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: Cengage Learning
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Chapter 15, Problem 16P
Suppose that you are given a decision situation with three possible states of nature: s1, s2, and s3. The prior
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A random sample of college students were asked to estimate the total number of alcoholic drinks they consume in an average week. Responses are recorded in the following table.
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0
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2
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4
8
8
9
12
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15
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25
33
35
44
Use the sample data to find the error bound with 90% confidence and the subsequent confidence interval for the mean number of alcoholic drinks a college student consumes each week.
15.15. A product is shipped in lots of size N = 2,000. Find a Dodge-Romig single-sampling plan for which the LTPD = 1%, assuming that the process average is 0.25% defective. Draw the OC curve and the ATI curve for this plan. What is the AOQL for this sampling plan?
The sampling plan that should be used is n = 490 and c = 4. If rejected lots are screened 100% and defective items replaced with good ones, the AOQL (from Table 15.9) is approximately X.XX%.
n: from Table 15.9
c: from Table 15.9
Dodge-Romig, LTPD=1.0%, N=2000, process avg = 0.25%
N=
2000
n=
from Table 15.9
C=
from Table 15.9
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D=N*p
Pa
ATI
AOQ
0.001
0.002
----
0.020
OC curve for N=2000, n=, c=, AOQL= %
ATI curve for N=2000, n=
C=
Chapter 15 Solutions
Essentials of Business Analytics (MindTap Course List)
Ch. 15 - Prob. 1PCh. 15 - Southland Corporation’s decision to produce a new...Ch. 15 - Amy Lloyd is interested in leasing a new Honda and...Ch. 15 - Investment advisors estimated the stock market...Ch. 15 - Hudson Corporation is considering three options...Ch. 15 - Prob. 6PCh. 15 - Myrtle Air Express decided to offer direct service...Ch. 15 - Video Tech is considering marketing one of two new...Ch. 15 - Seneca Hill Winery recently purchased land for the...Ch. 15 - Hemmingway, Inc. is considering a $5 million...
Ch. 15 - The following profit payoff table was presented in...Ch. 15 - Suppose that you are given a decision situation...Ch. 15 - A firm has three investment alternatives. Payoffs...Ch. 15 - Alexander Industries is considering purchasing an...Ch. 15 - In a certain state lottery, a lottery ticket costs...Ch. 15 - Three decision makers have assessed utilities for...Ch. 15 - In Problem 22, if P(s1) = 0.25, P(s2) = 0.50, and...Ch. 15 - Translate the following monetary payoffs into...Ch. 15 - Consider a decision maker who is comfortable with...
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