Concept explainers
a)
To identify: If the given probability statement is objective or subjective.
a)
Explanation of Solution
Statement:
The probability of snow tomorrow.
Correct answer:
The given probability statement is “subjective” in nature.
There is no surety that it will snow tomorrow. The probability is subject to change depending on the weather conditions. Therefore, the probability is subjective in nature.
b)
To identify: If the given probability statement is objective or subjective.
b)
Explanation of Solution
Statement:
The probability of catching a fish.
Correct answer:
The given probability statement is “subjective” in nature.
The probability of catching a fish is not a surety and hence termed as subjective in nature. It is subject to change depending on catching the fish or not.
c)
To identify: If the given probability statement is objective or subjective.
c)
Explanation of Solution
Statement:
The probability of the prime interest rate rising in the coming year.
Correct answer:
The given probability statement is “subjective and also objective” in nature.
The given probability statement can be both subjective and objective in nature. The idea of prime interest rating increasing the coming year could have been estimated with the help of background data and can be termed as objective. Even after computation, the event must occur for the statement to be true. Hence, the given statement can be termed as both objective and subjective.
d)
To identify: If the given probability statement is objective or subjective.
d)
Explanation of Solution
Statement:
The probability that the Team CR will win the World Series.
Correct answer:
The given probability statement is “subjective” in nature.
The probability of Team CR winning the world series is subject to change depending on their performance and cannot be termed as a definite occurrence. Hence, the given statement is subjective in nature.
e)
To identify: If the given probability statement is objective or subjective.
e)
Explanation of Solution
Statement:
The probability that demand for a product will be a specific amount next month.
Correct answer:
The given probability statement is “objective” in nature.
The probability that the demand will be a specific amount in the next month would have been calculated by careful analysis of historical data of recorded observations. Hence, the statement is objective in nature.
f)
To identify: If the given probability statement is objective or subjective.
f)
Explanation of Solution
Statement:
The probability that a political candidate will win an election.
Correct answer:
The given probability statement is “subjective” in nature.
The probability that a political candidate will win the election is merely based on trends and judgment and is not backed by any data. Hence, it is subjective in nature.
g)
To identify: If the given probability statement is objective or subjective.
g)
Explanation of Solution
Statement:
The probability that a machine will break down.
Correct answer:
The given probability statement is “objective” in nature.
The probability that the machine will breakdown can be termed as objective as every machine will have a certain lifespan and is likely to operate only until the specific lifespan. Hence, it can be expected the machine to breakdown at a certain point so that the statement becomes objective in nature.
h)
To identify: If the given probability statement is objective or subjective.
h)
Explanation of Solution
Statement:
The probability of being dealt four aces in a poker hand.
Correct answer:
The given probability statement is “objective” in nature.
The probability of being dealt four aces is objective in nature. Each pack of cards contains 52 cards and contains 4 Aces in them. Hence, it is possible that 4 Aces are being dealt to a single person. Hence, the statement is objective in nature.
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Chapter 11 Solutions
Introduction to Management Science (12th Edition)
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- Main Challenges at TechInnovateStrategic DirectionTechInnovate's board of directors is pushing for a more aggressive expansion into emerging markets, particularly in Africaand Southeast Asia. However, there's internal disagreement about whether to focus on these new markets or consolidatetheir position in existing ones. Sarah Chen favors rapid expansion, while some senior executives advocate for a morecautious approach.Ethical ConcernsThe company's AI algorithms have come under scrutiny for potential biases, particularly in facial recognition technology.There are concerns that these biases disproportionately affect minority groups. Some employees have voiced ethicalconcerns about selling this technology to law enforcement agencies without addressing these issues.Team Leadership and DiversityTechInnovate's leadership team is predominantly male and Western, despite its global presence. There's growing pressurefrom employees and some board members to diversify the leadership team to…arrow_forwardSarah Anderson, the Marketing Manager at Exeter Township's Cultural Center, is conducting research on the attendance history for cultural events in the area over the past ten years. The following data has been collected on the number of attendees who registered for events at the cultural center. Year Number of Attendees 1 700 2 248 3 633 4 458 5 1410 6 1588 7 1629 8 1301 9 1455 10 1989 You have been hired as a consultant to assist in implementing a forecasting system that utilizes various forecasting techniques to predict attendance for Year 11. a) Calculate the Three-Period Simple Moving Average b) Calculate the Three-Period Weighted Moving Average (weights: 50%, 30%, and 20%; use 50% for the most recent period, 30% for the next most recent, and 20% for the oldest) c) Apply Exponential Smoothing with the smoothing constant alpha = 0.2. d) Perform a Simple Linear Regression analysis and provide the adjusted…arrow_forwardRuby-Star Incorporated is considering two different vendors for one of its top-selling products which has an average weekly demand of 70 units and is valued at $90 per unit. Inbound shipments from vendor 1 will average 390 units with an average lead time (including ordering delays and transit time) of 4 weeks. Inbound shipments from vendor 2 will average 490 units with an average lead time of 2 weeksweeks. Ruby-Star operates 52 weeks per year; it carries a 4-week supply of inventory as safety stock and no anticipation inventory. Part 2 a. The average aggregate inventory value of the product if Ruby-Star used vendor 1 exclusively is $enter your response here.arrow_forward
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