If a simulation begins with the first random number, the first simulated value would be: Random numbers: 0.6246, 0.2594, 0.4055 Demand Frequency 0.15 0.30 0.25 3 0.15 4 0.15
Q: The mean annual earning for U.S. workers with advanced degrees is $80,977 with a standard deviation…
A: Note, Since you have posted multiple subparts in the same questions, we will be answering the first…
Q: What is the probability that the dinner will be ready within 3 minutes early?
A: Below is the solution:-
Q: Precision Parts is a job shop that specializes in producing electric motor shafts. The average shaft…
A: Formula:
Q: Given this frequency distribution, what demand values would be associated with the following random…
A: The answer is as below:
Q: You have determined that walting times at a toll booth are uniformly distributed over the interval…
A: Below is the solution:-
Q: A) Why is the conditional variance a good measure of uncertainty? B) Outline the GARCH model and…
A: The expectation of a random variable's squared deviation from its population mean or sample mean is…
Q: What does a project’s NPV of $1,500 mean?
A: The Net Present Value is excess of Present Value of Cash Inflow over Present Value of Cash Outflow.…
Q: A manufacturer of programmable calculators is attempting to determine a reasonable free-service…
A: a) Given Information: Time (T) = 30 months Mean time between failures (MTBF) = 30 months Following…
Q: hoose the best answer choice to identify the benefit(s) of simulation. a. Simulation can lead…
A: Simulation is the process of copying an existing system. The purpose of the simulation is to…
Q: Jankord Jewelers permits the return of their diamond wedding rings, provided the return occurs…
A: A performance appraisal is a review of an employee's performance and overall contribution to a…
Q: A company uses 85 circuit boards a day in a manufacturing process. The person who ordersthe boards…
A:
Q: An automobile manufacturer is concerned about a fault in the braking mechanism of a particular…
A: given, distribution number of cars per year =8 on average
Q: After meeting with the regional sales managers, Lauretta Anderson, president of Cowpie Computers,…
A: Given information: Sales Grow = 10% New operating System = 30% Sales increases = 10% Sales…
Q: A manager is simulating the number of times a machine operator stops a machine to make adjustments.…
A: ANSWER : No. of stops Probability Cumulative Probability Random no range 1 0.2 0.2 0.00 to <…
Q: Assuming the mean height of students in an exactly normal distribution to be 68.22 inches and…
A: All normal distributions can be converted into the standard normal curve by subtracting the mean and…
Q: Cassette tapes are still used in some handheld recording devices and in less expensive portable…
A: We have, deviation from target, d = 0.200 Loss amount due to deviation, L = $20 Target…
Q: The average number of phone calls to a call center on Thursday nights from 10:00 PM to 11:00 PM is…
A: For this given question, we know about the average number of calls that is here, 6.3, here, I have…
Q: A. Find the sample size. (Round up your answer to the next whole number.) B.How would you tell…
A: Given information: AQL=9% LTPD acceptable by the assembly department=44% Consumer's risk=10 percent…
Q: Cassette tapes are still used in some handheld recording devices and in less expensive portable…
A: Given information Desire speed = 1.900inches Cost of manufacturer = $20 Speed of the target =…
Q: A manager is simulating the number of times a machine operator stops a machine to make adjustments.…
A: ANSWER : Number of stops Probability Cumulative Probability RN range 1 0.2 0.2 0.00 to <…
Q: Which of the three variables in Little’s law do you think is generally the most difficult to…
A: Little's law is described as the theorem through which the average number of items that are present…
Q: What is the Eichleay Formula used for?
