3124 Words Dec 1st, 2010 13 Pages

________________________ Question 1 (10 marks)
Sandra Enright of Techtronics Inc., an electronics supply firm, has been examining the times required for stock pickers to fill orders requested from inventory. She has determined that individual order-filling times approximately follow a normal distribution with a mean value of 3.2 minutes and standard deviation of 68 seconds.
a) What is the probability that a randomly selected order will require more than three minutes? b) What is the probability that a randomly selected order will require less than two minutes? c) What is the
We can then use the spreadsheet command Tools, Data Analysis, Descriptive Statistics to find the summary measures for the data: Note the sample mean (average) daily expenditure is \$76.87, and the standard error is \$4.254. A 95% confidence interval for the population mean can be found as the sample mean 1.96 * standard errors, or 76.86 1.96 * 4.254, or 76.86 8.34. You could also express this as the range [68.52, 85.20]. The interpretation is that Ms. Turner can be quite sure that the actual true average daily expenditure is somewhere in the range from \$68.52 to \$86.20 (but it could be anywhere in this range).

b) Let the symbol represent the actual mean daily expenditure of visitors to Kingston. One way to test her assertion is to assume that she is right, and then see if the evidence would cause us to reject this assumption, and therefore conclude that she is wrong. In this framework, we can express Ms. Turner’s statement as the null hypothesis: H0: 100 Versus the alternative hypothesis H1: < 100 (Here, Ms. Turner is evidently making the case that the expenses are justified because visitors contribute so much to Kingston’s economy. Her case would be even more supported if the mean expenditures was > \$100, so the format for the null hypothesis above is the correct one for this problem. The hypotheses H0: =

## Related Documents

• ###### Essay The Objectives Of A Business Model

A business model can be described as the outline for a victorious operation of a certain business, realizing income sources, products, customer base and details of financing. On the other hand, a strategic plan is described as a methodical process of envisaging a desired future, translating that forethought into defined objectives or goals and making decisions on assigning its skilled personnel and resources to realizing those goals. It therefore sets the basic part of general planning. Strategic…

Words: 1300 - Pages: 6
• ###### Essay Data And Facts On Business

AdLift Data & Facts Time In Business: 2009 Dashboard: Yes Contract Length: Undisclosed SEO Services: • On Page SEO: Yes • Content Marketing: Yes • Social Media Management: Yes • Video SEO: Couldn 't find • Public Relations: Couldn 't find • Pay Per Click (PPC) Campaigns: Yes Glassdoor Company Rating: Not rated BBB: No file, http://www.bbb.org/search/?type=name&input=adlift&location=Burlingame%2C+CA+&tobid=&filter=business&radius=&country=USA%2CCAN&language=en&codeType=YPPA Introduction…

Words: 1227 - Pages:
• ###### Essay Data And Facts On Business Management

97th Floor Data & Facts Time In Business: 2005 Dashboard: Couldn 't find Contract Length: Undisclosed SEO Services: • On Page SEO: Yes • Content Marketing: Yes • Social Media Management: Yes • Video SEO: Couldn 't find • Public Relations: Yes, reputation management • Pay Per Click (PPC) Campaigns: Yes Glassdoor Company Rating: 4.7 BBB: Accredited, A+, http://www.bbb.org/utah/business-reviews/search-engine-optimization-services/97th-floor-in-lehi-ut-22273423 Introduction 97th Floor…

Words: 1444 - Pages:
• ###### Logical and Physical Data Models Essay

The Physical Data Model (PDM) describes how the information represented in the Logical Data Model is actually implemented, how the information-exchange requirements are implemented, and how the data entities and their relationships are maintained. There should be a mapping from a given Logical Data Model to the Physical Data Model if both models are used. The form of the Physical Data Model can vary greatly, as shown in Figure 31. For some purposes, an additional entity-relationship style diagram…

Words: 4425 - Pages: 18
• ###### Essay Disruptive Models For Business Models

Disruptive models allow businesses to create new markets by focusing on new customer segments. Disruptive business models are categorized into two; low-end disruption and new-market disruption (Outsell Inc., 2014). Low-end disruption strategies are usually focused on stealing the cheap and worst customers from existing business in a given industry. Cheap products are a common characteristic of low-end disruptive business models (Braithwaite & Martin, 2015). For low-end disruptive models to be effective…

Words: 1253 - Pages: 6
• ###### Bus370 Business Model Essay

Business Model and Strategic Plan Part I: Conceptualizing a New Product or Service Division of an Existing Business BUS/475 February 9th, 2015 Table of Contents Introduction …………………………………………………………………….... 3 V-Gym analysis…..………………………………………………………………. 3 V-Gym’s mission statement and vision ………………………………………….. 4 Values and guiding principles..,………………………………………….………. 5 Organization’s strategic direction and aims …………………………..…………. 6 Customers…

Words: 1585 - Pages: 7
• ###### Essay Marketing Model : Zara 's Business Model

Business Model: Zara ‘s business model creates a differentiation for the brand by transferring ramp fashion to the stores in record time. It is highly responsive to the changing fashion amongst young urban population by employing of its vertically integrated operations that minimises sales forecasting, whereas conventional clothing retailers relied highly on forecasting and outsourcing of production. Also this vertical integration allows Zara to introduce new items faster and moves the garment from…

Words: 850 - Pages: 4
• ###### Essay Data Model Is Not Good For Early Prototypes

 These data model is most efficient ciompared to that of row oriented systems.  These serves as a great storing event information.  It uses the tags links etc for storing the blog entries in distinct columns.  It is used for calculating analytics for the purpose of counting and categorizing the visitors page.  This provides the expiring columns functionality. CONS:  This contains the limited query options.  It needs high effects at the time of updating the lists.  Among all the row oriented…

Words: 1000 - Pages:
• ###### Essay A Business Model Reflects Management

“A business model reflects management’s hypothesis about what customers want, how hey want it and what they will pay, and how an enterprise can organize to best meet customers needs, and get paid well for doing so.” Do you agree with this statement? Why? Be specific. Feel free to use examples. A business model defines how a business creates, delivers and captures economic, cultural, social or other forms of value. The business model provides information and direction on how the organization positions…

Words: 1148 - Pages: 5