the accompanying data represent the miles per gallon of a random sample of cars with a three-cylinder, 1.0 liter engine. (a) compute the z-score corresponding to the individual who obtained 38.7 miles per gallon. interpret this result. (b) determine the quartiles. (c) compute and interpret the interquartile range, iqr. (d) determine the lower and upper fences. are there any outliers?39.939.9 42.442.4 34.634.6 36.336.3 38.138.1 38.938.9 40.540.5 42.842.8 34.734.7 37.537.5 38.338.3 39.439.4 41.441.4 43.643.6 35.235.2 37.637.6 38.538.5 39.739.7 41.641.6 49.049.0
In: Statistics and Probability
Comment on the relationship between 1920s-1940s economics and today's economic conditions. Are there any similarities that you notice? Any key differences?
In: Finance
Donna Shader, manager at the Winter Park Hotel, is considering how to restructure the front desk to reach an optmum level of staff efficiency and guest service. Presently, the hotel has five clerks on duty, each with a separate waiting line, during the peak check in time of 3:00 P.M to 5:00 P.M.
Observation of arrivals during this time show that an average of 90 guests arrive each hour (although there is no upward limit on the number that could arrive at any given time). It takes an average of 3 minutes for the front-desk clerk to register each guest.
Donna is considering three plans for improving guest service by reducing the length of time guests spend waiting in line.
The first proposal would designate on employee as a quick service clerk for guests registering under corporate accounts, a market segment that fills about 30% of all occupied rooms. Because corporate guests are preregistered, their registration takes just 2 minutes. With these guests separated from the rest of the clientele, the average time for registering a typical guest would climb to 3.4 minutes. Under plan 1, noncorporate guests would choose any of the remaining four lines.
The second plan is to implement a single line system. All guests could form a single waiting line to be served by whichever of the five clerks became available. This option would require sufficient lobby space for what could be a substantial queue.
The third proposal using an automatic teller machine (ATM) for check-ins. This ATM would provide approximately the same service rate as a clerk would. Given that initial use of this technology might be minimal, Shader estimated that 20% of customers, primarily frequent guests, would be willing to use the machines.
(This might be a conservative estimate if the guests perceive direct benefits from using the ATM, as bank customers do. Citibank reports that 95% of its Manhattan customers use its ATMs.) Donna would set up a single queue for customers who prefer human check-in clerks. This would be served by the five clerks although Donna is hopeful that the machine will allow a reduction to four.
Required:
In: Accounting
2. Courtney Newell, manager of the Silver Park Hotel, is considering how to restructure the front desk to improve guest service during the peak check-in hours of 3:00 to 5:00 p.m. At present, the hotel has 5 clerks on duty each with a separate waiting line.
Courtney is considering two plans for reducing the guest’s waiting time. The first proposal would be to implement a single waiting line in which guests would be served by whichever of the 5 clerks becomes available first. Observations of arrivals during the peak check-in time show that a guest arrives on average every 40 seconds. It takes an average of 3 minutes for the front-desk clerk to register each guest.
The second proposal would designate one employee as a “quick-service” clerk for guests registering under corporate accounts, a market segment that comprises about 30% of Silver Park’s guests. Since these guests would be pre-registered, it would take an average of only 0.5 minutes for the front-desk clerk to register them. Under this plan, the non-corporate guests would form a single line and proceed to the first available of the 4 remaining clerks. The average time for registering a non-corporate guest is 3.4 minutes.
Which proposal should Courtney implement? Provide appropriate quantitative evidence to support your recommendation.
In: Operations Management
Courtney is considering two plans for reducing the guest’s waiting time. The first proposal would be to implement a single waiting line in which guests would be served by whichever of the 5 clerks becomes available first. Observations of arrivals during the peak check-in time show that a guest arrives on average every 40 seconds. It takes an average of 3 minutes for the front-desk clerk to register each guest.
