Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Applied Statistics Expert

problem 1: Statistics - Inventory Problem

George Madison used to be an accounting professor at a state university. Several years ago, he started to develop seminars and programs for CPA review course. The CPA review course is a course to help accounting students and others interested in passing the CPA exam. In order to develop an effectual seminar, George developed a number of books and other associated materials to help. The major product was the CPA review manual developed by George. The manual was an instant success for his seminars and other seminars and courses across the country. Nowadays, George spends most of his time refining and distributing this CPA review manual. The annual demand is 9,600 and the cost of ordering is $400 per order. The price of manual is $100.00. George’s total cost to manufacture and produce the manual is $80.00. George wants to avoid stockouts and/or to develop a stockout policy which would be cost-effective. If there is a stockout on the CPA review manual, George loses the gain from the sale of manual.

George wants to know how much safety stock he should have as a buffer. George predicts that his carrying cost per unit per year is $12.00. Based on total cost what ROP and what level of safety stock would you propose? The frequency of demand for the CPA review manuals throughout lead time is given in table below.

Table: Frequency Distribution for Demand

Demand During Lead Time    Frequency (number of times demanded)
350                                 3
400                                 2
450                                 2
500                                 4
550                                 5
600                                 6
650                                 5
700                                 5
750                                 5
800                                 3

Complete all of the columns in the given table and elucidate your recommendation.

1955_ROP.jpg

Illustrate all of your work [computations for old ROP, EOQ, N and Cst]

problem 2: Statistics – Project Management

The Department of Interior has named the Saratoga Mountain area a national park. This is in the planning phases of developing a campsite over 500 acres of currently undeveloped land. This campsite will span the extremities of the park, from the proposed Mission Creek Campsite area in the west to Wild Coyote campsite area in the east. Refer to figure shown below.

At this time, all of the contracts for this project have been awarded. The project has been sub-divided into ten individual activities, as shown in table below. Based on similar projects, it has been possible to estimate optimistic times, most probable times and pessimistic times for most activities. Activities F and I are discussed in the given paragraphs.

Activity F, which will be performed by Ellis Electric, includes laying the electrical cable for the project. To minimize its costs, Ellis Electric will design the system to use the least amount of electrical cable. Ellis will charge the government an amount between $100,000 and $200,000.  For $100,000, Ellis Electric can assign adequate workers to lay 300 feet of cable per week. For $200,000, Ellis will assign additional workers to lay 500 feet of cable each week. You can find out the number of linear feet based on minimal spanning.
Activity I includes constructing one (narrow) paved two-lane road from Mission Creek in the west to Wild Coyote in the east. This work will be completed by Harriman Construction Company. To minimize the costs, the department will pay Harriman to build the road of minimum distance between the two campsites. At a cost to the government of $25,000 per week, 200 feet of roadway can be done in a week. When the cost is raised to $36,000 per week, the completion rate will raise to 250 feet per week. You can use shortest path to find out the number of linear feet.

Due to the heavy brush and mountainous nature of area, 12 possible dirt paths exist between the campsites. Neither Ellis nor Harriman is allowed to clear out additional regions for constructing either underground cable or the paved road. Therefore, the electrical cable should be laid and the road should be built all along areas of the dirt paths. Figure below provides a map of the possible dirt paths between campsites showing distances in feet.

The grand opening of Saratoga Mountain National Park has been schedule for precisely 62 weeks from now. This is imperative that the project be done within the 62-week period because a delay of even one day in the opening of the park would outcome in revised travel costs for the dignitaries, lost income to the park and other expenses.

The Normal Cost column in table below represents how much an activity would cost if completed in the expected time. The Crash Cost column symbolizes the additional cost that would be accrued if the activity was crashed the maximum amount possible.

The Normal Time will be expected time you compute for each activity. The Max Crash Time symbolizes the maximum amount by which an activity could be crashed. For illustration if the expected time for an activity is 12 weeks and the maximum crash time is 2 weeks that signifies that the activity could be crashed to 10 weeks however no more.

i) Compute and show the expected times and variances for each activity [A, B, C, D, E, G, H, J].  Determine times for F and I based on your computations of linear feet.

ii) Construct the PERT network for this problem.

iii) Create an Activity Schedule [that is, table showing ES, EF, LS, LF, slack] for the four options.

iv) What are the actions on the critical path for each option?  Describe your answer.

v) What is the expected completion time for each and every option?

vi) What is the total cost for each option?

vii) Based on the costs and times determined for the four options devoid of crashing, which one would you propose? describe.

viii) What is the standard deviation of the critical path in part (iv) in each option? Based on your recommendation in part (vi), what is the probability of completing the project at most one week more than the expected time?

ix) Based on your recommendation given in part (viii), would you propose crashing any actions to meet the 62-week deadline? Describe your decision.

117_times and costs.jpg

2063_saratoga mountian national park.jpg

Figure: Saratoga mountain national park

Applied Statistics, Statistics

  • Category:- Applied Statistics
  • Reference No.:- M9514

Have any Question? 


Related Questions in Applied Statistics

Q1 the temperatures in chicken incubators on a chicken farm

Q1. The temperatures in chicken incubators on a chicken farm, measured in degrees Fahrenheit, are generally believed to have a variance of 0.50. The manager of the chicken farm claims that the variance has changed. He ra ...

Formulate a test question and assess lanies symptomsas

Formulate a test question and assess Lanie''s symptoms. As consumers of psychological reports, it is important that clinicians be able to evaluate the validity of the information provided. In order to do so, they should ...

Linear and logistic regression assignment-section a -

Linear and Logistic Regression Assignment- SECTION A - Case-control study The dataset "data_assessment2_ccstudy.dta" provides data from 560 patients admitted to hospital (in a region with malaria) who are part of a hypot ...

Practice exercise 13 one -way analysis of variance anova1

Practice Exercise 13: One -way Analysis of Variance (ANOVA) 1. When is it appropriate to use a one-way ANOVA to analyze data? 2. What letter is use the designate the test statistic used in the one-way ANOVA? 3. What are ...

Computing assignment-instructions for the task- it is a

Computing Assignment- Instructions for the task- It is a report with 7 sections: Overview: Each student will be  given a sample from a large population and each student will analyse their own sample.  The data and a shor ...

Problem descriptiona hospital wants to analyze the

Problem description A hospital wants to analyze the performance of its emergency department (ED) and is interested in the following questions, among others: - How are the waiting times distributed across different patien ...

Assignment questionsquestion 1 decision analysisshow all

Assignment Questions QUESTION 1: Decision Analysis Show all calculations to support your answers. You may follow the methods shown in the mp4 on Decision Analysis for a way to do part (b) of this question if you wish. a) ...

Homeworkpart i - multiple choice1 a researcher is

Homework Part I - Multiple choice 1. A researcher is interested in whether more homework prompts higher tests scores. Which is the independent variable? a. The test scores b. Whatever prompts more homework c. The researc ...

Carry out a simulation experiment using a statistical

Carry out a simulation experiment using a statistical computer package or other software to study the sampling distribution of x‾ when the population distribution is lognormal with E[ln(X)] = 3 and V[ln(X)] = a. Consider ...

Istructions for the taskit is a report with 7 sections

Instructions for the task *It is a report with 7 sections , all of the answers to all of the sections need to go into a single word document. *students should do section 3 first, If they understand it is basic market res ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate