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MATH 410 Colorado University Tractor Sales Quantitative Business Analysis Paper
International Tractor Motors (ITM) had recently undertaken an ad campaign aimed at agricultural owners in a certain countr ...
MATH 410 Colorado University Tractor Sales Quantitative Business Analysis Paper
International Tractor Motors (ITM) had recently undertaken an ad campaign aimed at agricultural owners in a certain country in Asia. The ad campaign was devoted to promoting the new IT-8 large specialty tractor. Four sales associates were assigned to sell in different medium to large farms throughout the country for many days. One associate was assigned to the northern part of the country. Another was assigned to the southern part. The other two were assigned to the west and east, respectively. Because of regulations, a sales associate can sell at most one IT-8 tractor per day and only one such tractor per farm, too. A sales associate was successful if he or she sold a tractor during the day. Thus, ITM can sell at most 4 tractors (4 total sales) per day in this country.
Download the file titled Tractor Successes. It contains a scatter plot of the number of successes versus frequency. To compare the results to the Binomial Distribution, complete the following:
Explain why this tractor sales scenario can be a binomial experiment.
Using the Tractor Successes scatter plot, construct a frequency distribution for the number of successes.
Compute the mean number of successes. The formula for the mean is as follows: ?(x?f)?f?(x?f)?f
The terms x represent the total number of successes (0, 1, 2, 3, 4) and f is the corresponding frequency (number of days where x successes occurred).
Explain what the numerical result means.
From the frequency distribution, construct the corresponding relative frequency distribution.
Explain why the relative frequency distribution table is a probability distribution.
Then, use Excel to create a scatter plot of the probability distribution:
Select the two columns of the probability distribution. Click on INSERT, and then go to the Charts area and select Scatter. Then choose the first Scatter chart (the one without lines connecting).
Using the frequency distribution, what is the tractor sales success average? In part 3, note that the numerator in the formula for the mean is the total number of successes. The total number of trials is the denominator of the formula for the mean multiplied by 4. What does this average mean?
The Binomial Distribution is uniquely determined by n, the number of trials, and p, the probability of "success" on each trial. Using Excel, construct the Binomial Probability Distribution for four trials, n, and probability of success, p, as the tractor sales success average in part 5. Here is an explanation of the BINOM.DIST function in Excel: https://support.office.com/en-ie/article/BINOM-DIST-function-c5ae37b6-f39c-4be2-94c2-509a1480770c?ui=en-USrs=en-IEad=I (Links to an external site.)
For example, In Excel
=BINOM.DIST(7,15,0.7, FALSE)
represents the probability of 7 successes out of 15 (n) trials. The 0.7 is the probability of success, p.
Using the above value of n=4 with probability of success, p, as the tractor sales success average in part 5, what is the probability of at least two successes?
Using the formula for the mean of the Binomial Distribution, what is the mean number of successes in part 6 above?
In Excel, create a scatter plot for the Binomial Distribution. The instructions for creating a scatter plot are in part 4 above.
Use the results above to compare the probability distribution of tractor sales successes and the Binomial Distribution. Compare the means in parts 4 and 6, too.
If the probability distribution of tractor sales successes and the Binomial Distribution differ, explain why that is so.
Do you think the Binomial Distribution is a good model for the tractor sales success scenario? Why or why not?
How can International Tractor Motors use the Binomial Distribution to approximate tractor sales in similar countries?
In what other scenarios can International Tractor Motors use the Binomial Distribution? Explain.
2 pages
Cultural Intelligence And Diversity
I agree with the post that in the world that we are living today having diverse knowledge of different culture is not only ...
Cultural Intelligence And Diversity
I agree with the post that in the world that we are living today having diverse knowledge of different culture is not only an added advantage but is a ...
We want to collect the Max. Temperature reading for each day in your home city or a city near you in February and August for a minimum of 3years.
Temperature patterns seen to be changing around the U.S. Winters seem shorter,
summers seem hotter, and major storms seem ...
We want to collect the Max. Temperature reading for each day in your home city or a city near you in February and August for a minimum of 3years.
Temperature patterns seen to be changing around the U.S. Winters seem shorter,
summers seem hotter, and major storms seem more frequent. Let’s collect some data and
look at what’s happening in your area. You can use the Weather Underground web page
at www.wunderground.com to collect historical data for a particular city. The Weather
Underground (www.wunderground.com) was created by a student/professor team at the
University of Michigan and shortly became a public company providing current and
historical weather data for the United States and other countries. At the top of the
Weather Underground home page you will find a box for entering the name of a city,
state or country. Enter your home city to see the current weather conditions there. Scroll
down and select the History & Almanac Table in which you can enter a date to see
statistics for any day from the past thirty years. Below the field where you enter a specific
date you can select Calender View and see all temperatures for a specific months.We want to collect the Max. Temperature reading for each day in your home city or a city
near you in February (for cold temperatures) and August (for hot temperatures) for a
minimum of 3years.
