The Indiana University basketball team trails by two points with eight seconds to go and has the ball. Should it attempt a two-point shot or a three-point shot? Assume that the Indiana shot will end the game and that no foul will occur on the shot. Assume that a three point shot has a 30% chance of success, and a two-point shot has a 45% chance of success. Finally, assume that Indiana has a 50% chance of winning in overtime. Level B
Q: Describe the Replacement Analysis when the required service period is long?.
A: An important analysis of capital budgeting where the assets life is reduced due to the variation in ...
Q: English Motors, Ltd. (EML), developed a new all-wheel-drive sports utility vehicle. As part of the m...
A: Given data Number of current customer using test drive = 25% (0.25) Number of new customer u...
Q: What are some named research paradigm?
A: To understand Research Paradigms, we must first understand these terminologies. Ontology: What exist...
Q: 1. What changes can you envisage in economic order quantity based planning when the demand for the i...
A: The answer is "a. The economic order quantity will come down by √(5%)".
Q: Briefly discuss the advantages and disadvantages of attached storage, network-attached storage, and ...
A: Attached storage: It is directly attached to the computer. It is not used over a network. Examples o...
Q: Critics charge that the American marketing system causes higher prices due to all of the following e...
A: The answer is b. High shipping costs for the product to be delivered.
Q: Sonia ltd. was engaged in the business of manufacturing automobiles. Lately,its business was expandi...
A: Division of work: It is a principle that explains that if workers are given specialized tasks, they ...
Q: Problem 1 - Need help with this problem, for part C please give explain using part a and b as exampl...
A: Calculations: Formula:
Q: What effect would decreasing arrival and service variability have on the effective capacity of asyst...
A: Service variability means that quality of service is different based on who provides them, time of s...
Q: The Gryphon Imports & Exports Corporation sells directly to end-use customers through its Grypho...
A: The answer is "a. multichannel distribution system."
Q: Describe the likely key tensions between the sales and operations divisions of asmall manufacturer t...
A: Although both sales and operations are the backbone of company. Sales are responsible for bringing i...
Q: Think about a service organization that retains you as a loyal customer. Why are you loyal to this p...
A: Reasons a client being faithful to an association: 1. Corporate Responsibility: Consumers are presen...
Q: Suppose that Mac only kept track of the number of magazines sold. Would thisgive an accurate represe...
A: Currently, person M had kept the record of weekly demand for magazines which included the number of ...
Q: When you examine the management functions, roles and skills of a manager in a not-for profit organiz...
A: Following are the management functions of the managers: Planning Organizing Leading Controlling Ma...
Q: Is a chase or level strategy more appropriate for aggregate planning in an air conditioning manufact...
A: Chase Planning Strategy : Adjusting capacity according to demand, Will lower workforce for better ut...
Q: What does “disaggregation of aggregate plans” mean?
A: Disaggregation of aggregate plans refers to the process of disintegration of the aggregate plan into...
Q: Marketing ethics are a. not effective if a company wishes to be competitive and profitable. ...
A: The moral principle, which is applied ethics behind the regulation of marketing, is known as marketi...
Q: 1. Having safety stock of raw materials to protect against quality is an example of “Mura”. True Fal...
A: 1. The answer is False. Safety stock increases the cost of holding the stock. This increases the cos...
Q: Identify two companies that have time-based strategies, and two that have quality-based strategies.
A: The Plan of action prepared for accomplishing the long term objectives is known as the strategy. The...
Q: Suppose that arrivals to a coffee shop follow a Poisson process with average rateof one customer eve...
A: X ~ Poisson() Where = 1 per 5 min. That is number of customers per minute = 1/5
Q: A produce distributor uses 800 packing crates a month, which it purchases at a cost of $10 each.The ...
A: Given that, Total annual demand D = 800 per month = 9600 per year Purchase cost = $10 per crate Orde...
Q: companies are unable to upgrade to the latest and greatest equipment and technology. How does a com...
A: If companies are unable to invest in the latest and greatest equipment & technology, the best al...
Q: Briefly discuss the advantages and disadvantages of attached storage, network-attached storage, and ...
A: Attached storage: It is directly attached to the computer. It is not used over a network. Examples o...
Q: You have just been hired to function as the HR business partner of a new organization. Briefly discu...
A: The Process of predicting the availability of human resource is known as the human resource supply f...
Q: List the responsibilities of management and describe how it relates to governance. What is Continge...
A: The responsibilities of top management and leadership team in relation to corporate governance and s...
Q: Define QUANTITATIVE FORECASTING MODELS
A: Forecasting is the process of identifying the demand accurately for future production planning and d...
Q: The stage in the consumer purchase decision process in which the consumer decides that she does not ...
A: The answer is B. Information search stage.
Q: Q3) A) What is active listening? Do you think that it is important to managers and organizations? Ex...
A: Active listening is a skill in which a person is fully aware of what the speaker or other person is ...
