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UNLV ELC Corporation Maximizing Profit in Next Production Period Exam Practice
Can you help me do these 5 questions?You can give me only answers like 1. answer2. answer ...You will have two opportuniti ...
UNLV ELC Corporation Maximizing Profit in Next Production Period Exam Practice
Can you help me do these 5 questions?You can give me only answers like 1. answer2. answer ...You will have two opportunities to create a model and optimize it.The ELC Corporation manufactures two industrial-sized electrical devices: generators and alternators. Both of these products require wiring and testing during the assembly process. Each generator requires 5 hours of wiring and 2 hour of testing and can be sold for a $420 profit. Each alternator requires 2 hours of wiring and 1 hours of testing and can be sold for a $260 profit. There are 400 hours of wiring time and 300 hours of testing time available in the next production period and ELC wants to maximize profit.1. The ELC Corporation manufactures two industrial-sized electrical devices: generators and alternators. Both of these products require wiring and testing during the assembly process. Each generator requires 5 hours of wiring and 2 hour of testing and can be sold for a $420 profit. Each alternator requires 2 hours of wiring and 1 hours of testing and can be sold for a $260 profit. There are 400 hours of wiring time and 300 hours of testing time available in the next production period and ELC wants to maximize profit.What is the optimal number of generators?2. The ELC Corporation manufactures two industrial-sized electrical devices: generators and alternators. Both of these products require wiring and testing during the assembly process. Each generator requires 5 hours of wiring and 2 hour of testing and can be sold for a $420 profit. Each alternator requires 2 hours of wiring and 1 hours of testing and can be sold for a $260 profit. There are 400 hours of wiring time and 300 hours of testing time available in the next production period and ELC wants to maximize profit.What is the optimal number of alternators?3. The ELC Corporation manufactures two industrial-sized electrical devices: generators and alternators. Both of these products require wiring and testing during the assembly process. Each generator requires 5 hours of wiring and 2 hour of testing and can be sold for a $420 profit. Each alternator requires 2 hours of wiring and 1 hours of testing and can be sold for a $260 profit. There are 400 hours of wiring time and 300 hours of testing time available in the next production period and ELC wants to maximize profit.What is the shadow price on hours of wiring?4. The ELC Corporation manufactures two industrial-sized electrical devices: generators and alternators. Both of these products require wiring and testing during the assembly process. Each generator requires 5 hours of wiring and 2 hour of testing and can be sold for a $420 profit. Each alternator requires 2 hours of wiring and 1 hours of testing and can be sold for a $260 profit. There are 400 hours of wiring time and 300 hours of testing time available in the next production period and ELC wants to maximize profit.What is the shadow price of hours of testing?5. The ELC Corporation manufactures two industrial-sized electrical devices: generators and alternators. Both of these products require wiring and testing during the assembly process. Each generator requires 5 hours of wiring and 2 hour of testing and can be sold for a $420 profit. Each alternator requires 2 hours of wiring and 1 hours of testing and can be sold for a $260 profit. There are 400 hours of wiring time and 300 hours of testing time available in the next production period and ELC wants to maximize profit.Management informs you that you have to cut 50 hours of either wiring or testing. Which would you choose?writing? testing? it does not matter which one is cut? No answer text provided? which one?
Quantitative Analysis and Decision Making
Understanding of probability is key in making business decisions. The following questions begin to test your understanding ...
