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Question 7 of 10

Exercise 12.39

The file Hotel Prices contains the prices in British pounds (about US$ 1.52 as of July 2013) of a room at two-star, three-star, and four-star hotels in cities around the world in 2013.

a. Compute the mean, median, first quartile, and third quartile.

b. Compute the range, interquartile range, variance, standard de-viation, and coefficient of variation.

c. Interpret the measures of central tendency and variation within the context of this problem.

d. Construct a boxplot. Are the data skewed? If so, how?

e. Compute the covariance between the average price at two-star and three-star hotels, between two-star and four-star hotels, and between three-star and four-star hotels.

f. Compute the coefficient of correlation between the average price at two-star and three-star hotels, between two-star and four-star hotels, and between three-star and four-star hotels.

g. Which do you think is more valuable in expressing the relation-ship between the average price of a room at two-star, three-star, and four-star hotels—the covariance or the coefficient of cor-relation? Explain.

h. Based on (f), what conclusions can you reach about the relationship between the average price of a room at two-star, three-star, and four-star hotels?

Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. The profit per night for each type of room and rental class is as follows:

Type I rooms do not have wireless Internet access and are not available for the Business rental class.

Round Tree's management makes a forecast of the demand by rental class for each night in the future. A linear programming model developed to maximize profit is used to determine how many reservations to accept for each rental class. The demand forecast for a particular night is 140 rentals in the Super Saver class, 50 rentals in the Deluxe class, and 40 rentals in the Business class. Round Tree has 110 Type I rooms and 110 Type II rooms.

1. Use linear programming to determine how many reservations to accept in each rental class and how the reservations should be allocated to room types.

2. How many reservations can be accommodated in each rental class?

you are a hotel manager, and are considering four projects that yield different payoffs, depending upon whether there is an economic boom or recession. The potential payoffs and corresponding payoffs are summarized in the following table.

Calculating expected value and standard deviation, and explain what is your preferred project if you are risk neutral? Risk averse? If you could combine project C and D together as one project, how is it compared with project A in terms of return and risks? please show working out and formulas

Reid Harper, the manager at Modix Hotel, makes every effort to ensure that customers attempting to make phone reservations do not have to wait too long to speak with a reservation specialist. Since the hotel accepts phone reservations 24 hours a day, Reid is especially interested in maintaining consistency in service. Reid wants to determine if the variance of wait time in the early morning shift (12:00 am – 6:00 am) differs from that in the late morning shift (6:00 am – 12:00 pm). He uses independently drawn samples of wait time for phone reservations for both shifts for the analysis; a portion of the data is shown in the accompanying table. Assume that wait times are normally distributed.

a. Select the hypotheses to test if the variance of wait time in the early morning shift differs from that in the late morning shift.

• H₀: σ₁² / σ₂² = 1, H_A: σ₁² / σ₂² ≠ 1

• H₀: σ₁² / σ₂² ≤ 1, H_A: σ₁² / σ₂² > 1

• H₀: σ₁² / σ₂² ≥ 1, H_A: σ₁² / σ₂² < 1

b-1. Calculate the value of the test statistic. (Round intermediate calculations to at least 4 decimal places and final answer to 3 decimal places.)

b-2. Find the p-value.

c. At the 10% significance level, what is your conclusion?

• Reject H₀, since the p-value is more than α.

• Reject H₀, since the p-value is less than α.

• Do not reject H₀, since the p-value is less than α.

• Do not reject H₀, since the p-value is more than α.

d. Interpret the results at  α = 0.10.

• The variance of wait time in the early morning shift is greater than that in the late morning shift.

• The variance of wait time in the early morning shift is not greater than that in the late morning shift.

• The variance of wait time in the early morning shift differs from that in the late morning shift.

• The variance of wait time in the early morning shift does not differ from that in the late morning shift.

