Question no.2 (10)

Read the details regarding “The Plaza Hotel” and answer the questions below:

The Plaza Hotel is a 20-story luxury hotel and condominium apartment building in Midtown Manhattan in New York City. It opened in 1907 and is now owned by Katara Hospitality. The Plaza Hotel has many services including a butler on every floor, baby-sitting and concierges, a shopping mall, the Palm Court under the restored stained glass ceiling, the Champagne Bar located in the hotel lobby with views of Grand Army Plaza, the Edwardian Room, the Terrace Room, the Rose Club, the Grand BallRoom, The Plaza Food Hall and The Todd English Food Hall Restaurant and Marketplace, as well as meeting rooms and conference rooms. Guests not only come from the 50 states but from all over the world. The hotel scores in the top 5% of the national benchmark studies in terms of customer satisfaction. The hotel managers analyze the data received through customer questionnaires on a daily basis. Corrective measures are taken without any delay in case of any problems. The Plaza believes that quality improvement is a never ending process and the staff and management are continuously striving to come up with strategies to improve customer satisfaction. When the staff observes some kind of problem, they take care of it themselves; delay in room service is followed by small gifts to the guests, delay in food service is followed by a complimentary dessert and so on. Katara Hospitality keeps a check and balance on the hotel’s performance. Different areas are monitored, compared to a selected standard and the feedback report is shared on a monthly basis with the hotel. Automated inventory system is used for inventory management. Whenever an item is removed from the inventory for customer use, the item is automatically billed to that account, and usage is noted at the main supply area. Supplies are delivered on a Just-in-time basis to keep the costs low and to avoid any quality related problems. From their one-of-a-kind Eloise Suite, to their ultra-luxurious Penthouse Suites, The Plaza’s unparalleled accommodations are as unique as they are elegant. Their spacious guest rooms offer classic appointments and furnishings as can only be expected from New York’s most legendary address. Their contemporary Legacy Suites offer beauty in every detail, some suites with striking partial views of Central Park, outdoor terraces, and connecting rooms. Pareto charts and flowcharts monitor processes and facilitate the management in spotting problematic areas graphically. The philosophy that customers come first is taught to all the employees at the very first day of their orientation. The guards at the gates or the waiters in the hallways will never be heard commenting on each other’s personal lives or discussing confidential issues. This quality culture at the Plaza hotel makes the hotel visit a warmer and more comforting experience for the guests.

a. What TQM concepts and tools have been employed by the Plaza Hotel? Identify and briefly explain them.

b. What tools would you recommend them that they can use in future and how can they use them?

Use the following table to answer questions:

1. Using a two month moving average, what is the forecast for October?
   1. 142
   2. 143
   3. 144
   4. 145

2. Using a 3 month weighted moving average where the latest month has a weight of 0.5 and the month before that 0.3 and the oldest month has a weight of 0.2, what is the forecast for October?
   1. 142
   2. 143
   3. 144
   4. 145

3. The Forecast for May was 141. Using an alpha of 0.3, what is the forecast for October using exponential smoothing (round your answer to the nearest integer)?
   1. 142
   2. 143
   3. 144
   4. 145

The unequally spaced data given in Table 2 were generated from f(x)=3xcos(x)

Table 2

a) Calculate f^''(0.1), f^''(0.95) and f^'' (0.3) by using the appropriate divided difference
(forward, backward and central) equations which will give the most accurate result.
Compute the true percent relative error for each case.

b) Evaluate the integral from a=0.1 to b=0.95 using a combination of the trapezoidal and
Simpson’s rules; employ Simpson’s rule wherever possible to obtain the highest
accuracy. Compute the true percent relative error.

1) Which of the following would be the best example of a public good?

a) Clean water at the public lake.

b) A community park.

c) Snowplowing the streets.

d) Public school.

2) Which of the following is the best example of a public good with exclusion?

a) A fireworks display that can be seen miles away.

b) Fire protection services offered by the city.

c) Satellite radio service.

d) A public lake.

3) Which of the following best represents a tragedy of the commons?

a) A shopping mall with no shoppers inside.

b) A severe traffic jam on the freeway.

c) A fire that burns an entire apartment complex.

d) A ski resort that has closed due to lack of snow.

4) Which of the following represents the best example of a free-rider?

a) Your roommate asking you for a ride to school but will not help out with gas.

b) A panhandler who sneaks onto the subway without paying.

c) A person without health insurance visiting an emergency room since they cannot be turned away.

d) A neighbor who plants vegetables in her garden and allows others to help themselves to her harvest.

5) Generally, the amount of public goods available in a society is _____ what is actually desired.

a) greater than

b) less than

c) exactly

d) either exactly or greater than

Please answer all of the questions and explain each answer!

