The following data on variables x and y was collected from June to October:The correlation coefficient between variables x and is nearest to
Answer(s): B
A correlation coefficient of -1.00 describes a perfect inverse correlation; that is, the observations fall exactly along a straight line and the value of one variable increases decreases) as the other decreases increases). In the example to the left, the equation of the straight line is
A company} is formulating its plans for the coming year, including the preparation of its cash budget. Historically, 30% of the company's sales are cash sales. The remaining 70% are credit sales with the following collection pattern.For the month of April, the total cash receipts from sales and collections on account would be
The cash receipts for April equal April's cash sales US $4, 000, 000 x 30°l0 = US $1, 200, 000), 40% of April's credit sales, and 580/o of March's credit sales. Consequently, total cash receipts equal US $3, 78-1, 600 [$1, 200, 000 + $4, 000, 000 40°lax 70°/o) + $8, 600, 000 68°f0 70%)].A bank has two drive-in lanes to serve customers: one attached to the bank itself and one on an island. One teller serves bath stations. The bank is interested in determining the average waiting times of customers and has developed a model based on random numbers. The two key factors are the time between successive car arrivals and the time customers wait in line. Assume that the analysis begins with cars just arriving at bath service windows. bath requiring 3 minutes of service time. Car 1 is the attached window attached to the bank unless that window has more cars waiting than the island window. The lone teller will always serve the car that arrived first. If two cars arrive simultaneously, the one at the attached window will be served before the one at the island.
The problem just described is beast approved by use of which quantitative method?
Answer(s): C
Two basic casts are involved in queuing waiting-line) models: 1) the cast of providing service including facility casts and operating casts), and 2) the cast of idle resources waiting in line. The latter may be a direct cast if paid employees are waiting, or an opportunity cast in the case of waiting customers. The objective of the queuing theory is to minimize the total cast of the system, including bath service and waiting casts, far a given rate of arrivals. This minimization occurs at the paint where the cast of waiting is balanced by the cast of providing service. A bank has two drive-in lanes to serve customers: one attached to the bank itself and one on an island. One teller serves bath stations. The bank is interested in determining the average waiting times of customers and has developed a model based on random numbers. The two key factors are the time between successive car arrivals and the time customers wait in line. Assume that the analysis begins with cars just arriving at bath service windows. bath requiring 3 minutes of service time. Car 1 is the attached window attached to the bank unless that window has more cars waiting than the island window. The lone teller will always serve the car that arrived first. If two cars arrive simultaneously, the one at the attached window will be served before the one at the island.
The techniques used in analyzing the problem is best described as
Answer(s): A
Simulation is a technique for experimenting with logical/mathematical models using a computer. Despite the power of mathematics, many problems cannot be solved by known analytical methods because of the behavior of the variables and the complexity of their interactions. However, the performance of a quantitative model under uncertainty may be investigated by randomly selecting values for each of the variables in the model based on the probability distribution of each variable) and then calculating the value of the solution. If this process is performed a large number of times, the distribution of results from the model will be obtained. A bank has two drive-in lanes to serve customers: one attached to the bank itself and one on an island. One teller serves bath stations. The bank is interested in determining the average waiting times of customers and has developed a model based on random numbers. The two key factors are the time between successive car arrivals and the time customers wait in line. Assume that the analysis begins with cars just arriving at bath service windows. bath requiring 3 minutes of service time. Car 1 is the attached window attached to the bank unless that window has more cars waiting than the island window. The lone teller will always serve the car that arrived first. If two cars arrive simultaneously, the one at the attached window will be served before the one at the island.
The process of making sure that the model measures what it is supposed to measure is called
Answer(s): D
Validation is a step in the simulation procedure. Some assurance is needed that the results of the experiment will be realistic. This assurance requires validation of the model -- often using historical data. If the model gives results equivalent to what actually happened, the model is historically valid. There is still some risk, however, that changes could make the model invalid for the future.
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