|
AB103 Statistical & Quantitative Methods
Semester 2 of 2009/2010
Problem Context:
This case problem is related to a property purchase strategy. The president of Oceanview is deciding whether to bid for a property to build and sell condominiums. However, this depends on whether the state can change the zoning of the property to permit construction of condominiums. Here, the decision is whether to bid for the property, and chance events are firstly, whether the bid can be successful, and secondly, whether the state will approve the zoning change. To assess the likelihood that the state will approve the zoning change, the president can hire a market research service. Hence, the president is facing another decision as
…show more content…
Hence, Oceanview should submit the bid. 3. If market research is conducted and it predicts that the zoning change will be rejected, the expected value of submitting the bid would be a loss of $-0.075 million, whereas the payoff of not submitting the bid would be 0. Hence, to minimize losses, Oceanview should not submit the bid.
The expected value of conducting the market research is $0.093 million, and the expected value of not conducting the research is $0.05 million. Hence, the value of information provided by the research is $0.043 million. This is much larger than the cost of hiring the service ($0.015 million), hence Oceanview should employ the market research firm.
Insights
The above analysis is using the expected value approach for decision making. However, to gain a complete picture of the situation, we should also look at the risk associated with each of the decision. For recommendation (1), although it shows an expected profit of $0.05 million, the risk associated with such a profit is also high as reflected in the standard deviation of $0.1 million. The risk per unit return is 2, and this shows that the decision of bidding when no research is available is quite risky. For recommendation (2), the standard deviation is $0.46 million, and the risk per unit return is still 2. This proves that even when there is market research to improve the expected value of the payoff, there
a. For each year, create tables of counts of gender and of nationality. Then create column charts of
* m. From point 2, we’ve seen than securing the lease would allow the expected value to increase by 3.1725 million. This is therefore the maximum value we’re ready to pay based solely on the main expected value. Nevertheless, if the risk appetite is lower, we could calculate a value that ensures none of the options to have negative return (see tree in appendix 5). This value is equal to 1.3 million.
The facts of this case are that Dr. Guiles who is self-conscious of his prostate cancer diagnosis is treated horrendously when he finally decides to have surgery ( Buchbinder, Shanks & Buchbinder, 2014). Considering that Dr. Guiles is already sensitive about his condition, his unbearable symptoms are not helping matters (Buchbinder et al, 2014). Upon arrival at the hospital, he is treated subpar. The admitting clerk is rude and unbecoming to a patient who isn’t feeling well and who is embarrassed about his sickness (Buchbinder et al., 2014). To make matters worse, he has to find his own way up to the floor by walking, which causes him to be even later in checking in because of the need to stop frequently to urinate as well as having difficulty in walking (Buchbinder et al., 2014). Once he arrives on the floor, the charge nurse is not welcoming and unprofessional (Buchbinder et al., 2014). After figuring out what to do with the paperwork; and the nurse aide delivers Dr. Guiles to his room, the nurse aide does not offer to help settle him in (Buchbinder et al., 2014). Therefore, Dr. Guiles is faced with battling obnoxious family members who are on his bed and to make matters worse someone is in the bathroom which doesn’t help his need of having to frequently urinate (Buchbinder et al., 2014). When the issues are brought up to the charge nurse, the charge nurse accuses Dr. Guiles of wanting preferential treatment
Assuming unequal variances, the two sampled t-Test was applied on the data sets of female and male shoe sizes with the alpha value of 0.05. The null hypothesis was that the female and male shoe sizes have an equal mean while the alternative hypothesis was that female and male shoe sizes do not have an equal mean. With the degrees of freedom being 27, the t-statistic is -8.16. The probability that -8.16 is ≤ -1.70 is 4.5×10-9 for the one-tailed test. Also, the probability that -8.16 is ≤ ±2.05. is 9.1×10-9 for the two-tailed test. Given that both probabilities are under the alpha value of 0.05, the null hypothesis is therefore rejected, and the alternative hypothesis is accepted at the 95% confidence level.
A recent report on the weekly news presented the findings of a study on the effectiveness of Onglyza, along with diet and exercise, for treating diabetes.
If Magna Visual is not currently set up on Staples Exchange as a dropship vendor then you will need to work with our Vendor Onboarding team @ VendorOnboarding@Staples.com to get the onboarding process started.
Our group decided to research food service response times for our group project. We timed customers at 6
Approach: My approach was to work out each mode, thereby working out what statistic would not change. The statistics for this problem will be shown by individually calculating the median, mean, range, and total of tickets before and after the last ticket purchase was made.
The management staff at a hotel located in a popular Caribbean resort area is engaged in planning activities for the next year. Fundamental to any plans made will be the expected occupancy rate of the hotel. The management staff has extracted quarterly occupancy rates for the past 5 years from the hotel records to forecast the occupancy rates for quarters 1, 2, 3 and 4 of next year.
When comparing competitive bids for a particular price or service, some systematic method of price comparison is essential. Of course, in some instances, it will be stipulated that a particular price ceiling is in place which will limit the number and types of bidders, or a particular relationship with a contractor has already been established for a series of contracts. However, when this is not the case, it is essential to use a method that offers the most effective way to find the best possible quality of service at the lowest possible cost. The simplest and most effective way is to compare the bids of a variety of competitive bidders.
Problem 4. Prove that (y^3+z^3 ) x^2+yz^4 is irreducible over C[x,y,z]. Also prove that (y^3+z^3 ) x^2+y^2 z^3 is irreducible.
On Saturday, April 28, 2018, Engineer Alex Tarasevich inform me that a person was trapped in the elevator located at Building(Bldg)C and a reprensatives was coming to help get the person out of the elevator.
Perhaps one of the most difficult managerial decisions in the 21st century is the decision to make a decision. Analysis paralysis, endless meetings, and corporate structure have made it painstakingly difficult to come to any real conclusions. So when the Chief Financial Officer, Bruce Berman, of Bloomindale’s was tasked with decision to implement ProfitLogic’s Pricing Optimization (PO) system, he called upon Daniel Gabbay, an analyst in the finance division, to make sense of the numbers and guide his decision making process. Berman was considering implementing a PO system to quantify the markdown
In the Smith, et al (2006) study, 26 patients were used. They all had COPD that was stable, and they all complained of coughing. Their age, mean FEV, and smoking history were all accounted and controlled for (Smith, et al, 2006). Methods used involved a cough challenge test, sound recordings of their cough day and night, and a questionnaire that involved their perceived quality of life (Smith, et al, 2006). The coughs were actually manually counted and then translated to coughs per hour. The cough seconds per hour was quantified based on the number of seconds in each recorded hour that contained a cough. The overall median time that was spent coughing was calculated to be 7.5 cough seconds for every hour, although this lessened considerably at night (Smith, et al, 2006). The subjective cough scores were taken into account and compared with the actual cough seconds per hour. It was found that the study participants often thought that they spent more time coughing than what the data indicated to b accurate (Smith, et al, 2006).
Statistical data analysis was performed using programs MATLAB R2012b or R2014a and was conducted at 95% confidence level. Amino acids in the hair protein were determined using the relative peak areas and the concentrations were determined from a calibration curve from liquid injections of standard amino acid solutions of GC/MS analysis [8]. Also, ANOVA (one-way analysis of variance) was used to compare the mean concentrations of each amino acid between the case-control study groups. The F-test that is used in ANOVA is used to determine the variability between group means is larger than the variability within groups. It can be concluded that not all the means are equal if the ratio is very large [5]. Rashaid et al. detected 4 amino acids