Answered: A negative value of Z in standard…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter10: Introduction To Simulation Modeling

Section10.5: Introduction To @risk

Problem 20P: Use @RISK to analyze the sweatshirt situation in Problem 14 of the previous section. Do this for the...

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Question

A negative value of Z in standard normal distribution indicates that

a. the number of standard deviations of an observation is to the right of the mean

b. the number of standard deviations of an observation is to the left of the mean

c. a mistake has been made in computations since Z cannot be negative

d. the data has a negative mean

2. Which of the following will increase the breakeven point?

a. Increase selling price

b. Increase fixed cost

c. Decrease variable cost

d. Decrease fixed cost

3. The manager of a manufacturing company is trying to figure out how many products need to be produced for the coming quarter. Suppose the beginning inventory of the quarter is 500 units and the management predicts that the sales volume in the coming quarter would be 2400 units. The company also requires 1100 units ending inventory for the coming quarter. What should be the production volume for that quarter?

a. 2400

b. 3000

c. 3300

d. 3900

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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