Questions from General Business Management

Q: The time to complete a construction project is normally distributed with a

The time to complete a construction project is normally distributed with a mean of 60 weeks and a standard deviation of 4 weeks. (a) What is the probability the project will be finished in 62 weeks or...

Q: A new integrated computer system is to be installed worldwide for a

A new integrated computer system is to be installed worldwide for a major corporation. Bids on this project are being solicited, and the contract will be awarded to one of the bidders. As a part of th...

Q: Patients arrive at the emergency room of Costa Valley Hospital at an

Patients arrive at the emergency room of Costa Valley Hospital at an average of 5 per day. The demand for emergency room treatment at Costa Valley follows a Poisson distribution. (a) Using Appendix C...

Q: Jim Sellers is thinking about producing a new type of electric razor

Jim Sellers is thinking about producing a new type of electric razor for men. If the market were favorable, he would get a return of $100,000, but if the market for this new type of razor were unfavor...

Q: What is an alternative? What is a state of nature?

What is an alternative? What is a state of nature?

Q: Jim Sellers has been able to estimate his utility for a number

Jim Sellers has been able to estimate his utility for a number of different values. He would like to use these utility values in making the decision in Problem 3-44: U(-$80,000) = 0, U(-$65,000) = 0....

Q: A particular test for the presence of steroids is to be used

A particular test for the presence of steroids is to be used after a professional track meet. If steroids are present, the test will accurately indicate this 95% of the time. However, if steroids are...

Q: Market Researchers, Inc., has been hired to perform a study

Market Researchers, Inc., has been hired to perform a study to determine if the market for a new product will be good or poor. In similar studies performed in the past, whenever the market actually wa...

Q: Policy Pollsters is a market research firm specializing in political polls.

Policy Pollsters is a market research firm specializing in political polls. Records indicate in past elections, when a candidate was elected, Policy Pollsters had accurately predicted this 80% of the...

Q: Burger City is a large chain of fast-food restaurants specializing

Burger City is a large chain of fast-food restaurants specializing in gourmet hamburgers. A mathematical model is now used to predict the success of new restaurants based on location and demographic i...