The second proposal would designate one employee as a “quick-service” clerk for guests registering under corporate accounts, a market segment that comprises about 30% of Silver Park’s guests. Since these guests would be pre-registered, it would take an average of only 0.5 minutes for the front-desk clerk to register them. Under this plan, the non-corporate guests would form a single line and proceed to the first available of the 4 remaining clerks. The average time for registering a non-corporate guest is 3.4 minutes.
Which proposal should Courtney implement? Provide appropriate quantitative evidence to support your recommendation.
In: Operations Management
Background
Hotel One is one of the two hotels serving Dayville, a small town
in the US Midwest. Fifty percent of its customers are out-of-town
visitors to the local college, 30 percent are visiting Dayville for
business purposes, and the remaining 20 percent of Hotel One’s
customers are leisure travelers. The hotel is within one mile from
campus, approximately four miles from the city center, and eight
miles from the airport. It is easy to reach by car, taxi, or city
bus. You are a manager of Hotel One. Your facility consists of 150
rooms, all of which are standard rooms with two double beds. Your
only competitor in Dayville, The Other Hotel, has fewer rooms
(100), but 20 of their rooms are luxury suites with king beds and a
sofa couch (the other 80 are standard rooms with two double beds).
This is the extent of the information provided to you at this
point.
Assignment
In order to better understand your unit’s operating environment,
you are asked to provide your estimate of the demand equation that
would account for various factors that affect your customer
traffic. This will be done by using regression techniques. The
first step in estimating a demand equation is to determine what
variables will be used in the regression. Please provide detailed
answers to the following questions:
1. What do you think should be the dependent variable in your
demand equation? What units of measurement for that variable are
you going to adopt? Please provide a detailed explanation for these
choices. 2. Please request information about up to five independent
(explanatory) variables for your demand equation. For each variable
you request, (i) provide reasons why you expect it to be important
for your analysis and (ii) explain the expected sign of the
relationship between the proposed independent variable and your
proposed dependent variable. 3. Show the exact demand equation you
are proposing to estimate. 4. List at least three other variables
that you considered as independent (explanatory) variables in the
regression, but chose not to include. Why did you choose not to
include them?
In: Economics
|
Sorghum |
Corn |
Wheat |
|
|
Land (acres) |
1.0 |
1.0 |
1.0 |
|
Labor (hours) |
0.4 |
0.2 |
0.3 |
|
Tractor (hours) |
0.5 |
0.2 |
0.4 |
In: Economics
| eBook Problem Walk-Through
A stock's returns have the following distribution:
Assume the risk-free rate is 3%. Calculate the stock's expected return, standard deviation, coefficient of variation, and Sharpe ratio. Do not round intermediate calculations. Round your answers to two decimal places. Stock's expected return: % Standard deviation: % Coefficient of variation: Sharpe ratio: |
In: Finance
Computers in some vehicles calculate various quantities related to performance. One of these is the fuel efficiency, or gas mileage, usually expressed as miles per gallon (mpg). For one vehicle equipped in this way, the miles per gallon were recorded each time the gas tank was filled, and the computer was then reset. In addition to the computer's calculations of miles per gallon, the driver also recorded the miles per gallon by dividing the miles driven by the number of gallons at each fill-up. The following data are the differences between the computer's and the driver's calculations for that random sample of 20 records. The driver wants to determine if these calculations are different. Assume that the standard deviation of a difference is σ = 3.0.
6.0 7.5 −0.6 1.5 3.7 4.5 6.0 2.2 4.8 3.0
4.4 0.3 3.0 1.1 1.1 5.0 2.1 3.7 −0.6 −4.2
(a) State the appropriate
H0 and Ha to test this suspicion.
CORRECT: H0: μ = 0 mpg; Ha: μ ≠ 0 mpg
(b) Carry out the test. Give the P-value. (Round your answer to four decimal places.)
In: Statistics and Probability
In: Mechanical Engineering