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The following task, in which you are asked to conduct a small number of simulation trials, should be done with manual calculations. Given: Management has asked you to help estimate the most likely cost per unit to produce a new product so that they can project profits at different selling prices. You are to simulate cost behavior using probabilistic simulation (Monte Carlo simulation) and have been provided with the following cost estimates. Materials cost will range between $33 and $39 per unit, labor between $22 and $28 per unit, and utilities between $3 and $6 per unit. The probability distributions of cost per unit are as follows. Materials:
Labor:
Utilities:
Task: A. Complete the attached "Simulation Template" to determine the following costs: 1. Average materials cost per unit 2. Average labor cost per unit 3. Average utilities cost per unit 4. Average total cost per unit Note: Run 10 trials using the random numbers that are provided on the "Simulation Template" for each probability distribution. Use the random numbers in the exact sequence that they appear on the template for each cost. Note: Submit your completed spreadsheet as an attachment to this task.
A roulette wheel has 38 slots, numbered 0, 00, and 1 to 36. The slots 0 and 00 are colored green, 18 of the others are red, and 18 are black.
Use this information to make a 95% confidence interval to evaluate true average number of copies made each day at this company.
To find out the prior probability, conditional probability and posterior probability. Calculate the posterior probability that the bid will be successful given a request for additional information.
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1. a random variable is binomially distributed with n 16 and pi .40. the expected value and standard deviation of the
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Construct a 95% confidence interval on the population mean for the following sample data set:
Compute the mean, variance, and standard deviation of the overseas bond yields as of March 6, 2009.
The cell phone industry is growing at a rapid pace. Current estimates suggest that 60% of people have cell phones. Suppose 25 people were randomly and independently sampled.
A burglar plans his crimes so carefully that the lengths of the burglary are uniformly distributed between 50.0 and 52.0 minutes. Find the probability that a given burglary runs between 51.0 and 51.5 minutes.
a population of 200 voters contains 78 republicans 120 democrats and 2 independents and members of other parties. a
Based on these data, determine the 95 percent confidence interval estimate for true population mean?
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