Premium Essay

Quantitative Business Management

In: Business and Management

Submitted By shivareddy777
Words 848
Pages 4
ASSIGNMENT 2

Q1. GENDER EQUITY IN THE WORKPLACE * Gender Discrimination in employment – Title VII of the Civil Rights Act * Equal Employment Opportunity Commission * HR data on gender POSITION | GENDER | TOTAL | | Male | Female | | Managerial | 8 | 3 | 11 | Professional | 31 | 13 | 44 | Technical | 52 | 17 | 69 | Clerical | 9 | 22 | 31 | Total | 100 | 55 | 155 |

a) What is the probability that a worker is a woman? b) If a managerial person is selected, what is the probability that the person is a woman? c) A special bonus is given to a person in the technical area – what is the probability that it will go to an woman given that the worker is in the technical area? Is this discrimination against male technical workers? What factors might enter into the awarding of bonus other than random selection? d) What is the probability that a professional person will be a winner to Hawaii? e) What is the probability that the winner will be either a man or a clerical worker? f) What is the probability that the winner will be an woman and in management? g) Suppose the winner is a man. What is the probability that he is from the technical group?

Q2. Probability Distributions - Discrete

BANKING INDUSTRYs PUBLIC IMAGE * Gallup Survey of 1002 bank customers * 80% bank their primary financial institution * 65% very satisfied with the bank * 79% banks are very important * 64% banks are more competitive today * 87% feel safe using an ATM * 41% loan process very difficult * 52% not appropriate for banks to charge service fees * 33% banks represent good value for money * 87% bankers should care about their communities – 31% strongly agreed they do * 29% banks are flexible in meeting consumers financial needs * Important reason to maintain a relationship with their primary…...

Similar Documents

Free Essay

Quantitative Methods in Management

...Quantitative marketing research is the application of quantitative research techniques to the field of marketing. It has roots in both the positivist view of the world, and the modern marketing viewpoint that marketing is an interactive process in which both the buyer and seller reach a satisfying agreement on the "four Ps" of marketing: Product, Price, Place (location) and Promotion. As a social research method, it typically involves the construction of questionnaires and scales. People who respond (respondents) are asked to complete the survey. Marketers use the information so obtained to understand the needs of individuals in the marketplace, and to create strategies and marketing plans. Contents [hide] • 1 Scope and requirements • 2 Typical general procedure • 3 Statistical analysis o 3.1 Reliability and validity o 3.2 Types of errors • 4 See also • 5 List of related topics • 6 References [edit] Scope and requirements This section is empty. You can help by adding to it. (July 2010) [edit] Typical general procedure Simply, there are five major and important steps involved in the research process: 1. Defining the Problem. 2. Research Design. 3. Data Collection. 4. Analysis. 5. Report Writing & presentation. A brief discussion on these steps is: 1. Problem audit and problem definition - What is the problem? What are the various aspects of the problem? What information is needed? 2. Conceptualization and operationalization - How exactly do we......

Words: 1288 - Pages: 6

Free Essay

Qnt/351 Quantitative Analysis for Business

...Ballard Integrated Managed Services, Inc., Part 2 Data Collection QNT/351 Quantitative Analysis for Business February 25, 2013 University of Phoenix When explain the central tendency and how it relates to this survey. The measures of central tendency are the set of measurements–that is, the tendency of the data to cluster, or center, about certain numerical values. Also central tendency contains three different parts. When calculating the central tendency, you have to calculate the mean, which is the most common measure of central tendency, acts as a balance point, and is affected by extreme values (outliers). The mean is calculated by taking raw data (a group of numbers), adding them up for a total, and then dividing that total by amount of numbers within the group ( ex: raw data: 3,4,5. 3+4+5=12, then 12/3= 4. The mean equals four). The median, which is the middle value in ordered sequence (If this value is odd, middle value of sequence If this value is even, average of 2 middle values), is not affected by extreme values, position of median in sequence, and the positioning point = n+1/2. The median is calculated by taking the raw data and putting it in ascending order, with the middle number being the mean (odd ex: raw data: 1,5,3,2,4,= ordered: 1,2,3,4,5= position point= 3 median= 3) (even ex: raw data: 6,3,1,4,2,5, Ordered: 1,2,3,4,5,6, position point= 3.5 median= 3.5). And finally, calculate the mode, which......

