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Scott, MIT Graduate

Category: Homework

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Experience: MIT Graduate (Math, Programming, Science, and Music)

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Question 26
An automotive center keeps tracks of

Customer Question

Question 26

An automotive center keeps tracks of customer complaints received each week. The probability distribution for complaints can be represented as a table or a graph, both shown below. The random variable xi represents the number of complaints, and p(xi) is the probability of receiving xi complaints.

xi

0

1

2

3

4

5

6

p(xi)

.10

.15

.18

.20

.20

.10

.07

What is the average number of complaints received per week? Round your answer to two places after the decimal. Answer .

5 points

Question 27

A loaf of bread is normally distributed with a mean of 22 oz and a standard deviation of 0.5 oz. What is the probability that a loaf is larger than 21 oz? Round your answer to four places after the decimal. Answer .

5 points

Question 28

A fair die is rolled 8 times. What is the probability that an even number (2,4, 6) will occur between 2 and 4 times? Round your answer to four places after the decimal. Answer .

5 points

Question 29

Consider the following decision tree.

What is the expected value at node 4? Round your answer to the nearest whole number. Do not include the dollar sign “$” in your answer. Answer .

5 points

Question 30

The local operations manager for the IRS must decide whether to hire 1, 2, or 3 temporary workers. He estimates that net revenues will vary with how well taxpayers comply with the new tax code.

If he thinks the chances of low, medium, and high compliance are 20%, 30%, and 50% respectively, what is the expected value of perfect information? Round your answer to the nearest dollar. Answer .

5 points

Question 31

Consider the following distribution and random numbers:

If a simulation begins with the first random number, what would the first simulation value would be __________. Answer .

5 points

Question 32

The following data summarizes the historical demand for a product

Month

Actual Demand

March

20

April

25

May

40

June

35

July

30

August

45

If the forecasted demand for June, July and August is 32, 38 and 42, respectively, what is MAPD? Write your answer in decimal form and not in percentages. For example, 15% should be written as 0.15. Use three significant digits after the decimal. Answer .

5 points

Question 33

Given the following data, compute the MAD for the forecast.

Year Demand Forecast

2001

16

18

2002

20

19

2003

18

24

Answer .

5 points

Question 34

Given the following data on the number of pints of ice cream sold at a local ice cream store for a 6-period time frame:

Compute a 3-period moving average for period 6. Use two places after the decimal. Answer .

5 points

Question 35

Daily highs in Sacramento for the past week (from least to most recent) were: 95, 102, 101, 96, 95, 90 and 92. Develop a forecast for today using a 2 day moving average. Answer .

5 points

Question 36

Robert wants to know if there is a relation between money spent on gambling and winnings.

What is the coefficient of determination? Use two significant places after the decimal. Answer .

5 points

Question 37

The following sales data are available for 2003-2008.

Determine a 4-year weighted moving average forecast for 2009, where weights are W1 = 0.1, W2 = 0.2, W3 = 0.2 and W4 = 0.5. Answer .

5 points

Question 38

Given the following data on the number of pints of ice cream sold at a local ice cream store for a 6-period time frame:

Compute a 3-period moving average for period 4. Use two places after the decimal. Answer .

5 points

Question 39

The following data summarizes the historical demand for a product.

Month

Actual Demand

March

20

April

25

May

40

June

35

July

30

August

45

Use exponential smoothing with α = .2 and the smoothed forecast for July is 32. Determine the smoothed forecast for August. Answer .

5 points

Question 40

This is the data from the last 4 weeks:

Use the equation of the regression line to forecast the increased sales for when the number of ads is 10.

Submitted: 4 years ago.

Category: Homework

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