MBA 510 Individual Problem Set 1

Essay by ltabizonUniversity, Master'sB+, November 2008

Review the following problem set. Choose 3 problems from across the Chapters (use your judgment). For each problem, provide a justification for why you chose the problem, focusing on practical application to your own organization. Each problem is worth 3 points, and the justification is worth 1 point per problema.Lind Chapter 3: Exercises 60, 62, 68, 70, 72b.Lind Chapter 5: Exercises 8, 66c.Lind Chapter 6: Exercise 4d.Lind Chapter 7: Exercises 38, 44, 60Chapter 360. Owens Orchards sells apples in a large bag by weight. A sample of seven bags contained the following numbers of apples: 23, 19, 26, 17, 21, 24, and 22.

A. Compute the mean number and median number of apples in a bag.

Answer to A: The mean number of apples in a bag is: 21.71. The median number of apples in a bag is: 22.

B. Verify that E(X-X ) = 0.

Answer to B: E(X-X ) = (17-21.71)+(19-21.71)+(21-21.71)+(22-21.71)+(23-21.71)+(24 - 21.71)+(26-21.71)= 0.0362. The Citizens Banking Company is studying the number of times the ATM located in aLoblaws Supermarket at the foot of Market Street is used per day. Following are the numbers of times the machine was used over each of the last 30 days. Determine the mean number of times the machine was used per day.

83 64 84 76 84 54 75 59 70 6163 80 84 73 68 52 65 90 52 7795 36 78 61 59 84 95 47 87 60Answer: The ATM machine was used a mean number of times 70.53.

Chapter 58 A sample of 2,000 licensed drivers revealed the following number of speeding violations.

Number of Violations Number of Drivers0 1,9101 462 183 124 95 or more 5Total 2,000A. What is the experiment?Answer to A: The experiment was: "What is the probability licensed driver...