Problem 17

The Hodges, a 300-room hotel, has provided you with the following data for the months of June and July:

                                                                 June                    July

                            Single rooms sold                  2,400                   2,418

                            Double rooms sold                4,200                   4,278

                            Room revenue                    $396,000                       $339,000

                            Number of paid guests 9,900                   9,910

Required:

1. Compute the following for June and July.
   1. Paid occupancy percentage
   2. Multiple occupancy percentage
   3. Average number of guests per double room sold (assume that only one guest stayed in each single room sold)
   4. Monthly ADR
   5. Monthly RevPar

2. Was the Hodges financial performance better in June or July? (Assume that fixed costs were constant and that the variable costs per room sold remained constant. Support your answer with detailed discussion.

6. A hotel salesperson enters sales in a text file. Each line contains the following, separated by semicolons: The name of the client, the service sold (such as Dinner, Conference, Lodging, and so on), the amount of the sale, and the date of that event.

Write a program that reads such a file and displays the total amount for each service category. Use the following data for your text file:5 pts

Bob;Dinner;10.00;January 1, 2013

Tom;Dinner;14.00;January 2, 2013

Anne;Lodging;125.00;January 3, 2013

Jerry;Lodging;125.00;January 4, 2013

The output should be:

Dinner: 24.00

Lodging: 250.00

Python, keep it simple, thank you

The manager of a small hotel resort is considering expansion. He would like to issue bonds but do not quite understand why he may or may not receive what amount of money is stated on the face of the bond but he has to repay what is on the face of the face bond. Write a report to the manager explaining the market forces that determine how much money will be collected. Also explain how the interest payment on bonds are calculated and paid. write a report with 800 words explaining the market forces that determine how much money will be collected and how the interest payment on bonds are calculated and paid.

1. Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. The profit per night for each type of room and rental class is as follows:

   Rental Class
   Room		Super Saver	Deluxe	Business
   	Type I	$31	$35	—
   	Type II	$16	$33	$42

   Type I rooms do not have wireless Internet access and are not available for the Business rental class.

   Round Tree's management makes a forecast of the demand by rental class for each night in the future. A linear programming model developed to maximize profit is used to determine how many reservations to accept for each rental class. The demand forecast for a particular night is 130 rentals in the Super Saver class, 50 rentals in the Deluxe class, and 45 rentals in the Business class. Round Tree has 105 Type I rooms and 145 Type II rooms.

   1. Use linear programming to determine how many reservations to accept in each rental class and how the reservations should be allocated to room types.
      

      Variable	# of reservations
      SuperSaver rentals allocated to room type I	???
      SuperSaver rentals allocated to room type II	???
      Deluxe rentals allocated to room type I	???
      Deluxe rentals allocated to room type II	???
      Business rentals allocated to room type II	???

      
      Is the demand by any rental class not satisfied? Yes or No?
      Explain.
   2. How many reservations can be accommodated in each rental class?
      

      Rental Class	# of reservations
      SuperSaver	???
      Deluxe	???
      Business	???

   3. Management is considering offering a free breakfast to anyone upgrading from a Super Saver reservation to Deluxe class. If the cost of the breakfast to Round Tree is $5, should this incentive be offered? Yes or No?
   4. With a little work, an unused office area could be converted to a rental room. If the conversion cost is the same for both types of rooms, would you recommend converting the office to a Type I or a Type II room? Why? Type 1 or Type 2?
   5. Could the linear programming model be modified to plan for the allocation of rental demand for the next night? What information would be needed and how would the model change? Yes or No?

Please be descriptive and show all work step-by-step.

The manager of a small hotel resort is considering expansion. He would like to issue bonds but do not quite understand why he may or may not receive what amount of money is stated on the face of the bond but he has to repay what is on the face of the bond. Write a report to the manager explaining the market forces that determine how much money will be collected. Also explain how the interest payment on bonds are calculated and paid. bear in mind that the stated interest rate and the market interest rate are the two interest rate that work together to determine the market price of a bond. write in essay format no log explanation.