Quantitative Analysis and Decision Making
Understanding of probability is key in making business decisions. The following questions begin to test your understanding of the different forms of probability and the data on which probabilistic decision making is based.Select any one of the following starter bullet point sections. Review the important themes within the sub questions of each bullet point. The sub questions are designed to get you thinking about some of the important issues. Your response should provide a succinct synthesis of the key themes in a way that articulates a clear point, position, or conclusion supported by research. Select a different bullet point section than what your classmates have already posted so that we can engage several discussions on relevant topics. If all of the bullet points have been addressed, then you may begin to re-use the bullet points with the expectation that varied responses continue.You are a risk manager in a manufacturing company. One of your key responsibilities is securing of property insurance coverage to provide protection against damage caused by “acts of God,” such as earthquakes, hurricanes, floods, etc. You begin the process with exposure due diligence, which is focused on estimating the chances of a single “act of God” occurring in the course of the upcoming year, as well as the chances of two or more “acts of God” materializing (also in the course of the next year).Determine where you might be able to find valid data for this type of analysis.Justify the use of the concept of conditional probability in the context of your task—more specifically, discuss how you would use conditional probability in your exposure due diligence efforts. Support your discussion with relevant examples, research, and rationale.You are a marketing manager for a company that makes ready-to-eat breakfast cereals. Your company recently initiated a loyalty program for consumers, which resulted in a large purchaser database. The brand managers are eager to examine the available data, which they can use to design more effective promotional programs. Your first step is to conduct an exploratory baseline analysis, the goal of which is to describe the buyer base and estimate basic statistical descriptors of the buyer base. You are particularly interested in the size of individual purchases, as well as the frequency of repurchases.Evaluate what discrete data distribution the frequency of repurchases data would be likely to follow.Explain why the other discrete data distributions are not appropriate for this data. Support your discussion with relevant examples, research, and rationale.You are a marketing manager for a manufacturer of nonperishable products sold in grocery stores. In this role, you need to make various decisions about how much marketing/advertising support is needed by each product to maximize the profitability of the organization.Assess how the effectiveness of individual marketing/advertising approaches would be determined.Discuss how historical sales data, as well as promotional response data, can aid you in evaluating the effectiveness of the individual marketing/advertising approaches. Support your discussion with relevant examples, research, and rationale.The final paragraph (three or four sentences) of your initial post should summarize the one or two key points that you are making in your initial response.Your posting should be the equivalent of 1 to 2 single-spaced pages (500–1000 words) in length.
MTH410 Colorado State University Week 2 Business Profits Managerial Report
I did this assignment but got a horrible grade and the professor said that I can re submit for a better grade. I need some ...
MTH410 Colorado State University Week 2 Business Profits Managerial Report
I did this assignment but got a horrible grade and the professor said that I can re submit for a better grade. I need someone to fix mine so it follows the directions. Here is the prompt. I have the Excl with the work done, and a 4 page paper. .........The research firm LL Research collected data from 200 client businesses. They want to determine how the businesses compare among four variables:2015 Profit in millions of dollars2016 Profit in millions of dollars2015-2016 Two-Year Change in Daily Average Customer VisitsTwo-Year Average Number of EmployeesData collected for the sample of 200 businesses is contained in the file named Businesses, linked at the bottom of the page. Be sure to use all 200 data points.Managerial ReportPrepare a report (see below) using the numerical methods of descriptive statistics presented in this module to learn how each of the variables contributes to the success of a client’s business. Be sure to include the following three items in your report.Compute descriptive sample statistics (mean, median, two quartiles Q1 and Q3 (using QUARTILE.EXC), minimum, maximum, range, interquartile range, sample standard deviation, and coefficient of variation) for each of the four variables along with an explanation of what the descriptive statistics tell us about the client businesses.In this case, which measure of central tendency would be best for this application? Explain why.Which measure of variation would be best for this application? Explain why.How can one use the above descriptive