Question

In: Statistics and Probability

(Solving with excel workbook) A large corporation must reserve a hotel room block for its annual...

(Solving with excel workbook)

A large corporation must reserve a hotel room block for its annual stockholders' meeting. Based on history, the number of attendees will be normally distributed with mean 4900 and standard deviation 1000. Rooms can be reserved now for a cost of $150/room. If the number of rooms reserved is less than attendance, additional rooms must be reserved at a cost of $250/room. If the number of rooms reserved is greater than attendance, the corporation must indemnify the hotel at the rate of $75 per unused room.

The boss tells you: "I am going to reserve 4300, 4400, 4500, 4600, 4700, 4800, 4900, 5000, 5100, or 5200 rooms, whichever you recommend. Please give me your recommendation." (first number requested)

Redo the problem: The number attending has a triangular distribution with minimum 2000, most likely value 4900, and maximum value 6900. Again, he boss tells you: "I am going to reserve 4300, 4400, 4500, 4600, 4700, 4800, 4900, 5000, 5100, or 5200 rooms, whichever you recommend. Please give me your recommendation." (second number requested)

For the first part of the problem, what is the chance that the random number sampled from the normal is negative, to 3 significant decimal digits? (third number requested)

Solutions

Expert Solution

First number = 4900

Second number = 4600

Third number = 0.000

Excel sheet screenshots are attached below :

orchestra answered 1 year ago
Next > < Previous

Related Solutions

Morrison Hotel uses its banquet room to host parties, dinner dances, and business meetings. The hotel...
Morrison Hotel uses its banquet room to host parties, dinner dances, and business meetings. The hotel serves meals and provides a variety of services for each event. A local consultant analyzed recent cost data and estimated the total cost function per event to be as follows: Y = $1,000 + $9.00 x Assuming that Y represents total cost and x equals the number of guests, use this equation to answer the following questions: a. If the hotel charges $25.00 per...
You must use Excel for solving all the problems In problem 13.9 on page 501, an...
You must use Excel for solving all the problems In problem 13.9 on page 501, an agent for real estate company wanted to predict the monthly rent for one-bedroom apartments, based on the size of the apartment. The data are stored in rentsliverspring. Use the results of that problem. a. at the 0.05 level of significance, is there evidence of a linear relationship between the size of the apartment and the monthly rent? b. Construct at 95% confidence interval estimate...
A 600​-room hotel can rent every one of its rooms at $90 per room. For each​...
A 600​-room hotel can rent every one of its rooms at $90 per room. For each​ $1 increase in​ rent, 3 fewer rooms are rented. Each rented room costs the hotel​ $10 to service per day. How much should the hotel charge for each room to maximize its daily​ profit? What is the maximum daily​ profit?
   Task Description Task No. Must Follow    Expected time(days) Reserve the meeting room                 A        
   Task Description Task No. Must Follow    Expected time(days) Reserve the meeting room                 A                 None                                      1 Order the marketing material              B                     A                                        9 Brief the managers                             C                     A                                        2 Send put the customer emails            D                     C                                        3 Burn sample DVDs   E                      C                                        3 Load the new software F                      D, E                                    2 Do a class rehearsal.                           G                     B, F                                    1 Now you do: (A) Using the data from the table above, draw a Gantt chart...
ABC hotel has 200 rooms and has a policy to determine its room rates based on...
ABC hotel has 200 rooms and has a policy to determine its room rates based on consumers capacity to pay. For example busniess clients pay $1,200 per night and group tours $900 per night. The incremental cost of servicing a room is worked out at $110 per room. On average, most guest stay for three (3) nights. Rooms division manager is trying to establish if four (4) week advance reservation should be taken for a group booking of 40 rooms...
ABC hotel has 200 rooms and has a policy to determine its room rates based on...
ABC hotel has 200 rooms and has a policy to determine its room rates based on consumers capacity to pay. For example busniess clients pay $1,200 per night and group tours $900 per night. The incremental cost of servicing a room is worked out at $110 per room. On average, most guest stay for three (3) nights. Rooms division manager is trying to establish if four (4) week advance reservation should be taken for a group booking of 40 rooms...
Nilam Patel is the primary stockholder in two hotel corporations. One corporation owns a 90‐room economy...
Nilam Patel is the primary stockholder in two hotel corporations. One corporation owns a 90‐room economy property located in the suburbs of a large western town. The other corporation is a 350‐room full‐service convention hotel in the downtown city center for which Nilam has employed a management company to operate the property. Nilam is preparing balance sheets for both properties using a common size format. Complete the two balance sheets. Then answer the questions that follow. December 31 Common Size...
company - H&R Block You must use the annual report, from the company's own website, or...
company - H&R Block You must use the annual report, from the company's own website, or from the SEC database. Quarterly financial statements should not be used to do ratios because (1) many companies are seasonal and quarterly numbers may not be representative of annual performance and (2) quarterly numbers are not audited, whereas annual financials are. Financial information provided by third parties like Yahoo Finance or Google Finance are not acceptable, as these numbers are not necessarily accurate. You...
Discussion: Profitability Analysis A large, downtown hotel allocated all of its restaurant labor costs on the...
Discussion: Profitability Analysis A large, downtown hotel allocated all of its restaurant labor costs on the basis of revenue dollars. This hotel had seven restaurant outlets that were vastly different, including banquet, room service, a bar, a 24-hour restaurant, and a fine dining facility. There are obvious differences in the way labor resources are consumed in these various outlets. However, the most glaring example was in the banquet operation. Since banquets were not regularly scheduled events, the banquet manager hired...
Obtain an annual report for a large corporation and perform a quality earnings assessment.
Obtain an annual report for a large corporation and perform a quality earnings assessment.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT