Mindtap Business Analytics, 1 Term (6 Months) Printed Access Card For Camm/cochran/fry/ohlmann/anderson/sweeney/williams' Essentials Of Business Analytics, 2nd
2nd Edition
ISBN: 9781305861794
Author: Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Publisher: Cengage Learning
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Textbook Question
Chapter 10, Problem 5P
Consider again the scenario described in Problem 4.
- a. The Center for Business Analytics is considering a refund policy for no-shows. No refund would be given for members who do not attend, but nonmembers who do not attend will be refunded 50% of the price. Extend the model you developed in Problem 4 for the Business Intelligence Symposium to account for the fact that, historically, 25% of members who registered do not show and 10% of registered nonmembers do not attend. The center pays the caterer for breakfast and lunch based on the number of registrants (not the number of attendees). However, the center pays for parking only for those who attend. What is the profit if each corporate member registers their full allotment of tickets and 127 nonmembers register?
- b. Use a two-way data table to show how profit changes as a
function of number of registered nonmembers and the no-show percentage of nonmembers. Vary the number of nonmember registrants from 80 to 160 in increments of 5 and the percentage of nonmember no-shows from 10 to 30% in increments of 2%.
4. The University of Cincinnati Center for Business Analytics is an outreach center that collaborates with industry partners on applied research and continuing education in business analytics. One of the programs offered by the center is a quarterly Business Intelligence Symposium. Each symposium features three speakers on the real-world use of analytics. Each corporate member of the center (there are currently 10) receives five free seats to each symposium. Nonmembers wishing to attend must pay $75 per person. Each attendee receives breakfast, lunch, and free parking. The following are the costs incurred for putting on this
- a. Build a spreadsheet model that calculates a profit or loss based on the number of nonmember registrants.
- b. Use Goal Seek to find the number of nonmember registrants that will make the event break even.
a.
Expert Solution
To determine
Calculate the profit if each corporate member registers their full allotment of tickets and 127 non-members register.
Answer to Problem 5P
The required profit is $2,288.25.
Explanation of Solution
Calculation:
The EXCEL formulas for calculating the profit is displayed below:
The output for the above mentioned formulas is shown below:
Thus, the required profit is $2,288.25.
b.
Expert Solution
To determine
Utilise the two-way table to show the change of profit as a function of number of registered non-members and the no-show percentage of non-members using provided information.
Answer to Problem 5P
The two-way data table is obtained as follows:
Explanation of Solution
Step-by-step procedure to create a data table using EXCEL is given below:
- Click on Data>What-If-Analysis.
- Select Data Table from the drop-down list.
- Under Row input cell>click on cell $B$15.
- Under Column input cell>click on cell $B$19.
- Click Ok.
The output for two-way data table is thus obtained.
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Students have asked these similar questions
17. Suppose that X1, X2,..., Xn are random variables, such that E|xk| < ∞ for
all k, and set Yn = max1
6. Show that, for any random variable, X, and a > 0,
L
P(x < X ≤ x+a) dx = a.
2015
15. This problem extends Problem 20.6. Let X, Y be random variables with finite
mean. Show that
(P(X ≤ x ≤ Y) - P(Y < x ≤ X))dx = E Y — E X.
Chapter 10 Solutions
Mindtap Business Analytics, 1 Term (6 Months) Printed Access Card For Camm/cochran/fry/ohlmann/anderson/sweeney/williams' Essentials Of Business Analytics, 2nd
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- 2. Which of the following statements are (not) true? lim sup{An U Bn} 818 lim sup{A, B} 818 lim inf{An U Bn} 818 818 lim inf{A, B} An An A, Bn- A, BnB →B = = = lim sup A, U lim sup Bn; 818 818 lim sup A, lim sup Bn; 818 81U lim inf A, U lim inf Bn; 818 818 lim inf A, lim inf Bn; n→X 818 An U BRAUB as no; An OBRANB as n→∞.arrow_forwardThroughout, A, B, (An, n≥ 1), and (Bn, n≥ 1) are subsets of 2. 1. Show that AAB (ANB) U (BA) = (AUB) (AB), Α' Δ Β = Α Δ Β, {A₁ U A2} A {B₁ U B2) C (A1 A B₁}U{A2 A B2).arrow_forward16. Show that, if X and Y are independent random variables, such that E|X|< ∞, and B is an arbitrary Borel set, then EXI{Y B} = EX P(YE B).arrow_forward
- Proposition 1.1 Suppose that X1, X2,... are random variables. The following quantities are random variables: (a) max{X1, X2) and min(X1, X2); (b) sup, Xn and inf, Xn; (c) lim sup∞ X and lim inf∞ Xn- (d) If Xn(w) converges for (almost) every w as n→ ∞, then lim- random variable. → Xn is aarrow_forwardExercise 4.2 Prove that, if A and B are independent, then so are A and B, Ac and B, and A and B.arrow_forward8. Show that, if {Xn, n ≥ 1) are independent random variables, then sup X A) < ∞ for some A.arrow_forward
- 8- 6. Show that, for any random variable, X, and a > 0, 8 心 P(xarrow_forward15. This problem extends Problem 20.6. Let X, Y be random variables with finite mean. Show that 00 (P(X ≤ x ≤ Y) - P(X ≤ x ≤ X))dx = E Y — E X.arrow_forward(b) Define a simple random variable. Provide an example.arrow_forward17. (a) Define the distribution of a random variable X. (b) Define the distribution function of a random variable X. (c) State the properties of a distribution function. (d) Explain the difference between the distribution and the distribution function of X.arrow_forward16. (a) Show that IA(w) is a random variable if and only if A E Farrow_forward15. Let 2 {1, 2,..., 6} and Fo({1, 2, 3, 4), (3, 4, 5, 6}). (a) Is the function X (w) = 21(3, 4) (w)+711.2,5,6) (w) a random variable? Explain. (b) Provide a function from 2 to R that is not a random variable with respect to (N, F). (c) Write the distribution of X. (d) Write and plot the distribution function of X.arrow_forwardarrow_back_iosSEE MORE QUESTIONSarrow_forward_ios
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