RISK-RELATED DEFINITIONS There are a number of terms
Premium Project management Risk management
Definition Random variables that can assume any vallue in an interval. Term Expected Value Definition The mean of a probability distribution. the average value when the experiment that generates values for the random variables is repreated over the long run. Term Binomial Probability Distribution characteristics Definition A distribution that gives the probability of x successes in n trials in a process that meets certain conditions. Term Binomial Prob. Dist. characteristics #1
Premium Probability theory Random variable Binomial distribution
University of Phoenix Material Learning Team Summary Worksheet TWO (due week Five) Brenda Rivera As a learning team‚ complete the table with formulas‚ rules‚ and examples from each section of Chapters 4‚ 5‚ 6‚7‚8‚9‚10 and 11 in the textbook. The completed summary will help prepare you for the Final Exam in Week 5. Points will be awarded for completion of the project. Study Table for Weeks One and Two Chapter 4 Systems of Linear Equations; Matrices (Section 4-1 to 4-6)
Premium Random variable Probability theory