Spreadsheet Modeling & Decision Analysis: A Practical Introduction To Business Analytics, Loose-leaf Version
Spreadsheet Modeling & Decision Analysis: A Practical Introduction To Business Analytics, Loose-leaf Version
8th Edition
ISBN: 9781337274852
Author: Ragsdale, Cliff
Publisher: South-Western College Pub
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Suppose the waiting time at a certain checkout counter is bi-modal. With probability 0.85, the waiting time follows an exponential distribution with a mean waiting time of four minutes. With probability 0.15, the waiting time equals 20 minutes. a) Compute the mean and median waiting time at the checkout counter. b) Compute the variance of the waiting time at the checkout counter. c) Compute the probability that an individual customer waits longer than 5 minutes at the checkout counter.
Two methods are used to predict how many customers will call in for help in the next four days. The first method predicts the numbers of callers to be 49, 42, 46, and 50 for the four respective days. The second method predicts 48, 43, 47, and 49 for the four respective days. The actual numbers of callers turn out to be 50, 40, 45, and 48. Which method has the smaller mean absolute error (MAE)? O Both methods have the same MAE The second method. The first method O Cannot be determined
1. A single cashier handles customers that arrive at a bakery. About 34.8 customers come into the bakery per hour. It takes 73 seconds to serve each customer (standard time). 2. What is the utilization of the cashier?What is the probability there are no customers in line or at the cashier? 3. What is the probability there are less than 2 customers waiting? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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