The following data has been collected on the number of customers seen to arrive to a museum in a succession of 5-minute intervals: 5, 1, 3, 7, 5, 5, 6, 7, 5, 7, 4, 8, 1, 5, 2, 3, and 5. Estimate the squared coefficient of variation of the arrival process. If this data was known to come from a Poisson process, what would be your estimate of λ, the rate of customer arrivals?

Eastern Motors Auto Dealership wanted to estimate the average CLV over a 5 year time horizon of a customer who purchases a new vehicle. The average vehicle sells for $28,350 and has a margin of 5%. Based on historical averages, 84 of people buying a new vehicle at Eastern will return for service 9 times over the next 5 years. Though it varies considerably, Eastern generates approximately $89 in margin on each service visit after accounting for parts and direct labor costs. Assume the 5 year value of the service component is $475. What would be the value of a service loyalty program that increased the average number of visits by 2 (over 5 years) and increased the probability that a new vehicle purchaser would return for service by 5 percentage points on a per customer basis?

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 23, 5, 14, and 20 for the four respective days. The second method predicts 20, 13, 14, and 20 for the four respective days. The actual numbers of callers turn out to be 23, 10, 15, and 19. Which method has the smaller mean absolute error (MAE)? Multiple Choice The first method The second method Cannot be determined Both methods have the same MAE

A manager is simulating the number of times a machine operator stops a machine to make adjustments. After careful study the manager found that the number of stops ranged from one to five per cycle and that each number of stops was equally likely. Using the random numbers 0.17 and 0.47 (in that order), determine how many stops for adjustments each of the next two cycles will have. The first cycle will have stops and the second cycle will have stops.