MAT 144 Grand Canyon Univ Create a Pie Chart Based on Details Provided Excel Task
For this assignment, you’ll complete Technology Assignment 1 in Lesson 2-2 of the textbook in ALEKS, in which you’ll c ...
MAT 144 Grand Canyon Univ Create a Pie Chart Based on Details Provided Excel Task
For this assignment, you’ll complete Technology Assignment 1 in Lesson 2-2 of the textbook in ALEKS, in which you’ll complete some budget entries and create pie chart. (You’ll be using similar concepts to complete the Monthly Budget section of Major Assignment 1.)You are creating a monthly budget, and this is very similar to MA1. One thing to keep in mind, you are making up a pretend budget. Have some fun, create your dream budget, or use this to practice making your own budget for your life. Just keep in mind that the whole class can see this.Start by downloading the “QR 2-2 Tech Template.xlsx” Excel template that is attached.This video, Tech Hints QR 2-2, provides additional assistance with the template, including a demonstration of how to create a pie chart.The elements you’ll need to complete for this DQ are the following:Enter at least 10 items in the 'blue cells'. These are the numbers you are making up. Make sure at least three categories have more than one item. Note that you can input any numbers you’d like here, and you don’t need to add descriptions for your entries.Enter formulas in cells B2:B7, adding up the expenses for each category, using the Excel SUM() function. Note that if you reference each entire column the table in your SUM() formula, then as you add entries in the table, your category totals will automatically reflect that change.Format all cells in both your budget table and for your category totals as Currency with 2 decimal places.Add a pie chart showing your expenses by category and including data labels. Also update the chart title to something other than “Chart Title” that reflects the chart information. Here is a silent video demonstrating inserting a pie chart that another instructor made.Hope this helps! Post in the forum or contact me with any questions!
Operations management (involves stats)
Hi again! I have an assignment in my operations management course. I actually had one before too which we cancelled. My as ...
Operations management (involves stats)
Hi again! I have an assignment in my operations management course. I actually had one before too which we cancelled. My assignment opens tomorrow at 10 am EST. I will have a total of 1 hour and 30 minutes to complete it. It is based off 3 chapters (chapter 3, 7, and 10). I will attach the ppt's covering all those chapters, as well as my operations management textbook for you to have a look at. This assignment involves stats and will only consist of 3-4 problem solving questions.Link to the textbook: https://ca1lib.org/book/5899343/c1167eI have also attached chapter 3,7, and 10 (Part 1 and 2) power points below as well as the formula sheet. Thank you!! If you do a good job on this, will be using you again! This time we need to work on time. :)
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Most Popular Content
MATH 410 Colorado University Tractor Sales Quantitative Business Analysis Paper
International Tractor Motors (ITM) had recently undertaken an ad campaign aimed at agricultural owners in a certain countr ...
MATH 410 Colorado University Tractor Sales Quantitative Business Analysis Paper
International Tractor Motors (ITM) had recently undertaken an ad campaign aimed at agricultural owners in a certain country in Asia. The ad campaign was devoted to promoting the new IT-8 large specialty tractor. Four sales associates were assigned to sell in different medium to large farms throughout the country for many days. One associate was assigned to the northern part of the country. Another was assigned to the southern part. The other two were assigned to the west and east, respectively. Because of regulations, a sales associate can sell at most one IT-8 tractor per day and only one such tractor per farm, too. A sales associate was successful if he or she sold a tractor during the day. Thus, ITM can sell at most 4 tractors (4 total sales) per day in this country.
Download the file titled Tractor Successes. It contains a scatter plot of the number of successes versus frequency. To compare the results to the Binomial Distribution, complete the following:
Explain why this tractor sales scenario can be a binomial experiment.
Using the Tractor Successes scatter plot, construct a frequency distribution for the number of successes.
Compute the mean number of successes. The formula for the mean is as follows: ?(x?f)?f?(x?f)?f
The terms x represent the total number of successes (0, 1, 2, 3, 4) and f is the corresponding frequency (number of days where x successes occurred).
Explain what the numerical result means.
From the frequency distribution, construct the corresponding relative frequency distribution.
Explain why the relative frequency distribution table is a probability distribution.
Then, use Excel to create a scatter plot of the probability distribution:
Select the two columns of the probability distribution. Click on INSERT, and then go to the Charts area and select Scatter. Then choose the first Scatter chart (the one without lines connecting).
Using the frequency distribution, what is the tractor sales success average? In part 3, note that the numerator in the formula for the mean is the total number of successes. The total number of trials is the denominator of the formula for the mean multiplied by 4. What does this average mean?
The Binomial Distribution is uniquely determined by n, the number of trials, and p, the probability of "success" on each trial. Using Excel, construct the Binomial Probability Distribution for four trials, n, and probability of success, p, as the tractor sales success average in part 5. Here is an explanation of the BINOM.DIST function in Excel: https://support.office.com/en-ie/article/BINOM-DIST-function-c5ae37b6-f39c-4be2-94c2-509a1480770c?ui=en-USrs=en-IEad=I (Links to an external site.)