statistics to understand the businesses better?Which graphical displays of data would you use to help understand or complement the above descriptive statistics? Explain how and why.Note: QUARTILE.EXC works only for Excel 2010 or newer.Compute the percent change in profit from 2015 to 2016 for each business.What would the percent change tell us in this application?Then use the z-score to determine which businesses were outliers with respect to percent change in profit.How would identifying outliers be useful in this application?What advice might you give to businesses that are outliers?How else would you determine outliers?Compute the sample correlation coefficient, showing the relationship between percent change in profit and each of the other two variables (2015-2016 Two-Year Change in Daily Average Customer Visits and Two-Year Average Number of Employees).Explain what the correlation coefficients tell us about the three pairs of relationships. Use tables, charts, or graphs to support your conclusions. Write a report that adheres to the formatting and APA expectations outlined on the Citing & APA Resources page (Links to an external site.) in the CSU-Global Writing Center. As with all written assignments at CSU-Global, you should have in-text citations and a reference page. Submit your Excel file in addition to your report.Requirements:The paper must be written in third person.Your paper should be four to five pages in length (counting the title page and references page) and cite and integrate at least one credible outside source. The CSU-Global Library (Links to an external site.) is a great place to find resources.Include a title page, introduction, body, conclusion, and a reference page.The introduction should describe or summarize the topic or problem. It might discuss the importance of the topic or how it affects you or society as a whole, or it might discuss or describe the unique terminology associated with the topic.The body of your paper should answer the questions posed in the problem. Explain how you approached and answered the question or solved the problem, and, for each question, show all steps involved. Be sure the Word document is in paragraph format, not numbered answers like a homework assignment.The conclusion should summarize your thoughts about what you have determined from the data and your analysis, often with a broader personal or societal perspective in mind. Nothing new should be introduced in the conclusion that was not previously discussed in the body paragraphs. Your conclusion should emanate (be aligned with) your findings.Include any tables of data or calculations, calculated values, and/or graphs associated with this problem in the body of your assignment.Document formatting, citations, and style should conform to the Citing & APA Resources page (Links to an external site.). A short summary containing guidelines for paper formatting, citations, and references is contained in the New Sample APA Paper (Links to an external site.). In addition, information in the CSU-Global Virtual Library under the Writing Center/APA Resources tab (Links to an external site.) has many helpful areas (Writing Center, Writing Tips, Template & Examples/Papers & Essays, and others).
MATH 140 College of the Canyons First Paragraph of Random Definition Discussion
first paragraph Below we see three different definitions of the word "random". Notice that the statistics definition diff ...
MATH 140 College of the Canyons First Paragraph of Random Definition Discussion
first paragraph Below we see three different definitions of the word "random". Notice that the statistics definition differs from the other definitions of random used in general language and in building trades. Write a small paragraph discussing how the "general" and "building trades" definitions of random differ from the "statistics" definition of random. Also discuss why these definitions create confusion for statistics students. For example, many people out in the world say they collected data "randomly" when it is not. Your initial post paragraph should have at least 150 words, but not more than 250 words. randomGeneral Definition: Proceeding, made, or occurring without definite aim, reason, or pattern. For example: "I walked around the store and randomly picked a person to talk to".Building Trades: lacking uniformity of dimensions. For example, random shingles.Statistics Definition: Selecting individual people or objects from a population where every person or object in the population has an equal probability of being chosen.When data does not represent the population we are studying, we say Second Paragraphit is "biased data". This a very different idea from what most people thinkof when they say "bias".In section 1C we saw there are many ways data can be biased: Question Bias, Response Bias, Sampling Bias, Non-response Bias and Deliberate Bias. Write a short paragraph answering the following questions.1. Why is it so important to have unbiased data.2. What problems could occur from analyzing and making population conclusions based on biased data?3. What can we do to avoid the various biases listed above?
"Confidence Interval"
Note: Online students, please select one of the two subjects to discuss.Use the Internet or Strayer Library (https://resea ...