Q: Describe the steps that are used to resolve constraint issues.
A: TOC is an organizational change method that is focused on improving its profits. The basic premise o...
Q: 1. Which of the following statements depict the meaning of "total" in the term TQM? a) The total of ...
A: GAP model is described as a roadmap which is used for the identification of gaps, in the process of ...
Q: Suppose your organization's employees are in poor mental condition that occurs due to job stress. No...
A: Job stress is mainly due to heavy workload, rigid work schedule and computer disorders.
Q: In some S&OP processes all divisions are measured by the same set of KPIs. Whatare the advantage...
A: Advantages of measuring KPI across all division: It will provide a standardized approach It will be...
Q: Investigate LEED (Leadership in energy and Environmental Design) building designs. Should all new bu...
A: The case is related to eco - efficiency, which is part in the environment movement. It refers to doi...
Q: A firm "tweaks" its 2020 car lineup by adding additional horsepower to each model. Otherwise, there ...
A: In the given case, the Price "P" of the marketing mix would slightly alter when the car lineup is ad...
Q: 1. From a perspective of Statistical Process Control (SPC), a six-sigma process will have which of t...
A: Statistical Process Control The techniques used for controlling the production method is known as th...
Q: Mr. Meadows Cookie Company makes a variety of chocolate chip cookies inthe plant in Albion, Michigan...
A: Given data Demand for the next four-month Year Demand (thousands of cookies) 1 850 2 1260 ...
Q: Who needs to be involved in (a) decisions on technology acquisition for supply chain managementand (...
A: There are various stakeholders related with the process of acquisition of technology in an organizat...
Q: Milton Construction Ltd has been awarded a lucrative contract of some $J10B by the National Works Ag...
A: In the given case, it has been stated that the company MC got the project of the $J10B by the govern...
Q: Classify the following risks into variation, foreseen uncertainty, unforeseen uncertainty, and chaos...
A: The given statement represents Chaos.
Q: 2. According to Porter, what determines the level of competitive intensity in an industry?
A: The level of competition intensity in an industry can be determined by the following:
Q: Choose five of the dimensions of service quality and for each of them name a servicefirm that you be...
A: The following are the five dimensions of service quality:
Q: Define the term Decision Criterion?
A: Decision criteria and basically principles, requirements or guidelines which helps in decision makin...
Q: Hello can you please help with the answer 2.3
A: a) It is given that there are 180 million automobiles. Therefore, the number of lives saved can be c...
Q: Why do demographic shifts and technological developments create both challenges and new opportunitie...
A: The shifting of demographics pattern, the increasing effect of changes in technology and globalizati...
Q: The Rahway, New Jersey, plant of Metalcase, a manufacturer of office furniture, produces metaldesks ...
A: Given data Order quantity = $100 The company produces goods at the rate of 200 per month. Thus, the...
Q: time (hours) pH 7.00 7.30 6.99 7.00 Assignment 1 2 7.12 7.25 7.12 7.20 3 720 7.16 720 7.16 4 6.98 7....
A: Formula:
Q: Cross training workers is one way to achieve capacity pooling in a manufacturingenvironment. What ar...
A: Advantages of cross-training: Some of the advantages of cross training employees are listed as foll...
Q: Benchmarking is a technique to improve security practices by comparing an organisation's practices t...
A: It is the process of measuring the products or services of a company against the industry standards ...
The Indiana University basketball team trails by two points with eight seconds to go and has the ball. Should it attempt a two-point shot or a three-point shot? Assume that the Indiana shot will end the game and that no foul will occur on the shot. Assume that a three point shot has a 30% chance of success, and a two-point shot has a 45% chance of success. Finally, assume that Indiana has a 50% chance of winning in overtime. Level B
Step by step
Solved in 2 steps with 2 images
- 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.It costs a pharmaceutical company 75,000 to produce a 1000-pound batch of a drug. The average yield from a batch is unknown but the best case is 90% yield (that is, 900 pounds of good drug will be produced), the most likely case is 85% yield, and the worst case is 70% yield. The annual demand for the drug is unknown, with the best case being 20,000 pounds, the most likely case 17,500 pounds, and the worst case 10,000 pounds. The drug sells for 125 per pound and leftover amounts of the drug can be sold for 30 per pound. To maximize annual expected profit, how many batches of the drug should the company produce? You can assume that it will produce the batches only once, before demand for the drug is known.A common decision is whether a company should buy equipment and produce a product in house or outsource production to another company. If sales volume is high enough, then by producing in house, the savings on unit costs will cover the fixed cost of the equipment. Suppose a company must make such a decision for a four-year time horizon, given the following data. Use simulation to estimate the probability that producing in house is better than outsourcing. If the company outsources production, it will have to purchase the product from the manufacturer for 25 per unit. This unit cost will remain constant for the next four years. The company will sell the product for 42 per unit. This price will remain constant for the next four years. If the company produces the product in house, it must buy a 500,000 machine that is depreciated on a straight-line basis over four years, and its cost of production will be 9 per unit. This unit cost will remain constant for the next four years. The demand in year 1 has a worst case of 10,000 units, a most likely case of 14,000 units, and a best case of 16,000 units. The average annual growth in demand for years 2-4 has a worst case of 7%, a most likely case of 15%, and a best case of 20%. Whatever this annual growth is, it will be the same in each of the years. The tax rate is 35%. Cash flows are discounted at 8% per year.
