A financial consultant has an average of seven customers he consults with each day; assume a Poisson distribution. The consultant's overhead requires that he consult with at least five customers per day for his fees to cover his expenses. Use the Excel Random Number Generation tool to generate 100 samples of the number of customers that the financial consultant will have on a daily basis. What percentage of these will meet his target of at least five? Use a seed of 7.

A financial consultant has an average of seven customers he consults with each day; assume a Poisson distribution. The consultant's overhead requires that he consult with at least five customers per day for his fees to cover his expenses. Use the Excel Random Number Generation tool to generate 100 samples of the number of customers that the financial consultant will have on a daily basis. What percentage of these will meet his target of at least five? Use a seed of 7.

Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN:9781305627734

Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Chapter5: Probability: An Introduction To Modeling Uncertainty

Section: Chapter Questions

Problem 14P: Suppose the following data represent the number of persons unemployed for a given number of months...

See similar textbooks

Similar questions

A data analyst decided to do all design work from home and wants to create a home office. The analyst needs a new computer for $1,900 and printer/scanner for $250. A vendor offers a financing option of a monthly installment of $99 for a period of 24 months. First payment is due at the end of the month of purchase. The vendor will accept either a cash payment upfront or financing over 24 months as mentioned earlier. Rationally, for the vendor, it does not make an economic difference if the customer chooses to pay now or financing (options are equivalent. Therefore, [a] What is the monthly interest rate implied in the vendor's offer? [b] If the engineer requested a 6-month installment instead of 24 months and the vendor agrees for the same interest rate as part [a] what would be the monthly payment be in this case?
These problems illustrate the application of Little’s Law. 1. Suppose that a voting facility processes an average of 57 people per hour (throughput) and that, on average, it takes 35 minutes for each person to complete the voting process (flow time). 2. Suppose that the loan department of a bank takes an average of 15 days (0.5 months) to process an application (flowtime) and that an internal audit found that about 100 applications are in various stages of processing at any one time (work-in-process). 3. Suppose that a restaurant makes 350 pizzas per week, each of which uses 1/2 pound of dough, and that it typically maintains an inventory of 60 pounds of dough. Open the spreadsheet and perform the required analysis to answer the questions below. 1. What is the work-in-process for the problem 1? Round your answer to two decimal places. ______ voters 2. What is the throughput (per month) for the problem 2? Round your answer to the nearest whole value. ____________ applications per…
ind each Poisson probability, using a mean arrival rate of 10 arrivals per hour. (a) Seven arrivals. (Round your answer to 4 decimal places.) Poisson probability (b) Three arrivals. (Round your answer to 4 decimal places.) Poisson probability (c) Fewer than five arrivals. (Round your answer to 4 decimal places.) Poisson probability (d) At least 11 arrivals. (Round your answer to 4 decimal places.) Poisson probability
Historical data show that customers who download music from a popular Web service spend approximately $20 per month, with a standard deviation of $3. Assume the spending follows the normal probability distribution. Find the probability that a customer will spend at least $18 per month. How much (or more) do the top 7% of customers spend? What is the probability that a customer will spend at least $18 per month? 0.7475 (Round to four decimal places as needed.) How much do the top 7% of customers spend? (Round to the nearest cent as needed.)
A sociologist was hired by a large city hospital to investigate the relationship between the number of unauthorized days that employees are absent per year and the distance (miles) between home and work for the employees. A sample of 10 employees was chosen, and the following data were collected. a. Develop a scatter chart for these data. Does a linear relationship appear reasonable? Explain. b. Use the data to develop an estimated regression equation that could be used to predict the number of days absent given the distance to work. What is the estimated regression model? c. What is the 99% confidence interval for the regression parameter 1? Based on this interval, what conclusion can you make about the hypotheses that the regression parameter 1 is equal to zero? d. What is the 99% confidence interval for the regression parameter 0? Based on this interval, what conclusion can you make about the hypotheses that the regression parameter 0 is equal to zero? e. How much of the variation in the sample values of number of days absent does the model you estimated in part (b) explain?
For TVM calculator: Write each known variable’s value as it appears in the calculator and use a question mark for the missing variable. Then, in the space provided write the missing variable’s value, as it appears in the calculator. Finally, write your final answer in context, with units, as a complete sentence. Greg has been making regular monthly payments of $425 into an account for 15 years, and he now has $96,000. What is the annual interest rate of his account? N=180 I= ? PV=96,000 PMT= 425 FV= ? P/Y= 12 C/Y=12 Missing Variable Value __________________ Context Sentence:
I need help to do question 9 from A to D and please include the formulas on how to solve using Excel and the answer for the Finance homework.
You run a software development business where customers require immediate technical support. You plan to target 1,092 users this month of which 12.22% will convert and become customers. Each customer will require about 48 minutes of phone support per month from the first month. You plan to recruit the support staff on an hourly basis for $27.7 per hour plus 21.3% in benefits. For every 30 minutes of phone support, each support staff will be entitled to another 15 minutes of administrative and email/messaging support time. How much is the monthly support expense for the customers targeted this month assuming no churn? Options: $5,380 $5,515 $5,649 $5,784 $5,918
ACE Math Academy provides math help for high school students. The organizations believes a small group learning environment allows students to become more comfortable in asking questions while being able to learn from other students. As a result, each instructor is expected to have a class of six students and each session is two hours long. There are four instructors and they are each being paid $35 per hour. Each session is expected to cost $30 for the student. For the month of June, the company expects 120 sessions. By the end of the month the company noticed everything has met expectations expect the following Instructors were being paid at $40 per hour There were a total of 100 sessions in the month students paid 34 per session A) Calculate the selling price variance for the month. B) Calculate the rate and efficiency variance per hour for direct labor C) Calculate the total direct labor flexible budget variance
Dog
Suppose that you have been given a summer job as an intern at Issac Aircams, a company that manufactures sophisticated spy cameras for remote-controlled military reconnaissance aircraft. The company, which is privately owned, has approached a bank for a loan to help finance its growth. The bank requires financial statements before approving the loan. Required: Classify each cost listed below as either a product cost or a period cost for the purpose of preparing financial statements for the bank. 8 00-45-49 Costs Product Cost / Period Cost 1. Depreciation on salespersons' cars. 2. Rent on equipment used in the factory. 3 lubricants used for machine maintenance Salaries of personnel who work in the finished goods warehouse 5. Soap and paper towels used by factory workers at the end of a shift. 6. Factory supervisors' salaries. 7. Heat, water, and power consumed in the factory. 8. Materials used for boxing products for shipment overseas. (Units are not normally boxed.) 9. Advertising…
The Paymore Rental Car Agency rents cars in a small town. It wants to determine how many rental cars it should maintain. Based on market projections and historical data, the manager has determined probability distributions for the number of rentals per day and rental duration (in days only) as shown in the following tables: Number of customers per day Probability 0 .20 1 .20 2 .50 3 .10 Rental duration in days Probability 1 .10 2 .30 3 .40 4 .10 5 .10 Design a simulation experiment for the car agency and simulate using a fleet of four rental cars for 10 days. Compute the probability that the agency will not have a car available upon demand. Should the agency expand its fleet? Explain how a simulation experiment could be designed to determine the optimal fleet size for the Paymore Agency. Use the following random numbers in order (from left to right) for the simulation of number of customers per day: 0.62 0.48 0.96 0.86 0.86 0.29 0.79 0.22 0.08 0.62…