"Confidence Interval"
Note: Online students, please select one of the two subjects to discuss.Use the Internet or Strayer Library (https://research.strayer.edu) to research articles on confidence interval and its application in business. Select one (1) company or organization which utilized confidence interval technique to measure its performance parameters (e.g., mean, variance, mean differences between two processes, etc.). Give your opinion as to whether or not the utilization of such a technique improves business process for the company or organization that you selected. Justify your response.Select one (1) project from your working or educational environment in which you would use the confidence interval technique for the process. Next, speculate on one to two (1-2) challenges of utilizing such a technique in the process and suggest your strategy to mitigate the challenges in question. Please respond to peer posting: In a given distribution confidence intervals is the probability that a parameter will fall between the upper and lower bounds. The intervals are used to know uncertainties in predictions hence a business can measure its performance (Hoerl & Snee, 2012). When manufacturing iPods, Apple has applied the technique to predict the performance of this process. To determine the reliability of iPods and the effectiveness of the production process used, the company utilized confidence intervals. Using 200 employees as sample population, they tested the dependability of the devices and only two of the devices broke down in a span of one month.Their aim was to determine how many of the iPods would break if they were released to the public at the time of the first production. In an unknown population p, 2/200 is equal to the confidence interval of the population and the proportion chosen (about 1% of p) calculated this interval. With a 95% confidence interval, the company was secure to sell the devices. Nolan, Mitchell and Doyle-Baker 2014 note that the high percentage was a clear indication of the relationship of the breakage in the public. It is challenging for a company to determine the success of its products in the market. Therefore, this technique helps to determine the unknown factor which can help organizations make decisions on their products and operations.ReferencesHoerl, R. & Snee, R. D. (2012). Statistical Thinking: Improving Business Performance, 2nd Edition. [Strayer University Bookshelf]. Retrieved from https://strayer.vitalsource.com/#/books/9781118236...Nolan, M., Mitchell, J. R., & Doyle-Baker, P. K. (2014). Validity of the Apple iPhone®/iPod Touch® as an accelerometer-based physical activity monitor: a proof-of-concept study. Journal of physical activity & health, 11(4).
QMB 3200 University of South Florida Independent & Dependent Variable Discussion
This assignment is all written in a word file and you should just fill it with the right answer using the printouts that I ...
QMB 3200 University of South Florida Independent & Dependent Variable Discussion
This assignment is all written in a word file and you should just fill it with the right answer using the printouts that I will attach down. In the last of the assignment it is required to answer a question from the book so I will also attach a photo for that question from the book. So check the files down to see the details. Please do your best, I am asking for help because I do not want to loose any other points. Thanks😄
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UNLV ELC Corporation Maximizing Profit in Next Production Period Exam Practice
Can you help me do these 5 questions?You can give me only answers like 1. answer2. answer ...You will have two opportuniti ...
UNLV ELC Corporation Maximizing Profit in Next Production Period Exam Practice
Can you help me do these 5 questions?You can give me only answers like 1. answer2. answer ...You will have two opportunities to create a model and optimize it.The ELC Corporation manufactures two industrial-sized electrical devices: generators and alternators. Both of these products require wiring and testing during the assembly process. Each generator requires 5 hours of wiring and 2 hour of testing and can be sold for a $420 profit. Each alternator requires 2 hours of wiring and 1 hours of testing and can be sold for a $260 profit. There are 400 hours of wiring time and 300 hours of testing time available in the next production period and ELC wants to maximize profit.1. The ELC Corporation manufactures two industrial-sized electrical devices: generators and alternators. Both of these products require wiring and testing during the assembly process. Each generator requires 5 hours of wiring and 2 hour of testing and can be sold for a $420 profit. Each alternator requires 2 hours of wiring and 1 hours of testing and can be sold for a $260 profit. There are 400 hours of wiring time and 300 hours of testing time available in the next production period and ELC wants to maximize profit.What is the optimal number of generators?2. The ELC Corporation manufactures two industrial-sized electrical devices: generators and alternators. Both of these products require wiring and testing during the assembly process. Each generator requires 5 hours of wiring and 2 hour of testing and can be sold for a $420 profit. Each alternator requires 2 hours of wiring and 1 hours of testing and can be sold for a $260 profit. There are 400 hours of wiring time and 300 hours of testing time available in the next production period and ELC wants to maximize profit.What is the optimal number of alternators?3. The ELC Corporation manufactures two industrial-sized electrical