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A computer store uses the periodic review model to manage its inventory. The inventory is reviewed and counted every week. The average annual demand for a model of computer is 5,076 units. The standard deviation of daily demand is 11 units. The desired service level, i.e., probability of not-stocking-out, is 98 percent. The store is open 350 days a year. Please determine the optimal units of the computer should be ordered if, after the inventory count, the current inventory on hand for that model of computer is 34 units. It takes on average two days to receive the order since the supplier is located in the same city. Use z=normsinv(98%)=2.05 in your calculation.

Keep 3-decimal if not exact, either round up or down is ok.


 
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W 1. Suppose we require “proof beyond reasonable doubt” to be a “significance level of 5%. This means, P{conclude better | not effective} is 5% (or less). In many applications we cannot accurately estimate P{conclude better effective} unless we actually know how much better the treatment really is. Let us suppose that P{conclude better effective} is 60%. Imagine that there are thousands of researchers doing these experiments, each testing some hypothesis they have proposed. Let us assume that only in 4% of cases is the treatment really effective (it is not easy to find good treatments). 1 of 2 GSC 1206 Introduction to Data Analytics for Business Fall 2021 a. Construct a tree diagram that will show all possible outcomes of effective (not effective) and conclusions (better or not better). Label each branch with respect to the event associated with the branch and the probability of travelling along the branch. Total b. Summarize the outcomes in a probability table such as Treatment not Treatment effective effective Conclude treatment not better Conclude treatment better Total 100% C. What is the probability that you will conclude that the treatment is effective? d. Among cases where you conclude the treatment is effective, what proportion really are effective?
 
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The balanced scorecard is a way to measure a firm’s performance. How might the use of the balanced scorecard differ between a firm in the growth stage of the industry life cycle versus a firm in the decline stages of the industry life cycle? Please illustrate your answer with reference to a real or hypothetical example.

Human capital can play a role in firms’ ability to exploit interrelationships. Please describe how the mission statement of a firm that fully exploits human capital-derived interrelationships might differ from the mission statement of a firm that does not fully exploit such interrelationships. Please refer to a real or hypothetical example in your answer.

 
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Cynthia Knott’s oyster bar buy frosh Louisiana oysters for $5 per pound and sells them for $9 per pound. Any oysters not sold that day are sold to her cousin, who has a nearby grocery store, for $3 per pound. Cynthia believes that demand follows the normal distribution, with a mean of 100 pounds and a standard deviation of 16 pounds. How many pounds should she order each day? Refer to the standard normal table for z-values. Cynthia should order 112.0 pounds of oynter each day (round your response to one decimal place). Standard normal table The table below shows the total area under the normal curve for a point that is Z standard deviations to the right of the mean z 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 0.00 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.09 0.5000 0.5040 0.5080 0.5120 0.5160 0.5199 0.5239 0.5279 0.5319 0.5359 0.5398 0.5438 0.5478 0.5517 0.5557 0.5596 0.5636 0.5675 0.5714 0.5754 0.5793 0.5832 0.58710.5910 0.5948 0.5987 0.6026 0.6064 0.6103 0.6141 0.6179 0.6217 0.6255 0.6293 0.6331 0.6368 0.6406 0.6443 0.6480 0.6517 0.6554 0.6591 0.6628 0.6664 0.6700 0.6736 0.6772 0.6808 0.6844 0.6879 0.6915 0.6950 0.6985 0.7019 0.7054 0.7088 0.7123 0.7157 0.7190 0.7224 0.7258 0.7291 0.7324 0.7357 0.7389 0.7422 0.7454 0.7486 0.7518 0.7549 0.7580 0.7612 0.7642 0.7673 0.7704 0.7734 0.7764 0.7794 0.7823 0.7852 0.7881 0.7910 0.7939 0.7967 0.7996 0.8023 0.8051 0.8079 0.8106 0.8133 0.8159 0.8186 0.8212 0.8238 0.8264 0.8289 0.8315 0.8340 0.8365 0.8389 0.8413 0.8438 0.8461 0.8485 0.8508 0.8531 0.8554 0.8577 0.8599 0.8621 0.86430.8665 0.8686 0.8708 0.8729 0.8749 0.8770 0.8790 0.8810 0.8830 0.8849 0.8869 0.8888 0.8907 0.8925 0.8944 0.89620.8980 0.8997 0.9015 0.9032 0.9049 0.9066 0.9082 0.9099 0.9115 0.9131 0.9147 0.9162 0.9177 0.9192 0.9207 0.9222 0.9236 0.9251 0.9265 0.9279 0.9292 0.9306 0.9319 0.9332 0.9345 0.9357 0.9370 0.9382 0.9394 0.9406 0.9418 0.9430 0.9441 0.9452 0.9463 0.9474 0.9485 0.9495 0.9505 0.9515 0.9525 0.9535 0.9545 0.9554 0.9564 0.9573 0.9582 0.9591 0.9599 0.9608 0.9616 0.9625 0.9633 0.9641 0.9649 0.9656 0.9664 0.9671 0.9678 0.9686 0.9693 0.9700 0.9706
 
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