PRACTICAL MGT. SCIENCE (LL)-W/MINDTAP
6th Edition
ISBN: 9781337610278
Author: WINSTON
Publisher: CENGAGE L
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 10.2, Problem 6P
Use @RISK to draw a binomial distribution that results from 50 trials with probability of success 0.3 on each trial, and use it to answer the following questions.
- a. What are the mean and standard deviation of this distribution?
- b. You have to be more careful in interpreting @RISK probabilities with a discrete distribution such as this binomial. For example, if you move the left slider to 11, you find a probability of 0.139 to the left of it. But is this the probability of “less than 11” or “less than or equal to 11”? One way to check is to use Excel’s BINOM.DIST function. Use this function to interpret the 0.139 value from @RISK.
- c. Using part b to guide you, use @RISK to find the probability that a random number from this distribution will be greater than 17. Check your answer by using the BINOM.DIST function appropriately in Excel.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
FORMATIVE ASSESSMENT 1
Read the article below and answer ALL the questions
Pick n Pay reveals strategy to restore its business
27 May 2024
[100 MARKS]
Following a disappointing full year performance for FY24, Pick n Pay CEO Sean Summers has unveiled the new board-
approved six-point strategy to restore the Group's core Pick n Pay supermarket business to profitability.
PHASED APPROACH IMPLEMENTATION
Leverage strength of partnerships
Leadership and people
2 Reset the store estate
3 Improve offer to drive sales
4 Optimise operating model
Leverage strength of partnerships
Recapitalisation
Pick n Pay Prod
FY26 FY27 Before Tax break-even
FY25
Halve Group
H2 FY24
H1 FY25
H2 FY25 H1 FY26 H2 FY26
HI FY27 H2 FY27
KEY IMPACT AND/OR TARGETED OUTCOMES
Appointing the right people, in the optimal roles, to
Directly and indirectly impact revenue growth drivers and
1
drive sales and realise margin improvement
5
enhances gross and operating margins
2 Expected notable associated savings/loss avoidance…
With an enormous amount of data stored in databases and data warehouses, it is increasinglyimportant to develop powerful tools for analysis of such data and mining interestingknowledge from it. Data mining is a process of inferring knowledge from such huge data. Themain problem related to the retrieval of information from the World Wide Web is theenormous number of unstructured documents and resources, i.e., the difficulty of locating andtracking appropriate sources.
Your company is considering investing in a Human Resource Information System (HRIS).Briefly explain the strategies for justifying HRIS investments.
Your company is considering investing in a Human Resource Information System (HRIS).Briefly explain the strategies for justifying HRIS investments.
Chapter 10 Solutions
PRACTICAL MGT. SCIENCE (LL)-W/MINDTAP
Ch. 10.2 - Use the RAND function and the Copy command to...Ch. 10.2 - Use Excels functions (not @RISK) to generate 1000...Ch. 10.2 - Use @RISK to draw a uniform distribution from 400...Ch. 10.2 - Use @RISK to draw a normal distribution with mean...Ch. 10.2 - Use @RISK to draw a triangular distribution with...Ch. 10.2 - Use @RISK to draw a binomial distribution that...Ch. 10.2 - Use @RISK to draw a triangular distribution with...Ch. 10.2 - We all hate to keep track of small change. By...Ch. 10.4 - Prob. 11PCh. 10.4 - In August of the current year, a car dealer is...
Ch. 10.4 - Prob. 13PCh. 10.4 - Prob. 14PCh. 10.4 - Prob. 15PCh. 10.5 - If you add several normally distributed random...Ch. 10.5 - In Problem 11 from the previous section, we stated...Ch. 10.5 - Continuing the previous problem, assume, as in...Ch. 10.5 - In Problem 12 of the previous section, suppose...Ch. 10.5 - Use @RISK to analyze the sweatshirt situation in...Ch. 10.5 - Although the normal distribution is a reasonable...Ch. 10.6 - When you use @RISKs correlation feature to...Ch. 10.6 - Prob. 24PCh. 10.6 - Prob. 25PCh. 10.6 - Prob. 28PCh. 10 - Six months before its annual convention, the...Ch. 10 - Prob. 30PCh. 10 - A new edition of a very popular textbook will be...Ch. 10 - Prob. 32PCh. 10 - W. L. Brown, a direct marketer of womens clothing,...Ch. 10 - Assume that all of a companys job applicants must...Ch. 10 - Lemingtons is trying to determine how many Jean...Ch. 10 - Dilberts Department Store is trying to determine...Ch. 10 - It is surprising (but true) that if 23 people are...Ch. 10 - Prob. 40PCh. 10 - At the beginning of each week, a machine is in one...Ch. 10 - Simulation can be used to illustrate a number of...Ch. 10 - Prob. 43PCh. 10 - Prob. 46PCh. 10 - If you want to replicate the results of a...Ch. 10 - Suppose you simulate a gambling situation where...Ch. 10 - Prob. 49PCh. 10 - Big Hit Video must determine how many copies of a...Ch. 10 - Prob. 51PCh. 10 - Prob. 52PCh. 10 - Why is the RISKCORRMAT function necessary? How...Ch. 10 - Consider the claim that normally distributed...Ch. 10 - Prob. 55PCh. 10 - When you use a RISKSIMTABLE function for a...Ch. 10 - Consider a situation where there is a cost that is...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.Similar questions
