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Decision Analysis

Decision Analysis Cost-Benefit Analysis Cost-benefit analysis is a technique that is used to compare the strengths and weaknesses of the strategies used in doing a project. It is used to determine the best approach that will yield the maximum benefit and is also used to compare the cost and benefits of a given decision policy in a project. The major aim of this approach is to determine if an investment is sound by analyzing whether the benefits outweigh the costs and also comparing projects through comparing the total expected cost of each of the total expected cost of each option against its total expected benefits (Brent, 2007). Strengths of Cost-Benefit Analysis The strength of this approach...

Words: 275

Pages: 1

Expected Total Payoff

Chapter 10: Exercise 10-2 Expected Total Payoff If no renovation takes place then this means that the demand will remain as it is, that is they will have 20 patients per day assuming they collect $ 75 per patient in 300 days Then the total payout is = 20*75*300 = 450000 The expected payoff on different levels of demand increase will be Expected Payoff = (.3) x 450,000 + (.25) x 450,000 + (.45) x 450,000 EP = 135,000 + 112,500 + 202,500 EP = 450.000 If they make a minor renovation, we expect a payoff of $ 225000 to finance the renovation and therefore the remaining revenue for the year would be =787,500-225,000 = $ 562,500 The expected payoff...

Words: 275

Pages: 1

no

Statistics Name Institutional affiliations Question 1 Bivariate discrete random distribution is a function that examines the behavior of two random variables. (Stepanov, 2014). They can be either dependent variables or independent random variables. Let P (x) and F (y) be marginal distribution of x and y respectively and let f (x, y) be their joint distribution function, The e and y are said to be independent random variables if and on if p (x)*f (y)=f (x, y) CITATION NBa14 l 1033 (Stepanov, 2014)a) Compute the following probabilities. I) Prob (y<2) Prob (y<2)= probe(y=0) and probe(y=1) = probe(y=0,) +probe(y=1) ii) probe probe= probe+ probe+ probe+ probe...

Words: 275

Pages: 1

banning cellphone use nationwide

Banning Cell Phone Use Name Institution Affiliation Did you know that the majority of the car crashes that occur per year can be prevented by banning the use of cell phones? If the drivers were willing to put down their cell phones and focus on driving activity, it could save their lives and the lives of the passengers. The distracted driving has been noted to be the second leading cause of car collisions. The distracter, in this case, is the cell phones. According to the statistical research that has been conducted, it indicates that one out of every four car accidents in the United States is caused by texting while driving. And also each year 1,300,000 are killed in road accidents. This means...

Words: 275

Pages: 1

major business entity forms

Professor’s Name: Student Name: Course Title: Date: The discussion shows that an entrepreneur has to consider several options before deciding on the type of business entity to establish. Each type of business entity has its advantages and disadvantages. Availability of enough capital is one of the most important factors that entrepreneurs have to consider. Business entities like sole proprietorship have higher flexibility in terms of raising capital. On the other hand, corporations have tough rules regulating how capital is raised and the number of shareholders that can be part of the company. Protection from liabilities is another critical factor that any entrepreneur should consider. On the...

Words: 275

Pages: 1

Gantt Charts and PERT

Gantt Charts and PERT Name Institution Affiliation Part One Strengths of Gantt Chart It is used to create a picture of complexity in a project. The complex ideas are created in pictures thereby making it easy to understand. It indicated that the project manager knows what she/he is doing. It makes it easy for one to set a realistic time frame for the project (Williams, 2017). It is highly visible. The visibility of the charts is a reminder of the objectives of the project. Weaknesses The Gantt charts require a constant update when the project is being done. The size of bars used doesn’t show the amount of work done. It’s not easy to display the chart on a sheet of paper. The chats...

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Discrete Data Analysis Revised

Name Professor Subject Date The Relation between Fruit Shopping Frequency and Favorite Fruit This analysis is utterly factual and it utilizes real-time data collected from twenty students. The relation between the number of times per week one buys fruits and their favorite fruit seems interesting. Buying fruit is defined as purchasing fruits in any store that sells fruits including traditional fruit groceries, stop and shop, as well as other convenience stores such as Walmart. However, restaurants, take out stores and other convenience fruit outlets are not considered. Therefore, on the 9th day of this month, I asked twenty students from my class how frequent they buy fruit and what their...

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Pages: 1

Anomaly Detection

Anomaly Detection Name Institution Abstract Outliers form a critical anomaly in research which has a detrimental influence on statistical tests conducted since the anomaly must be controlled to run any successful statistical analysis that can yield accurate results. The analysis incorporates important scientific methods which must be effectively considered so that the results obtained can be replicated. Thus, anomaly detection is carried out with a key focus in the systematic approach required to achieve higher level of success based on a given data analysis that is being considered in the study. Errors in data analysis limit he ability to employ key concepts which are key in improving the...

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What is statistics and how do see this course applied to your own world?

What is statistics and how do see this course applied to your own world? Name Institution Affiliation What is statistics and how do see this course applied to your own world? Statistics is a set of procedures used by social scientists to organize, summarize, and communicate information. Statistics provides a rigorous toolbox, which helps in framing the discussions about uncertainties, which arise from sample information (Calver, 2018). It’s a highly interdisciplinary field with applicability in nearly all scientific fields. We live in an information world today, and much of the information is determined statistically. Data and statistics concepts are essential to be well-informed. This...

Words: 275

Pages: 1