Assignment 1_IET 405-Ch

.docx

School

University of Southern Mississippi *

*We aren’t endorsed by this school

Course

405

Subject

Business

Date

Apr 3, 2024

Type

docx

Pages

4

Uploaded by GrandHornet4124 on coursehero.com

NAME: Jordan Masson IET 405: Production & Inventory Control Assignment /Case study 1 (10 points ) Math Problems (2.5 points) Question 1 (Chapter 2, page 108 of textbook): Perform the two-coin toss experiment discussed in Appendix 2A (page 96-97) by flipping two coins (a penny and a nickel) 50 times and recording the outcome (H or T for each coin) for each flip. Compute the following: a. Estimate the probability of two heads given at least one head by counting the number of (H, H) outcomes and dividing by the number of outcomes that have at least one head. How does this compare to the true value of one-third computed in Appendix 2A? (1.25 points) 41%, the calculated value given here is slightly larger than the 33% in appendix 2A. Suppose we have the following outcomes: ( H , H ) ( T , H ) ( H , T ) ( H , H ) ( T , T ) ( H , H ) ( T , T ) ( T , T ) ( H , T ) ( H , T ) ( T , H ) ( T , H ) ( T , T ) ( H , H ) ( T , H ) ( H , H ) ( H , T ) ( H , T ) ( T , T ) ( H , H ) ( H , T ) ( H , T ) ( H , H ) ( H , H ) ( T , H ) ( H , T ) ( T , T ) ( H , H ) ( T , T ) ( H , H ) ( H , H ) ( T , H ) ( H , H ) ( T , H ) ( T , T ) ( T , H ) ( H , H ) ( T , H ) ( H , T ) ( H , H ) ( H , H ) ( H , T ) ( H , H ) ( T , T ) ( T , T ) ( T , H ) ( H , T ) ( T , T ) ( H , T ) ( H , T ) b. Estimate the probability of two heads given that the penny is a head by counting the number of (H, H) outcomes and dividing by the number of outcomes for which the penny is a head. How does this compare to the true value of one-half computed in Appendix 2A? (1.25 points) 55%, this is very close to the theoretical value calculated in the book.
NAME: Jordan Masson Question 2 (Chapter 2, page 108 of textbook) : Basic Probability (2.5 points) Recall the game show Let’s Make a Deal. You are a contestant and there is a fabulous prize behind door number 1, door number 2, or door number 3. You have chosen door number 1. The host of the show opens door number 3 revealing a not-so-fabulous prize, and asks you if you want to change your mind. You have watched the show for a number of years and have noticed that the host always offers contestants the option of switching doors. Moreover, you know that when the host has a choice of doors to open (e.g. the prizes behind both doors 2 and 3 are duds), he chooses randomly. Should you switch to door 2 or stick with door 1 in order to maximize your chances of winning the fabulous prize? Find the following: i. Find the probability of winning the fabulous prize with the decision not to switch. (1.25 points) 33%, you have a 1 in three chance of winning on your first selection. ii. Find the probability of winning the fabulous prize with the decision to switch. (1.25 points) 66% if you switch your selection, but if you choose not to switch the probability remains at 33% Q. 3: Descriptive Problems Chapter 1 Study Questions (2.5 points) (page 47-48) a.) Name two post World War II trends in management that have contributed to the decline of American manufacturing. (1 point) a. The “fast track manger” b. Focusing more on financial growth and marketing b.) Give some pros and cons of the portfolio management approach to managing a complex manufacturing enterprise (1 point) a. Pros:
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help