Stats Help for College-level Students

probability and decision making

Norm Dickins the town pharmacist is interested in obtaining a loan to expand his business. He will get a better interest rate if he can reasonably demonstrate that his near-term monthly revenues will be between $10,000 and $15,000. He doesn't know the exact level of sales to expect over the next several months, but based on pa ...continues

cost of overbook vs. underbooking at hotels

Ms. Smitty, the manager of the 420-room St. James Resort is trying to decide how many rooms to reserve for vacationers who book less than two weeks in advance. Demand for the "early booking" rooms is unlimited at the price of $240/day. Demand for the "late booking" rooms averages around 120 rooms/day, and varies by about 15 ro ...continues

random sample...what to conclude?

A soft drink distributor claims that a new display, featuring a life-size picture of Babe Ruth, will increase product sales in supermarkets by an average of 50 cases in a week. For a random sample of twenty supermarkets, the average sales increase was 41.3 cases, and varied across supermarkets by about 12.2 cases. What manager ...continues

optimization?

There are three manufacturing plants on Lake Chinquapin: 1, 2, and 3. Each factory emits two types of pollutants, P1 and P2, into the water. If the waste from each factory is processed, the pollution in the lake can be reduced. It costs $15 to process one ton of Factory 1 waste, and each ton processed reduces the amount of P ...continues

Explain in managerial terms the effect of "alpha level" and "p"

To answer the question below, I was instructed to utilize one or more of the following techniques: -Confidence intervals and hypothesis testing -Decision trees (and their use in solving managerial problems), -Critical fractile analysis (and its use in determining optimal demand levels), -Analysis of variance/ANOVA (and its ...continues

Decision tree? Expected value?

To answer this question, I am supposed to utilize one or more of the following techniques. -Confidence intervals and hypothesis testing -Decision trees (and their use in solving managerial problems), -Critical fractile analysis (and its use in determining optimal demand levels), -Analysis of variance/ANOVA (and its use in ...continues

Confidence intervals and hypothesis testing? Maybe?

A local merchant is interested in obtaining a small business loan to expand his business. He will be able to obtain a more favorable interest rate if he can reasonably demonstrate that his near-term monthly revenues will be between $10,000 and $15,000. He doesn't know the exact level of sales to expect over the next several mo ...continues

Booking/Overbooking. Critical fractiles

The manager of the 420-room SleepyTime hotel is trying to decide how many rooms to reserve for vacationers who book less than two weeks in advance. Demand for the "early booking" rooms is unlimited at the price of $240/day. Demand for the "late booking" rooms averages around 120 rooms/day, and varies by about 15 rooms/day. Th ...continues

confidence intervals? hypothesis testing?

A soda distributor claims that a new display, featuring Lebron James will increase product sales in supermarkets by an average of 50 cases in a week. For a random sample of twenty supermarkets, the average sales increase was 41.3 cases, and varied across supermarkets by about 12.2 cases. What managerial conclusion can you draw ...continues

ANOVA? Random samples

To help the owner decide which of your two current suppliers deserves the larger contract next year, you have rated a random sample of plastic cases from each one. The data are a composite measure of quality (durability, finish detail, and plastic density), with higher numbers indicating higher quality (See data in file). Ar ...continues