- EXPLAIN Human Resource Information System (HRIS)arrow_forwardRead the mini-case study below and answer the following questions.With an enormous amount of data stored in databases and data warehouses, it is increasinglyimportant to develop powerful tools for analysis of such data and mining interestingknowledge from it. Data mining is a process of inferring knowledge from such huge data. Themain problem related to the retrieval of information from the World Wide Web is theenormous number of unstructured documents and resources, i.e., the difficulty of locating andtracking appropriate sources.Briefly explain any five (5) types of information you can get from data mining.arrow_forwardProblem 1: Practice Problems Chapter 6 Managing Quality The accounts receivable department has documented the following defects over a 30-day period: Category Frequency Invoice amount does not agree with the check amount 108 Invoice not on record (not found) 24 No formal invoice issued Check (payment) not received on time 18 30 Check not signed 8 Invoice number and invoice referenced do not agree 12 What techniques would you use and what conclusions can you draw about defects in the accounts receivable department? Problem 2: Prepare a flow chart for purchasing a Big Mac at the drive-through window at McDonalds. Problem 3: Draw a fishbone chart detailing reasons why a part might not be correctly machined.arrow_forward
- Problem 5: Development of a new deluxe version of a particular software product is being considered. The activities necessary for the completion of this project are listed in the table below along with their costs and completion times in weeks. Activity Normal Crash Normal Crash Immediate Time Time Cost Cost Predecessor A 4 3 2,000 2,600 B 2 1 2,200 2,800 A C 3 3 500 500 A D 8 4 2,300 2,600 A E 6 3 900 1,200 B, D F 3 2 3,000 4,200 C, E G 4 2 1,400 2,000 F a. What is the project expected completion date? b. What is the total cost required for completing this project on normal time? c. If you wish to reduce the time required to complete this project by 1 week, which activity should be crashed, and how much will this increase the total cost?arrow_forwardI need answer typing clear urjent no chatgpt used pls i will give 5 Upvotes.with diagramarrow_forwardnot use ai pleasearrow_forward
- provide scholarly reseach and references for the following 1. explain operational risks and examples of such risk faced by management at financial institutions 2. discuss the importance of establishing an effective risk management policy at financial institutions to manage operational risk, giving example of a risk management strategy used by financial institutions to mitigate such risk. 3. what is the rold of the core principles of effective bank supervision as it relates to operational risk, in the effective management of financial institutions.arrow_forwardPlease show all units, work, and steps needed to solve this problem I need answer typing clear urjent no chatgpt used pls i will give 5 Upvotes.arrow_forwardIM.82 A distributor of industrial equipment purchases specialized compressors for use in air conditioners. The regular price is $50, however, the manufacturer of this compressor offers quantity discounts per the following discount schedule: Option Plan Quantity Discount A 1 - 299 0% B 300 - 1,199 0.50% C 1,200+ 1.50% The distributor pays $56 each time it places an order with the manufacturer. Holding costs are negligible (none) but they do earn 10% annual interest on all cash balances (meaning there will be a financial opportunity cost when they put cash into inventory). Annual demand is expected to be 10,750 units. When there is no quantity discount (Option Plan A, the first row of the schedule listed above), what is the adjusted order quantity? (Display your answer to the nearest whole number.) 491 Based on your answer to the previous question, and based on the annual demand as stated above, what will be the annual ordering costs? (Display your answer to the…arrow_forward
- Excel Please. The workload of many areas of banking operations varies considerably based on time of day. A variable capacity can be achieved effectively by employing part-time personnel. Because part-timers are not entitled to all the fringe benefits, they are often more economical than full-time employees. Other considerations, however, may limit the extent to which part-time people can be hired in a given department. The problem is to find an optimal workforce schedule that would meet personnel requirements at any given time and also be economical. Some of the factors affecting personnel assignments are listed here: The bank is open from 9:00am to 7:00pm. Full-time employees work for 8 hours (1 hour for lunch included) per day. They do not necessarily have to start their shift when the bank opens. Part-time employees work for at least 4 hours per day, but less than 8 hours per day and do not get a lunch break. By corporate policy, total part-time personnel hours is limited…arrow_forwardIM.84 An outdoor equipment manufacturer sells a rugged water bottle to complement its product line. They sell this item to a variety of sporting goods stores and other retailers. The manufacturer offers quantity discounts per the following discount schedule: Option Plan Quantity Price A 1 - 2,399 $5.50 B 2,400 - 3,999 $5.20 C 4,000+ $4.50 A large big-box retailer expects to sell 9,700 units this year. This retailer estimates that it incurs an internal administrative cost of $225 each time it places an order with the manufacturer. Holding cost for the retailer is $55 per case per year. (There are 40 units or water bottles per case.) Based on this information, and not taking into account any quantity discount offers, what is the calculated EOQ (in units)? (Display your answer to the nearest whole number.) Number Based on this information, sort each quantity discount plan from left to right by dragging the MOST preferred option plan to the left, and the LEAST preferred…arrow_forwardIn less than 150 words, what is an example of what your reflection of core values means to you and your work: Commitment, Perseverance, Community, Service, Pride?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,
Single Exponential Smoothing & Weighted Moving Average Time Series Forecasting; Author: Matt Macarty;https://www.youtube.com/watch?v=IjETktmL4Kg;License: Standard YouTube License, CC-BY
Introduction to Forecasting - with Examples; Author: Dr. Bharatendra Rai;https://www.youtube.com/watch?v=98K7AG32qv8;License: Standard Youtube License