devices: generators and alternators. Both of these products require wiring and testing during the assembly process. Each generator requires 5 hours of wiring and 2 hour of testing and can be sold for a $420 profit. Each alternator requires 2 hours of wiring and 1 hours of testing and can be sold for a $260 profit. There are 400 hours of wiring time and 300 hours of testing time available in the next production period and ELC wants to maximize profit.What is the shadow price on hours of wiring?4. The ELC Corporation manufactures two industrial-sized electrical devices: generators and alternators. Both of these products require wiring and testing during the assembly process. Each generator requires 5 hours of wiring and 2 hour of testing and can be sold for a $420 profit. Each alternator requires 2 hours of wiring and 1 hours of testing and can be sold for a $260 profit. There are 400 hours of wiring time and 300 hours of testing time available in the next production period and ELC wants to maximize profit.What is the shadow price of hours of testing?5. The ELC Corporation manufactures two industrial-sized electrical devices: generators and alternators. Both of these products require wiring and testing during the assembly process. Each generator requires 5 hours of wiring and 2 hour of testing and can be sold for a $420 profit. Each alternator requires 2 hours of wiring and 1 hours of testing and can be sold for a $260 profit. There are 400 hours of wiring time and 300 hours of testing time available in the next production period and ELC wants to maximize profit.Management informs you that you have to cut 50 hours of either wiring or testing. Which would you choose?writing? testing? it does not matter which one is cut? No answer text provided? which one?
Quantitative Analysis and Decision Making
Understanding of probability is key in making business decisions. The following questions begin to test your understanding ...
Quantitative Analysis and Decision Making
Understanding of probability is key in making business decisions. The following questions begin to test your understanding of the different forms of probability and the data on which probabilistic decision making is based.Select any one of the following starter bullet point sections. Review the important themes within the sub questions of each bullet point. The sub questions are designed to get you thinking about some of the important issues. Your response should provide a succinct synthesis of the key themes in a way that articulates a clear point, position, or conclusion supported by research. Select a different bullet point section than what your classmates have already posted so that we can engage several discussions on relevant topics. If all of the bullet points have been addressed, then you may begin to re-use the bullet points with the expectation that varied responses continue.You are a risk manager in a manufacturing company. One of your key responsibilities is securing of property insurance coverage to provide protection against damage caused by “acts of God,” such as earthquakes, hurricanes, floods, etc. You begin the process with exposure due diligence, which is focused on estimating the chances of a single “act of God” occurring in the course of the upcoming year, as well as the chances of two or more “acts of God” materializing (also in the course of the next year).Determine where you might be able to find valid data for this type of analysis.Justify the use of the concept of conditional probability in the context of your task—more specifically, discuss how you would use conditional probability in your exposure due diligence efforts. Support your discussion with relevant examples, research, and rationale.You are a marketing manager for a company that makes ready-to-eat breakfast cereals. Your company recently initiated a loyalty program for consumers, which resulted in a large purchaser database. The brand managers are eager to examine the available data, which they can use to design more effective promotional programs. Your first step is to conduct an exploratory baseline analysis, the goal of which is to describe the buyer base and estimate basic statistical descriptors of the buyer base. You are particularly interested in the size of individual purchases, as well as the frequency of repurchases.Evaluate what discrete data distribution the frequency of repurchases data would be likely to follow.Explain why the other discrete data distributions are not appropriate for this data. Support your discussion with relevant examples, research, and rationale.You are a marketing manager for a manufacturer of nonperishable products sold in grocery stores. In this role, you need to make various decisions about how much marketing/advertising support is needed by each product to maximize the profitability of the organization.Assess how the effectiveness of individual marketing/advertising approaches would be determined.Discuss how historical sales data, as well as promotional response data, can aid you in evaluating the effectiveness of the individual marketing/advertising approaches. Support your discussion with relevant examples, research, and rationale.The final paragraph (three or four sentences) of your initial post should summarize the one or two key points that you are making in your initial response.Your posting should be the equivalent of 1 to 2 single-spaced pages (500–1000 words) in length.
MTH410 Colorado State University Week 2 Business Profits Managerial Report
I did this assignment but got a horrible grade and the professor said that I can re submit for a better grade. I need some ...