A: Answer: Eichleay Formula is used for solving the disputes created in Home Office overhead cost on…
Q: a.Find the expected value of the number of tests taken. b.Compute the variance and the standard…
A: Below is the solution
Q: A family of mutual funds maintains a service that allows clients to switch money among accounts…
A:
Q: TenTen Company manufactures video recorders. It is so certain of its quality control that it is…
A: May there be 4 states in the Markov chain. The main state U is that the recorder is in its first…
Q: Given this frequency distribution, what demand values would be associated with the following random…
A: Below is the solution:-
Q: Which one of the following is an example of a discrete variable? Number of Burgers sold by KFC O a.…
A: A discrete variable is a type of static variable that assumes only fixed number of distinct values…
Q: For a given perishable product, a retailer pays $5 for each unit, then sells them for $10 each. At…
A: Given that: Cost price for Retailer = $5 Selling price for retailer = $10 Salvage Value = $1 x…
Q: The preference of an agents on lotteries can be represented by an expected utility function u such…
A: B) risk Loving
Q: A negative value of Z in standard normal distribution indicates that a. the number of standard…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Few companies take the time to estimate the value of a good customer (and often spend little effort…
A: Given information: Average spending during a visit = R Repurchase frequency = F Gross Profit margin…
Q: Discuss how likely it is that 70% of students will pass a college course with a B or an A. Then,…
A:
Q: A manager is simulating the number of times a machine operator stops a machine to make adjustments.…
A: ANSWER : No. of stops Prob CumProb RN Ranges 1 0.20 0.20 00 - 19 2 0.20 0.40 20 - 39 3 0.20…
Q: Consider a service system in which each entering customer must be served first by server 1, then by…
A: (a) Let X1 , X2 and X3 be the measure of time taken by worker 1, 2 and 3 individually. Likelihood…
Q: Nancy's psychology teacher will give her a course grade that is the maximum of her scores on two…
A: The answer to the given question is False
Q: 44. US Airlines receives an average of 500 calls per hourfrom customers who want to make…
A: The following information is provided: The arrival rate is 500/hr The service rate is 20/hr Wage…
Q: A Machine Costing P720,000 is estimated to have a book value of P40,545.73 when retired at the end…
A: Given data: BV = Book Value of Machine = P40,545.73 C = Cost of Machine = P720,000 r = Annual Rate…
Q: The director of research and development is testing a new drug. She wants to know if there is…
A: H0 : = 363
Q: Deborah Hollwager, a concessionaire for the Amway Center in Orlando, has developed a table of…
A: Given-
Q: An equipment which costs $15000 has to be replaced with a new equipment. The follovg data have been…
A: Find the given details below: Given details: Year Resale Value Annual maintenance cost 1…
Q: in any simulation model ,the service time, is considered: O a controllable input O a probabilistic…
A: The correct answer is
Q: c. The time in minutes, until a customer approaches a cashier in a grocery, has an exponential…
A: In Probability insights, the exponential distribution is a nonstop likelihood distribution that…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- You have 5 and your opponent has 10. You flip a fair coin and if heads comes up, your opponent pays you 1. If tails comes up, you pay your opponent 1. The game is finished when one player has all the money or after 100 tosses, whichever comes first. Use simulation to estimate the probability that you end up with all the money and the probability that neither of you goes broke in 100 tosses.You now have 10,000, all of which is invested in a sports team. Each year there is a 60% chance that the value of the team will increase by 60% and a 40% chance that the value of the team will decrease by 60%. Estimate the mean and median value of your investment after 50 years. Explain the large difference between the estimated mean and median.Based on Marcus (1990). The Balboa mutual fund has beaten the Standard and Poors 500 during 11 of the last 13 years. People use this as an argument that you can beat the market. Here is another way to look at it that shows that Balboas beating the market 11 out of 13 times is not unusual. Consider 50 mutual funds, each of which has a 50% chance of beating the market during a given year. Use simulation to estimate the probability that over a 13-year period the best of the 50 mutual funds will beat the market for at least 11 out of 13 years. This probability turns out to exceed 40%, which means that the best mutual fund beating the market 11 out of 13 years is not an unusual occurrence after all.