- Based on Kelly (1956). You currently have 100. Each week you can invest any amount of money you currently have in a risky investment. With probability 0.4, the amount you invest is tripled (e.g., if you invest 100, you increase your asset position by 300), and, with probability 0.6, the amount you invest is lost. Consider the following investment strategies: Each week, invest 10% of your money. Each week, invest 30% of your money. Each week, invest 50% of your money. Use @RISK to simulate 100 weeks of each strategy 1000 times. Which strategy appears to be best in terms of the maximum growth rate? (In general, if you can multiply your investment by M with probability p and lose your investment with probability q = 1 p, you should invest a fraction [p(M 1) q]/(M 1) of your money each week. This strategy maximizes the expected growth rate of your fortune and is known as the Kelly criterion.) (Hint: If an initial wealth of I dollars grows to F dollars in 100 weeks, the weekly growth rate, labeled r, satisfies F = (I + r)100, so that r = (F/I)1/100 1.)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.Consider the following card game. The player and dealer each receive a card from a 52-card deck. At the end of the game the player with the highest card wins; a tie goes to the dealer. (You can assume that Aces count 1, Jacks 11, Queens 12, and Kings 13.) After the player receives his card, he keeps the card if it is 7 or higher. If the player does not keep the card, the player and dealer swap cards. Then the dealer keeps his current card (which might be the players original card) if it is 9 or higher. If the dealer does not keep his card, he draws another card. Use simulation with at least 1000 iterations to estimate the probability that the player wins. (Hint: See the file Sampling Without Replacement.xlsx, one of the example files, to see a clever way of simulating cards from a deck so that the Same card is never dealt more than once.)
- 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?Six months before its annual convention, the American Medical Association must determine how many rooms to reserve. At this time, the AMA can reserve rooms at a cost of 150 per room. The AMA believes the number of doctors attending the convention will be normally distributed with a mean of 5000 and a standard deviation of 1000. If the number of people attending the convention exceeds the number of rooms reserved, extra rooms must be reserved at a cost of 250 per room. a. Use simulation with @RISK to determine the number of rooms that should be reserved to minimize the expected cost to the AMA. Try possible values from 4100 to 4900 in increments of 100. b. Redo part a for the case where the number attending has a triangular distribution with minimum value 2000, maximum value 7000, and most likely value 5000. Does this change the substantive results from part a?Based on Babich (1992). Suppose that each week each of 300 families buys a gallon of orange juice from company A, B, or C. Let pA denote the probability that a gallon produced by company A is of unsatisfactory quality, and define pB and pC similarly for companies B and C. If the last gallon of juice purchased by a family is satisfactory, the next week they will purchase a gallon of juice from the same company. If the last gallon of juice purchased by a family is not satisfactory, the family will purchase a gallon from a competitor. Consider a week in which A families have purchased juice A, B families have purchased juice B, and C families have purchased juice C. Assume that families that switch brands during a period are allocated to the remaining brands in a manner that is proportional to the current market shares of the other brands. For example, if a customer switches from brand A, there is probability B/(B + C) that he will switch to brand B and probability C/(B + C) that he will switch to brand C. Suppose that the market is currently divided equally: 10,000 families for each of the three brands. a. After a year, what will the market share for each firm be? Assume pA = 0.10, pB = 0.15, and pC = 0.20. (Hint: You will need to use the RISKBINOMLAL function to see how many people switch from A and then use the RISKBENOMIAL function again to see how many switch from A to B and from A to C. However, if your model requires more RISKBINOMIAL functions than the number allowed in the academic version of @RISK, remember that you can instead use the BENOM.INV (or the old CRITBENOM) function to generate binomially distributed random numbers. This takes the form =BINOM.INV (ntrials, psuccess, RAND()).) b. Suppose a 1% increase in market share is worth 10,000 per week to company A. Company A believes that for a cost of 1 million per year it can cut the percentage of unsatisfactory juice cartons in half. Is this worthwhile? (Use the same values of pA, pB, and pC as in part a.)
- Software development is an inherently risky and uncertain process. For example, there are many examples of software that couldnt be finished by the scheduled release datebugs still remained and features werent ready. (Many people believe this was the case with Office 2007.) How might you simulate the development of a software product? What random inputs would be required? Which outputs would be of interest? Which measures of the probability distributions of these outputs would be most important?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.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.