MTH410 Colorado State University Week 2 Business Profits Managerial Report
I did this assignment but got a horrible grade and the professor said that I can re submit for a better grade. I need someone to fix mine so it follows the directions. Here is the prompt. I have the Excl with the work done, and a 4 page paper. .........The research firm LL Research collected data from 200 client businesses. They want to determine how the businesses compare among four variables:2015 Profit in millions of dollars2016 Profit in millions of dollars2015-2016 Two-Year Change in Daily Average Customer VisitsTwo-Year Average Number of EmployeesData collected for the sample of 200 businesses is contained in the file named Businesses, linked at the bottom of the page. Be sure to use all 200 data points.Managerial ReportPrepare a report (see below) using the numerical methods of descriptive statistics presented in this module to learn how each of the variables contributes to the success of a client’s business. Be sure to include the following three items in your report.Compute descriptive sample statistics (mean, median, two quartiles Q1 and Q3 (using QUARTILE.EXC), minimum, maximum, range, interquartile range, sample standard deviation, and coefficient of variation) for each of the four variables along with an explanation of what the descriptive statistics tell us about the client businesses.In this case, which measure of central tendency would be best for this application? Explain why.Which measure of variation would be best for this application? Explain why.How can one use the above descriptive statistics to understand the businesses better?Which graphical displays of data would you use to help understand or complement the above descriptive statistics? Explain how and why.Note: QUARTILE.EXC works only for Excel 2010 or newer.Compute the percent change in profit from 2015 to 2016 for each business.What would the percent change tell us in this application?Then use the z-score to determine which businesses were outliers with respect to percent change in profit.How would identifying outliers be useful in this application?What advice might you give to businesses that are outliers?How else would you determine outliers?Compute the sample correlation coefficient, showing the relationship between percent change in profit and each of the other two variables (2015-2016 Two-Year Change in Daily Average Customer Visits and Two-Year Average Number of Employees).Explain what the correlation coefficients tell us about the three pairs of relationships. Use tables, charts, or graphs to support your conclusions. Write a report that adheres to the formatting and APA expectations outlined on the Citing & APA Resources page (Links to an external site.) in the CSU-Global Writing Center. As with all written assignments at CSU-Global, you should have in-text citations and a reference page. Submit your Excel file in addition to your report.Requirements:The paper must be written in third person.Your paper should be four to five pages in length (counting the title page and references page) and cite and integrate at least one credible outside source. The CSU-Global Library (Links to an external site.) is a great place to find resources.Include a title page, introduction, body, conclusion, and a reference page.The introduction should describe or summarize the topic or problem. It might discuss the importance of the topic or how it affects you or society as a whole, or it might discuss or describe the unique terminology associated with the topic.The body of your paper should answer the questions posed in the problem. Explain how you approached and answered the question or solved the problem, and, for each question, show all steps involved. Be sure the Word document is in paragraph format, not numbered answers like a homework assignment.The conclusion should summarize your thoughts about what you have determined from the data and your analysis, often with a broader personal or societal perspective in mind. Nothing new should be introduced in the conclusion that was not previously discussed in the body paragraphs. Your conclusion should emanate (be aligned with) your findings.Include any tables of data or calculations, calculated values, and/or graphs associated with this problem in the body of your assignment.Document formatting, citations, and style should conform to the Citing & APA Resources page (Links to an external site.). A short summary containing guidelines for paper formatting, citations, and references is contained in the New Sample APA Paper (Links to an external site.). In addition, information in the CSU-Global Virtual Library under the Writing Center/APA Resources tab (Links to an external site.) has many helpful areas (Writing Center, Writing Tips, Template & Examples/Papers & Essays, and others).
MATH 140 College of the Canyons First Paragraph of Random Definition Discussion
first paragraph Below we see three different definitions of the word "random". Notice that the statistics definition diff ...