Thank you.

In this problem, assume that the distribution of differences is approximately normal. Note: For degrees of freedom d.f. not in the Student's t table, use the closest d.f. that is smaller. In some situations, this choice of d.f. may increase the P-value by a small amount and therefore produce a slightly more "conservative" answer.

At five weather stations on Trail Ridge Road in Rocky Mountain National Park, the peak wind gusts (in miles per hour) for January and April are recorded below.

What is the value of the sample test statistic? (Round your answer to three decimal places.)
In this problem, assume that the distribution of differences is approximately normal. Note: For degrees of freedom d.f. not in the Student's t table, use the closest d.f. that is smaller. In some situations, this choice of d.f. may increase the P-value by a small amount and therefore produce a slightly more "conservative" answer.

What is the value of the sample test statistic? (Round your answer to three decimal places.)

Technology is taking much of the fun out of finding a place to park the car. Now, in cities from New York to Seattle, the door is open to a host of wireless technologies seeking to improve the parking meter even further. Chicago and Sacramento, CA, among others are equipping enforcement vehicles with infrared cameras capable of scanning license plates even at 30 miles an hour. Using a global positioning system, the cameras can tell which individual cars have parked too long in a two-hour parking zone. At a cost of $75,000 a camera, the system is an expensive upgrade of the old method of chalking tires and then coming back two hours later to see if the car has moved.

Parking czars in municipalities across the country are starting to realize parking meters' original goals: generating revenue and creating a continuous turnover of parking spaces on city streets. Clearly, their main questions are "Would there be enough new revenue from installing the expensive parking monitoring devices?" and "How many devices should be installed to maximize the revenue streams?" From the device manufacturing's point of view, the question is "Would there be enough demand for their products to justify the investment required in new facilities and marketing?" If the manufacturing decides to go ahead and market the products, but the actual demand is far less than its forecast or the adoption of the technology is too low, what would be the potential financial risk?

You download two sets of posts from an online forum. Set One is a collection of posts by "pro-Hong Kong Protestors" (HKP) students. Set Two is a collection of posts by pro-Chinese Government (CG) students. (Let's say you get these two collections by searching for students who are members either of a pro-HKP group, or pro-CG group.) You compute the probabilities of different words they use, and focus on a set of six "key" words of interest, {"legal", "democracy", "violence", "legitimate", "calm", "foreign"}. You compute the "probability that, given that they use one of these five words, which word it is" (you could do this by counting up each of those words for the two sets, and dividing by the total number of those words in each set.) words: {"legal", "democracy", "violence", "legitimate", "calm", "foreign"}. pHKP = {0.2, 0.2, 0.3, 0.2, 0.05, 0.05} pCG = {0.1, 0.05, 0.3, 0.05, 0.1, 0.4}

The government tells you that they think about 10% of the posters on the mainland are pro-HKP, and they just want to have a conversation with these people about things.

You encounter a post. The poster uses the word "democracy" twice, the word "violence" once, and the word "foreign" once. Assuming that he is either pro-HKP, and follows the pHKP distribution, or pro-CG, and follows the pCG distribution...

Q: Given government priors, what is the probability that the poster is pro-HKP? (i.e., follows the pHKP distribution rather than the pCG distribution)

Suppose a certain magazine evaluates products for consumers. The following table contains data for 15 compact sports utility vehicles (SUVs) from a certain year.

• Vehicle—name of vehicle
• Overall score—awarded based on a variety of measures, including those in this data set
• Recommended—Consumer Reports recommends the vehicle or not
• Owner satisfaction—satisfaction on a five-point scale based on the percentage of owners who would purchase the vehicle again (−−, −, 0, +, ++)
• Overall miles per gallon–miles per gallon achieved in a 150-mile test trip
• Acceleration (0–60 sec)—time in seconds it takes vehicle to reach 60 miles per hour from a standstill with the engine idling

(a) How many variables are in the data set?

(b) Which of the variables are categorical? (Select all that apply.)

Overall Score

Recommended

Owner Satisfaction

Overall Miles Per Gallon

Acceleration (0–60) Sec

Which of the variables are quantitative? (Select all that apply.)

Overall Score

Recommended

Owner Satisfaction

Overall Miles Per Gallon

Acceleration (0–60) Sec

(c) What percentage of these 15 vehicles are recommended? (Round your answer to the nearest percent.)

%

(d) What is the average of the overall miles per gallon across all 15 vehicles? (Round your answer to one decimal place.)

miles per gallon

(e) For owner satisfaction, construct a bar chart showing the percentage frequency for each of the owner satisfaction ratings.

A.

