Simternship Round 2
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Stukent Simulation Round 2 Worksheet
Name: Reed Knecht Student ID: 10836048 In Round 2, you are asked to create a positioning statement, select a tote, and determine its retail price based on the data from the market research conducted in Round 1.
Part I: Please document your decision in the simulation and provide your rationale. Note: Please refer to the data/number (from which report/survey question) or other simulation information to support your claims under the rationale column.
Your Decision
Rationale
Positioning
Paste your positioning statement here:
This tote is perfect for
30-39-
year-old moms who are
interested in shopping and
family activities. It's
fashionable and functional,
making
it ideal for staying
on
trend and keeping organized.
Product
Selection
Paste ALL
the info of your selected
product here:
Color(s):
Black
Size:
16x18
Material(s):
Faux
Leather
Cost per Unit:
$33
Consumer
Testing
Feedback -
I love the contrasting
color on the handles.
Plenty of space to hold
the essentials.
The neutral color goes
page 2 of 4
with everything!
Pricing
Paste the price of your product here:
129
Part II: Please provide two screenshots below after the simulation is run.
Screenshot 1:
Total Revenue of the Product in Q1 (i.e., the 2
nd
block on the result page)
Your preview ends here
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Related Questions
What other real-world factors might be important to consider in designing the simulation and making a recommendation?
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Question One
Discuss the risk management process according to Harrington and Niehans (2003)
Question Two
Avoidance is a risk control technique that can be used to effectively in a risk management program,
a)
What is the major advantage of using this technique as a risk control measure
0 I
Is it possible or practical for a firm to avoid all potential losses? Explain your
answer
Question Three
Discuss the major type of pure risk which is associated with great financial risk
Question Four
Certain requirement ideally should be fulfilled before a pure risk can be privately insured. Explain
the six requirement of an insurable risk
Question Five
Explain each of the following characteristics of a typical insurance plan.
b)
C)
Pooling of losses
Payment of fortuitous losses
Risk transfer
Indemnification
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Previous Problem
Problem List
Next Problem
(1 point) Using diaries for many weeks, a study on the lifestyles of visually impaired students was conducted. The
students kept track of many lifestyle variables including how many hours of sleep obtained on a typical day.
Researchers found that visually impaired students averaged 9.2 hours of sleep, with a standard deviation of 2.24
hours. Assume that the number of hours of sleep for these visually impaired students is normally distributed.
(a) What is the probability that a visually impaired student gets less than 6.4 hours of sleep?
answer:
(b) What is the probability that a visually impaired student gets between 6.2 and 8.84 hours of sleep?
answer:
(c) Thirty percent of students get less than how many hours of sleep on a typical day?
answer:
hours
Note: You can earn partial credit on this problem.
Preview My Answers
Submit Answers
You have attempted this problem 0 times.
You have unlimited attempts remaining.
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Question 6
A Discrete Probability Distribution is given below:
Class
A
B
с
D
Probability (%)
18
33
27
22
Calculate the probability that class A does NOT occur. Express your answer as a
whole number without the percentage sign (%).
A
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Equine Science
Interpreting Scatterplots and Regression Equations
180+
170-
160
150+
140
130
120-
110
200 300 400 500 600 700 800
Age in Days
An Equine Scientist was interested in horse height (measured to the horse wither in cm) as a
young horse aged from 200 to 800 days. She collected the data in the graph above from records
on horses she had worked with in the past (shown by the blue dots) and fit a linear regression
equation (shown by the red line).
According the regression equation, as the age of the horse increases in days.
the wither height in cm Select an answer v
The age of the horse in days and the wither height in cm are
Select an answer
The slope of the regression equation is approximately 0.044. interpret the slope by completing
the sentence below.
As the Select an answer
v increases by 1,
the Select an answer
V increases by
The regression equation approximates the wither height by the following formula.