MATH 140 College of the Canyons First Paragraph of Random Definition Discussion
first paragraph Below we see three different definitions of the word "random". Notice that the statistics definition differs from the other definitions of random used in general language and in building trades. Write a small paragraph discussing how the "general" and "building trades" definitions of random differ from the "statistics" definition of random. Also discuss why these definitions create confusion for statistics students. For example, many people out in the world say they collected data "randomly" when it is not. Your initial post paragraph should have at least 150 words, but not more than 250 words. randomGeneral Definition: Proceeding, made, or occurring without definite aim, reason, or pattern. For example: "I walked around the store and randomly picked a person to talk to".Building Trades: lacking uniformity of dimensions. For example, random shingles.Statistics Definition: Selecting individual people or objects from a population where every person or object in the population has an equal probability of being chosen.When data does not represent the population we are studying, we say Second Paragraphit is "biased data". This a very different idea from what most people thinkof when they say "bias".In section 1C we saw there are many ways data can be biased: Question Bias, Response Bias, Sampling Bias, Non-response Bias and Deliberate Bias. Write a short paragraph answering the following questions.1. Why is it so important to have unbiased data.2. What problems could occur from analyzing and making population conclusions based on biased data?3. What can we do to avoid the various biases listed above?
"Confidence Interval"
Note: Online students, please select one of the two subjects to discuss.Use the Internet or Strayer Library (https://resea ...
"Confidence Interval"
Note: Online students, please select one of the two subjects to discuss.Use the Internet or Strayer Library (https://research.strayer.edu) to research articles on confidence interval and its application in business. Select one (1) company or organization which utilized confidence interval technique to measure its performance parameters (e.g., mean, variance, mean differences between two processes, etc.). Give your opinion as to whether or not the utilization of such a technique improves business process for the company or organization that you selected. Justify your response.Select one (1) project from your working or educational environment in which you would use the confidence interval technique for the process. Next, speculate on one to two (1-2) challenges of utilizing such a technique in the process and suggest your strategy to mitigate the challenges in question. Please respond to peer posting: In a given distribution confidence intervals is the probability that a parameter will fall between the upper and lower bounds. The intervals are used to know uncertainties in predictions hence a business can measure its performance (Hoerl & Snee, 2012). When manufacturing iPods, Apple has applied the technique to predict the performance of this process. To determine the reliability of iPods and the effectiveness of the production process used, the company utilized confidence intervals. Using 200 employees as sample population, they tested the dependability of the devices and only two of the devices broke down in a span of one month.Their aim was to determine how many of the iPods would break if they were released to the public at the time of the first production. In an unknown population p, 2/200 is equal to the confidence interval of the population and the proportion chosen (about 1% of p) calculated this interval. With a 95% confidence interval, the company was secure to sell the devices. Nolan, Mitchell and Doyle-Baker 2014 note that the high percentage was a clear indication of the relationship of the breakage in the public. It is challenging for a company to determine the success of its products in the market. Therefore, this technique helps to determine the unknown factor which can help organizations make decisions on their products and operations.ReferencesHoerl, R. & Snee, R. D. (2012). Statistical Thinking: Improving Business Performance, 2nd Edition. [Strayer University Bookshelf]. Retrieved from https://strayer.vitalsource.com/#/books/9781118236...Nolan, M., Mitchell, J. R., & Doyle-Baker, P. K. (2014). Validity of the Apple iPhone®/iPod Touch® as an accelerometer-based physical activity monitor: a proof-of-concept study. Journal of physical activity & health, 11(4).
QMB 3200 University of South Florida Independent & Dependent Variable Discussion
This assignment is all written in a word file and you should just fill it with the right answer using the printouts that I ...
QMB 3200 University of South Florida Independent & Dependent Variable Discussion
This assignment is all written in a word file and you should just fill it with the right answer using the printouts that I will attach down. In the last of the assignment it is required to answer a question from the book so I will also attach a photo for that question from the book. So check the files down to see the details. Please do your best, I am asking for help because I do not want to loose any other points. Thanks😄
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