For example, In Excel
=BINOM.DIST(7,15,0.7, FALSE)
represents the probability of 7 successes out of 15 (n) trials. The 0.7 is the probability of success, p.
Using the above value of n=4 with probability of success, p, as the tractor sales success average in part 5, what is the probability of at least two successes?
Using the formula for the mean of the Binomial Distribution, what is the mean number of successes in part 6 above?
In Excel, create a scatter plot for the Binomial Distribution. The instructions for creating a scatter plot are in part 4 above.
Use the results above to compare the probability distribution of tractor sales successes and the Binomial Distribution. Compare the means in parts 4 and 6, too.
If the probability distribution of tractor sales successes and the Binomial Distribution differ, explain why that is so.
Do you think the Binomial Distribution is a good model for the tractor sales success scenario? Why or why not?
How can International Tractor Motors use the Binomial Distribution to approximate tractor sales in similar countries?
In what other scenarios can International Tractor Motors use the Binomial Distribution? Explain.
2 pages
Cultural Intelligence And Diversity
I agree with the post that in the world that we are living today having diverse knowledge of different culture is not only ...
Cultural Intelligence And Diversity
I agree with the post that in the world that we are living today having diverse knowledge of different culture is not only an added advantage but is a ...
We want to collect the Max. Temperature reading for each day in your home city or a city near you in February and August for a minimum of 3years.
Temperature patterns seen to be changing around the U.S. Winters seem shorter,
summers seem hotter, and major storms seem ...
We want to collect the Max. Temperature reading for each day in your home city or a city near you in February and August for a minimum of 3years.
Temperature patterns seen to be changing around the U.S. Winters seem shorter,
summers seem hotter, and major storms seem more frequent. Let’s collect some data and
look at what’s happening in your area. You can use the Weather Underground web page
at www.wunderground.com to collect historical data for a particular city. The Weather
Underground (www.wunderground.com) was created by a student/professor team at the
University of Michigan and shortly became a public company providing current and
historical weather data for the United States and other countries. At the top of the
Weather Underground home page you will find a box for entering the name of a city,
state or country. Enter your home city to see the current weather conditions there. Scroll
down and select the History & Almanac Table in which you can enter a date to see
statistics for any day from the past thirty years. Below the field where you enter a specific
date you can select Calender View and see all temperatures for a specific months.We want to collect the Max. Temperature reading for each day in your home city or a city
near you in February (for cold temperatures) and August (for hot temperatures) for a
minimum of 3years.
MAT 144 Grand Canyon Univ Create a Pie Chart Based on Details Provided Excel Task
For this assignment, you’ll complete Technology Assignment 1 in Lesson 2-2 of the textbook in ALEKS, in which you’ll c ...
MAT 144 Grand Canyon Univ Create a Pie Chart Based on Details Provided Excel Task
For this assignment, you’ll complete Technology Assignment 1 in Lesson 2-2 of the textbook in ALEKS, in which you’ll complete some budget entries and create pie chart. (You’ll be using similar concepts to complete the Monthly Budget section of Major Assignment 1.)You are creating a monthly budget, and this is very similar to MA1. One thing to keep in mind, you are making up a pretend budget. Have some fun, create your dream budget, or use this to practice making your own budget for your life. Just keep in mind that the whole class can see this.Start by downloading the “QR 2-2 Tech Template.xlsx” Excel template that is attached.This video, Tech Hints QR 2-2, provides additional assistance with the template, including a demonstration of how to create a pie chart.The elements you’ll need to complete for this DQ are the following:Enter at least 10 items in the 'blue cells'. These are the numbers you are making up. Make sure at least three categories have more than one item. Note that you can input any numbers you’d like here, and you don’t need to add descriptions for your entries.Enter formulas in cells B2:B7, adding up the expenses for each category, using the Excel SUM() function. Note that if you reference each entire column the table in your SUM() formula, then as you add entries in the table, your category totals will automatically reflect that change.Format all cells in both your budget table and for your category totals as Currency with 2 decimal places.Add a pie chart showing your expenses by category and including data labels. Also update the chart title to something other than “Chart Title” that reflects the chart information. Here is a silent video demonstrating inserting a pie chart that another instructor made.Hope this helps! Post in the forum or contact me with any questions!
Operations management (involves stats)
Hi again! I have an assignment in my operations management course. I actually had one before too which we cancelled. My as ...
Operations management (involves stats)
Hi again! I have an assignment in my operations management course. I actually had one before too which we cancelled. My assignment opens tomorrow at 10 am EST. I will have a total of 1 hour and 30 minutes to complete it. It is based off 3 chapters (chapter 3, 7, and 10). I will attach the ppt's covering all those chapters, as well as my operations management textbook for you to have a look at. This assignment involves stats and will only consist of 3-4 problem solving questions.Link to the textbook: https://ca1lib.org/book/5899343/c1167eI have also attached chapter 3,7, and 10 (Part 1 and 2) power points below as well as the formula sheet. Thank you!! If you do a good job on this, will be using you again! This time we need to work on time. :)
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