Let d = age in days
Let W = wither height in cm
W = 0.044 -d +…
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Problem 7-09 (Algorithmic)
Hawkins Manufacturing Company produces connecting rods for 4- and 6-cylinder automobile engines using the same production line. The cost required to set up the production line to produce the 4-cylinder connecting rods is $1,400, and the cost required to set up the production line for
the 6-cylinder connecting rods is $3,100. Manufacturing costs are $15 for each 4-cylinder connecting rod and $18 for each 6-cylinder connecting rod. Hawkins makes a decision at the end of each week as to which product will be manufactured the following week. If a production
changeover is necessary from one week to the next, the weekend is used to reconfigure the production line. Once the line has been set up, the weekly production capacities are 6,500 6-cylinder connecting rods and 8,200 4-cylinder connecting rods.
Let
X4 = the number of 4-cylinder connecting rods produced next week
X6 = the number of 6-cylinder connecting rods produced next week
S4= 1 if the production line is…
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Are my formulas correct and did I get the correct answer?
Question: Sunblessed Juice Company sells bags of oranges and cartons of orange juice. Sunblessed grades oranges on a scale of 1 (poor) to 10 (excellent). At present, Sunblessed has 220,000 pounds of grade 6 oranges and 150,000 pounds of grade 9 oranges on hand. The aver- age quality of oranges sold in bags must be at least 7, and the average quality of the oranges used to produce orange juice must be at least 8. Each pound of oranges that is used for juice yields a revenue of $2.25 and in- curs a variable cost (consisting of labor costs, variable overhead costs, inventory costs, and so on) of $1.35. Each pound of oranges sold in bags yields a revenue of $2.00 and incurs a variable cost of $1.20.
a. Determine how Sunblessed can maximize its profit.
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Question 3
A frequency distribution is given below:
Class
A
B
с
D
Frequency
7
9
9
Calculate the probability of class C occurring using the Relative Frequency method.
Express your answer as an decimal rounded to two (2) decimal places.
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Question 2
Mr. Ferdinand is a well known entrepreneur who sells fresh organic beef to persons in the local
community. Customers love the quality of meet that Mr. Ferdinand sells so they tend to
recommend his product to other persons. Recently, Mr. Ferdinand has been rumning out of beef
to sell to his customers. One customer suggests to him that he must use past sales records to
forecast demand for his beef so that he can meet his customers demand.
Using a numerical example, demonstrate to Mr. Ferdinand how he can use a three-
week and a four-week weighted moving average to forecast demand for his beef.
I.
II.
Show how Mr. Ferdinand can test the accuracy of his forecast.
III.
Explain to Mr. Ferdinand two ways in which he can benefit from doing forecast for
his beef.
日正
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Hypothesis statements for the thesis on "Evaluating the importance of risk management mechanism in the banking sector from a customer's perspective"
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Scenario 3: Falsifying Attendance
Jason, a Junior System Administrator with the Management Information Systems Department, clocked in 4 minutes and 27 seconds late for work this morning. While he won’t get fired for it, being late this once means that he will not receive the perfect attendance incentive which he needs to make ends meet, given his daughter’s recent series of hospitalizations. It’s not that Jason didn’t make an effort to be there on time. He actually arrived in the office five minutes early but was unable to clock in immediately because his direct superior, Raffy, asked him for an informal project progress report as soon as he walked in the door. As a Junior System Administrator, Jason
has access and the capability to edit the company’s attendance records. He figures that since he was unable to punch in only because of his boss, it wouldn’t hurt to edit the timestamp on his attendance for today.
What is the Business Ethics Principles that suit to this case study?…
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Question 2
Mr. Ferdinand is a well known entrepreneur who sells fresh organic beef to persons in the local
community. Customers love the quality of meet that Mr. Ferdinand sells so they tend to
recommend his product to other persons. Recently, Mr. Ferdinand has been running out of beef
to sell to his customers. One customer suggests to him that he must use past sales records to
forecast demand for his beef so that he can meet his customers demand.
