6. The Security & Trust Bank employs 4 tellers to serve its customers. Customers arrive according to a Poissonprocess at a mean rate of 2 per minute. However, business is growing and management projects that the meanarrival rate will be 3 per minute a year from now. The transaction time between the teller and customer has anexponential distribution with a mean of 1 minute.Management has established the following guidelines for a satisfactory level of service to customers. Theaverage number of customers waiting in line to begin service should not exceed 1. At least 90 percent of thetime, the number of customers waiting in line should not exceed 3.(a) Use the M/M/s model to determine how well these guidelines are currently being satisfied.(b) Use the Excel template to evaluate how well the guidelines will be satisfied a year from now if no change ismade in the number of tellers.(c) Use the Excel template to determine how many tellers will be needed a year from now to completelysatisfy these guidelines.

(a) Using the M/M/s model, we can calculate the current system's performance by finding the…

Answered: 6. The Security & Trust Bank employs 4…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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The Bureau of Labor Statistics reports on a variety of employment statistics. "College Enrollment and Work Activity of 2004 High School Graduates" provides information on high school graduates by gender, by race, and by labor force participation as of October 2004.³ (All numbers are in thousands.) The following two tables provide information on the “Labor force status of persons 16 to 24 years old by educational attainment and gender, October 2004." Using the information contained in the tables, do Exercises 4.58 through 4.62. OS LabForce Women, Age 16 to 24 < High School HS degree Some college Civilian Labor Force Employed Unemployed 662 2,050 1,352 Bachelors degree or more 921 Column Total 4,985 For Males: P{CLF | HSD} P{CLF | BD} 205 334 126 Click here for the Excel Data File 55 720 For Females: P{EMPI (CLF and HSD)} P{EMP | (CLF and BDM)} P{CLF | HSD} P{CLF | BD} Not in Labor Force 759 881 321 105 2,066 P{EMPI (CLF and HSD)} P{EMPI (CLF and BDM)} Row Total 1,626 3,265 1,799…
The index of leading economic indicators, compiled and published by the U.S. National Bureau of Economic Research, is composed of 12 time series, such as the average work hours of production in manufacturing, manufacturers’ new orders, and money supply. This index and similar indexes are designed to move up or down before the economy begins to move the same way. Thus, an economist has statistical evidence to forecast future trends.You want to construct a leading indicator for Erie County in upstate New York. The index is to be based on 2000 data. Because of the time and work involved, you decide to use only four time series. As an experiment, you select these four series: unemployment in the county, a composite index of county stock prices, the County Price Index, and retail sales. Here are the figures for 2000 and 2018. The weights you assign are unemployment rate 20%, stock prices 40%, County Price Index 25%, and retail sales 15%. (Round your answers to 1 decimal place.) a. Using…
To the Internal Revenue Service (IRS), the reasonableness of total itemized deductions depends on the taxpayer's adjusted gross income. Large deductions, which include charity and medical deductions, are more reasonable for taxpayers with larg given level of income, the chances of an IRS audit are increased. Data (in thousands of dollars) on adjusted gross income and the average or reasonable amount of itemized deductions follow. Adjusted Gross Income Itemized Deductions ($1,000s) 22 ($1,000) 9.6 27 9.6 32 10.1 48 11.1 65 13.5 85 120 15.7 25.5 (a) Develop a scatter diagram for these data with adjusted gross income as the independent variable. 30 25 20 15 10 5 30 25 20 15 10 5+ 30 25- 20- 15- 10- .. 5- 0 20 40 60 80 100 120 140 Adjusted Gross Income ($1,000s) 0 20 40 60 80 100 120 140 0 Adjusted Gross Income ($1,000s) 20 40 60 80 100 120 140 Adjusted Gross Income ($1,000s) 30 25 20 15 10 5- 0 20 40 60 80 100 Adjusted Gross Income ($1,000s) 120 140 G (b) Use the least squares method to…
Mariah Jacobsen is the marketing manager at ABC Electronics, a major consumer electronics supplier in the northwest. Over the last five years, sales of the company's flagship product - the Wizer Anonymizer (the WA) - have been 45000, 45500, 44500, 46000 and 44000 units. This rate of sales is considered average for the product over the last twenty years or so. Ms. Jacobsen believes that the distribution of the WA's sales is normal with a standard deviation of 1500 units. If she were asked to make a forecast of next year's sales to upper management, what is the likelihood that she would be correct if she predicts sales between 43000 and 46000?
To the Internal Revenue Service (IRS), the reasonableness of total itemized deductions depends on the taxpayer's adjusted gross income. Large deductions, which include charity and medical deductions, are more reasonable for taxpayers with large adjusted gross incomes. If a taxpayer claims larger th average itemized deductions for a given level of income, the chances of an IRS audit are increased. Data (in thousands of dollars) on adjusted gross income and the average or reasonable amount of itemized deductions follow. Adjusted Gross Income ($1,000s) 22 Itemized Deductions ($1,000s) 9.6 27 9.6 32 10.1 48 11.1 65 11.5 85 120 19.7 23.5 (a) Develop a scatter diagram for these data with adjusted gross income as the independent variable. 30 25 20 15 • 10 5 Itemized Deductions ($1,000s) 0 20 40 60 80 100 120 Adjusted Gross Income ($1,000s) 140 30 25 20 15 10 5. Itemized Deductions ($1,000s) 30 25 20 15 10 • 15 • 10 5- 0 20 40 60 80 100 120 140 0 Adjusted Gross Income ($1,000s) 20 40 60 80 100…
You may need to use the appropriate appendix table or technology to answer this question. In a study entitled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students have a mean credit card balance of $3,173. This figure was an all-time high and had increased 44% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the original report. Based on previous studies, use a population standard deviation ? = $1,000. (a) State the null and alternative hypotheses. H0: ? < 3,173 Ha: ? ≥ 3,173 H0: ? = 3,173 Ha: ? ≠ 3,173 H0: ? > 3,173 Ha: ? ≤ 3,173 H0: ? ≥ 3,173 Ha: ? < 3,173 H0: ? ≤ 3,173 Ha: ? > 3,173 (b) What is the test statistic for a sample of 170 undergraduate students with a sample mean credit card balance of $3,305? (Round your answer to two decimal places.) What is…
a. Make the case with graphs and numbers that women are a growing presence in the U.S. military. b. Make the case with graphs and numbers that women are a declining presence in the U.S. military. c. Write a paragraph that gives a balanced picture of the changing presence of women in the military using appropriate statistics to make your points. What additional data would be helpful?
1.) Data can be misrepresented through graphs. Try to find an example of a misleading graph in the real world. Check magazines, papers, internet, etc. Then upload the graph and say what can be misleading. 2.) What are the three measures of central tendancy and how do the mean and median give us an idea of how the data is distributed? 3.) What are the three measures of dispersion.
The National Collegiate Athletic Association (NCAA) requires colleges to report the graduation rates of athletes. Here are data from a Big Ten university’s report. The graduation rates were 37 of 45 female athletes and 58 of 102 male athletes. Is there evidence that a smaller proportion of male athletes than female athletes graduate within six years?

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