A graph has a horizontal axis labeled "Owner Satisfaction" and a vertical axis labeled "Percent Frequency" with values from 0 to 50. The bar graph has 5 bars. Each bar is associated with a label and an approximate value as listed below.

• −−: 0
• −: 13.3
• 0: 40
• +: 20
• ++: 26.7

B.

A graph has a horizontal axis labeled "Owner Satisfaction" and a vertical axis labeled "Percent Frequency" with values from 0 to 50. The bar graph has 5 bars. Each bar is associated with a label and an approximate value as listed below.

• −−: 0
• −: 13.3
• 0: 20
• +: 26.7
• ++: 40

C.

A graph has a horizontal axis labeled "Owner Satisfaction" and a vertical axis labeled "Percent Frequency" with values from 0 to 50. The bar graph has 5 bars. Each bar is associated with a label and an approximate value as listed below.

• −−: 0
• −: 13.3
• 0: 20
• +: 40
• ++: 26.7

D.

A graph has a horizontal axis labeled "Owner Satisfaction" and a vertical axis labeled "Percent Frequency" with values from 0 to 50. The bar graph has 5 bars. Each bar is associated with a label and an approximate value as listed below.

• −−: 0
• −: 26.7
• 0: 40
• +: 20
• ++: 13.3

(f) Show the frequency distribution for acceleration using the following intervals: 7.0–7.9, 8.0–8.9, 9.0–9.9, and 10.0–10.9. Construct a histogram showing the frequencies of each interval.

A.

A graph has a horizontal axis labeled "Acceleration (0-60) Sec" and a vertical axis labeled "Frequency" with values from 1 to 7. The bar graph has 4 bars. Each bar is associated with a label and an approximate value as listed below.

• 7.0–7.9: 1
• 8.0–8.9: 5
• 9.0–9.9: 3
• 10.0–10.9: 6

B.

A graph has a horizontal axis labeled "Acceleration (0-60) Sec" and a vertical axis labeled "Frequency" with values from 1 to 7. The bar graph has 4 bars. Each bar is associated with a label and an approximate value as listed below.

• 7.0–7.9: 1
• 8.0–8.9: 3
• 9.0–9.9: 5
• 10.0–10.9: 6

C.

A graph has a horizontal axis labeled "Acceleration (0-60) Sec" and a vertical axis labeled "Frequency" with values from 1 to 7. The bar graph has 4 bars. Each bar is associated with a label and an approximate value as listed below.

• 7.0–7.9: 1
• 8.0–8.9: 5
• 9.0–9.9: 3
• 10.0–10.9: 4

D.

A graph has a horizontal axis labeled "Acceleration (0-60) Sec" and a vertical axis labeled "Frequency" with values from 1 to 7. The bar graph has 4 bars. Each bar is associated with a label and an approximate value as listed below.

• 7.0–7.9: 1
• 8.0–8.9: 3
• 9.0–9.9: 4
• 10.0–10.9: 5

The builder of a new movie theater complex is trying to decide how many screens she wants. Below are her estimates of the number of patrons the complex will attract each year, depending on the number of screens available.

After paying the movie distributors and meeting all other noninterest expenses, the owner expects to net $2.5 per ticket sold. Construction costs are $1,000,000 per screen.

Instructions: Enter your responses as whole numbers.

a. Make a table showing the value of marginal product for each screen from the first through the fifth.

What property is illustrated by the behavior of marginal products?

• Diminishing returns to capital

• Increasing returns to capital

• Negative returns to capital

b. How many screens will be built if the real interest rate is 5.5 percent?

screen(s)


c. How many screens will be built if the real interest rate is 7.5 percent?

screen(s)


d. How many screens will be built if the real interest rate is 10 percent?

screen(s)

e. If the real interest rate is 5.5 percent, what is the highest construction cost per screen that would make a five-screen complex profitable?

$

The builder of a new movie theater complex is trying to decide how many screens she wants. Below are her estimates of the number of patrons the complex will attract each year, depending on the number of screens available.

After paying the movie distributors and meeting all other noninterest expenses, the owner expects to net $2.5 per ticket sold. Construction costs are $1,000,000 per screen.

Instructions: Enter your responses as whole numbers.

a. Make a table showing the value of marginal product for each screen from the first through the fifth.

What property is illustrated by the behavior of marginal products?

• Diminishing returns to capital

• Increasing returns to capital

• Negative returns to capital

b. How many screens will be built if the real interest rate is 5.5 percent?

screen(s)


c. How many screens will be built if the real interest rate is 7.5 percent?

screen(s)


d. How many screens will be built if the real interest rate is 10 percent?

screen(s)

e. If the real interest rate is 5.5 percent, what is the highest construction cost per screen that would make a five-screen complex profitable?