I Using a numerical example, demonstrate to Mr. Ferdinand how he can use a three-
week and a four-week weighted moving average to forecast demand for his beef.
II. Show how Mr. Ferdinand can test the accuracy of his forecast.
II.
Explain to Mr. Ferdinand two ways in which he can benefit from doing forecast for
his beef.
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State any three types of simulation.
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Question 3:
Jane is trying to forecast demand for her store, using moving average with n=2,
Fill in the missing cells with correct values and find average error for first quarter and second quarter of year
2000
E
Enroll-
Year
Quarter
ment
Forecast
Error
Abs Error
1997
313
3.
2
285
4
3
312
5.
4
339
6.
1998
1
359
7
320
356
385
6.
10
1999
396
367
11
397
12
423
13
14
2000
1
15
2000
3412M4
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QUESTION 4
Suppose the following are the seasonal indices for the first three quarters of the year for a quarterly series:
Quarter
Seasonal Index
Q1
72.4
Q2
85.3
Q3
109.6
Remember that the seasonal indices should average 100 so you should be able to infer the seasonal index for Q4. Furthermore, suppose that the estimated coeffcients from a regression of the deseasonalized series on Time are given below:
Coefficients
Intercept
2,506
Time
71.3
If the original value of the series in a Q1 was 2,040, then what is the seasonally adjusted value? (please round your answer to 1 decimal place)
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Theme Park (5S-7A)
The lease of Theme Park, Inc., is about to expire. Management must decide whether to Renew the lease for another 10 years or to
Relocate near the site of a proposed new motel.
The town planning board is currently debating the merits of granting approval to the motel. A consultant has estimated the net present
value of Theme Park's two alternatives under each state of nature as shown below.
Suppose that the management of Theme Park, Inc., has decided that there is a 0.20 probability that the motel's application will be
approved.
Options
Renew
Relocate
Alternative
Renew
Relocate
Motel
Approved
a-1.
If management uses maximum expected monetary value as the decision criterion, calculate expected monetary value for the
alternatives "Renew" and "Relocate"!
$ 400,000
2,000,000
O Renew
O Relocate
Motel
Rejected
$4,000,000
100,000
Expected Value
a-2. Which alternative should it choose?
b. If management has been offered the option of a temporary lease while the town planning…
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Adele Weiss manages the campus flower shop. Flowers must be ordered three days in advance from her supplier in Mexico. Although Valentine’s Day is fast approaching, sales are almost entirely last-minute, impulse purchases. Advance sales are so small that Weiss has no way to estimate the probability of low (25 dozen), medium (60 dozen), or high (130 dozen) demand for red roses on the big day. She buys roses for $15 per dozen and sells them for $40 per dozen. Construct a payoff table. Which decision is indicated by each of the following decision criteria?a. Maximinb. Maximaxc. Laplaced. Minimax regret
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1. What is the most the real estate investor would be willing to pay for additional information? Use Minimum Expected Regret (Minimum EOL)
2. Use the alternative method to verify EVPI
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A method of estimating future demand usedfor decision making in order to set reasonable targets and control orlimit uncertainties or risks.
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32 true or false
A rational decision will never fail to provide the best and most successful solution to a problem.
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A decision situation can be expressed as either a payoff table or a decision tree diagram.
Question 30 options:
True
False
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Question 7
Delphi method is used for judgmental forecast
True
False
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Explain or define each of these terms:c. Expected value
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A)decision table with probability for decision under risk
B)Best decision under emv method
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Problem3: Optimizing Manufacturing Production Line
Scenario: You are a manufacturing manager responsible for a production line that assembles and packages
electronic devices. The goal is to optimize the production process to increase throughput, reduce cycle times,
minimize bottlenecks, and ensure efficient resource utilization. Explain the steps to build simulation model using
Arena.
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example of discrete event simulation problem related to purchasing into a warehouse . any examples please
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What is the average number of tennis balls does Skousen maintain?
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