- In this version of dice blackjack, you toss a single die repeatedly and add up the sum of your dice tosses. Your goal is to come as close as possible to a total of 7 without going over. You may stop at any time. If your total is 8 or more, you lose. If your total is 7 or less, the house then tosses the die repeatedly. The house stops as soon as its total is 4 or more. If the house totals 8 or more, you win. Otherwise, the higher total wins. If there is a tie, the house wins. Consider the following strategies: Keep tossing until your total is 3 or more. Keep tossing until your total is 4 or more. Keep tossing until your total is 5 or more. Keep tossing until your total is 6 or more. Keep tossing until your total is 7 or more. For example, suppose you keep tossing until your total is 4 or more. Here are some examples of how the game might go: You toss a 2 and then a 3 and stop for total of 5. The house tosses a 3 and then a 2. You lose because a tie goes to the house. You toss a 3 and then a 6. You lose. You toss a 6 and stop. The house tosses a 3 and then a 2. You win. You toss a 3 and then a 4 for total of 7. The house tosses a 3 and then a 5. You win. Note that only 4 tosses need to be generated for the house, but more tosses might need to be generated for you, depending on your strategy. Develop a simulation and run it for at least 1000 iterations for each of the strategies listed previously. For each strategy, what are the two values so that you are 95% sure that your probability of winning is between these two values? Which of the five strategies appears to be best?Assume a very good NBA team has a 70% chance of winning in each game it plays. During an 82-game season what is the average length of the teams longest winning streak? What is the probability that the team has a winning streak of at least 16 games? Use simulation to answer these questions, where each iteration of the simulation generates the outcomes of all 82 games.Big Hit Video must determine how many copies of a new video to purchase. Assume that the companys goal is to purchase a number of copies that maximizes its expected profit from the video during the next year. Describe how you would use simulation to shed light on this problem. Assume that each time a video is rented, it is rented for one day.
- You now have 5000. You will toss a fair coin four times. Before each toss you can bet any amount of your money (including none) on the outcome of the toss. If heads comes up, you win the amount you bet. If tails comes up, you lose the amount you bet. Your goal is to reach 15,000. It turns out that you can maximize your chance of reaching 15,000 by betting either the money you have on hand or 15,000 minus the money you have on hand, whichever is smaller. Use simulation to estimate the probability that you will reach your goal with this betting strategy.Suppose you simulate a gambling situation where you place many bets. On each bet, the distribution of your net winnings (loss if negative) is highly skewed to the left because there are some possibilities of really large losses but not much upside potential. Your only simulation output is the average of the results of all the bets. If you run @RISK with many iterations and look at the resulting histogram of this output, what will it look like? Why?A martingale betting strategy works as follows. You begin with a certain amount of money and repeatedly play a game in which you have a 40% chance of winning any bet. In the first game, you bet 1. From then on, every time you win a bet, you bet 1 the next time. Each time you lose, you double your previous bet. Currently you have 63. Assuming you have unlimited credit, so that you can bet more money than you have, use simulation to estimate the profit or loss you will have after playing the game 50 times.
- Assume that all of a companys job applicants must take a test, and that the scores on this test are normally distributed. The selection ratio is the cutoff point used by the company in its hiring process. For example, a selection ratio of 25% means that the company will accept applicants for jobs who rank in the top 25% of all applicants. If the company chooses a selection ratio of 25%, the average test score of those selected will be 1.27 standard deviations above average. Use simulation to verify this fact, proceeding as follows. a. Show that if the company wants to accept only the top 25% of all applicants, it should accept applicants whose test scores are at least 0.674 standard deviation above average. (No simulation is required here. Just use the appropriate Excel normal function.) b. Now generate 1000 test scores from a normal distribution with mean 0 and standard deviation 1. The average test score of those selected is the average of the scores that are at least 0.674. To determine this, use Excels DAVERAGE function. To do so, put the heading Score in cell A3, generate the 1000 test scores in the range A4:A1003, and name the range A3:A1003 Data. In cells C3 and C4, enter the labels Score and 0.674. (The range C3:C4 is called the criterion range.) Then calculate the average of all applicants who will be hired by entering the formula =DAVERAGE(Data, "Score", C3:C4) in any cell. This average should be close to the theoretical average, 1.27. This formula works as follows. Excel finds all observations in the Data range that satisfy the criterion described in the range C3:C4 (Score0.674). Then it averages the values in the Score column (the second argument of DAVERAGE) corresponding to these entries. See online help for more about Excels database D functions. c. What information would the company need to determine an optimal selection ratio? How could it determine the optimal selection ratio?The average number of phone calls to a call center on Thursday nights from 10:00 PM to 11:00 PM is 6.3. The probability of less than 3 calls being received by that call center on any given Thursday night from 10:00 PM to 11:00 PM is _ Round your answer to 4 decimal places. .1264 .0765 .0364 .0498 There is not enough information to answer this question None of the aboveThe probability that a mobile phone is stolen in an electronic shop is 0.0008. If 8500 mobile phones are sold, what is the approximate Poisson probability that 5 or fewer will be stolen? A- 0.327 B- 0.833 C- 0.781 D- 0.256