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Question:
Current weekly demand forecast for an item follows a normal distribution with a mean of 100 units, with a standard deviation of 70 items. It takes one week to receive the order. The company's policy is to provide 95% of the demand from the inventory on hand; they hold a safety stock of 42 units to provide this policy. (Use the approximations for service and backorder levels)
a) Find expected backorder level and the ordering quantity.
b) To preserve the same service level, what order quantity would allow the company to carry no safety stock?
c) Calculate the exact Backorder level
e) Using the exact levels, compare the two strategies' average inventory levels, i.e carrying safety stock vs. not carrying a safety stock.
You're not sure if you should buy a stock and need to discover the probability of the stock having a positive return (based on one year).
What is the required sample size if you need to estimate the number of workers in the United States who are highly satisfied with their job and you want the estimate to be within 2 percentage points of a 96% confidence interval.
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The MBA department is concerned that dual degree students may be receiving lower grades than the regular MBA students. Two independent random samples have been selected.
Find the probability that of 800 randomly selected incoming first-year students, at least 260 have elected to enroll in the course.
One advantage of the repeated measures ANOVA is that it eliminates "individual differences" as a source of variability. Explain why there are no individual differences in the numerator and in the denominator of the F ratio.
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Looking for a good original (yet cited) response to this definition. And if you can describe two common ones with an example for each that would be great.
Jones Nissan in Sumter, South Carolina, sold 15 Nissans yesterday. What is the probability that exactly 0 vehicles require warranty service?
A representative of the Environmental Protection Agency (EPA) wants to select samples from 10 landfills. The director has 15 landfills from which she can collect samples. How many different samples are possible?
Find a eulerization of the graph that will allow the garbage truck to make a reasonably efficient Eulerian circuit through the neighborhood.
What is the approximate percentage of scores that were between 380 and 580 and what is the approximate percentage of scores that were above 680?
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