Words: 1021 - Pages: 5

Premium Essay

Quantitative Business Analysis

...31A00410 Quantitative Business Analysis Statistics Part, Autumn 2012 Problem set 5 The due date for this problem set is Thursday 06.12. at 14:00. Problem 1. A supplier of a raw material has agreed to deliver the material in packages of 20 kg each. As a part of quality control, a random sample of 10 packages were measured. The average weight of packages was 19.2 kg in the sample, and the standard deviation was 0.4. Test the null hypothesis that the expected weight of a package is 20 kg. The following exercises build on the previous Problem Set 4 and the data used therein. See Problem Set 4 for more detailed instructions regarding the data. Problem 2. In the previous problem set we estimated the following regression model using the data of hockey players in the Finnish league for the season 2009-2010: Goals = α + β × Shots-on-goal + ε The data for this exercise were provided in the Excel file “QBA Stats 4.xls” available on the course website. (a) Estimate the 95% confidence interval for the slope coefficient β. (This can be obtained directly by using the Excel Analysis ToolPak.) (b) Estimate the 99% confidence interval for the slope coefficient β. (The necessary statistics (critical t-value and standard error) can be computed with Excel, but you need to apply the formula for the confidence interval.) Problem 3. In another data set of hockey players in the NHL, you should have estimated a slope coefficient b = 0.1213. Test the hypothesis that β = 0.1213 in the model......

Words: 407 - Pages: 2

Premium Essay

Quantitative Business Modeling

...Qualitative Method of Case Analysis - EOPT Theory Case Method Used in MGMT 1P96 Fall 2013 – Brock University Prepared by Michael Robertson Revisions by Jacqueline Glenney INTRODUCTION Qualitative case analysis, as distinct from the quantitative method, deals with organizational issues that impede or prevent companies from being effectively organized. Qualitative case analysis is typically used in Organizational Behaviour, Human Resource Management, Organizational Change, Industrial Relations or any venue that is significantly impacted by human interaction. This type of analysis identifies inconsistencies, incongruities and conflicts that are sub-optimal and allows the analyst to prescribe solutions that address both the acute problems facing the organization (the individual events or actions observed) and the chronic, underlying conditions that promote these sub-optimal conditions. 1. OVERVIEW The overview is a 5 – 7 sentence paragraph that establishes the context in which any analysis or decision must be made for the case in question. This section of the report indicates to the reader that the analyst (You) understands the circumstances of the organization’s dilemma. The writer must identify the key people involved, most critical event or events that have happened and the situation that has resulted. Finally, the writer must detail the apparent decision(s) that must be made. Note: This is not an introduction and absolutely no conclusions are drawn at this point. The writer......

Words: 1437 - Pages: 6

Free Essay

Quantitative Reasoning for Business

...the Quantitative Reasoning for Business (QRB) Overview document, I can be broadly categorized as techniques of management science—a field melding portions of economics, financial, accounting and operation and research into a pragmatic effort to help an aid into the decisions making process. As an area of study, these QRB are often identified by giving the fundamentals needed (stepping stones) to apply to each class thereafter. In solving a problem, I might consider both qualitative and quantitative factors. For example, in term of economics, a variety of quantitative techniques have been developed to forecast future values. Future sales are the most important variable in business forecasts. Unit sales establish levels for most business activities— from purchasing and production to marketing—and knowledge about sales is a prerequisite to the budgetary and planning process. In term of financial, I might consider different investment alternatives, including certificates of deposit at a bank, investments in the stock market, and an investment in real estate. I can use quantitative analysis to determine how much my investment will be worth in the future when deposited at a bank at given interest rate for a certain number of years. In term of accounting, quantitative analysis can also be used in computing financial ratios from the balance sheets for several companies whose stock I am considering. Some real estate companies have developed computer programs that use quantitative......

Words: 435 - Pages: 2

Premium Essay

Quantitative Management

...Chapter 12 Q1-18 not 2.6.12 pg496 1. Raw Material inventory, work in process inventory, maintenance/repair/operating supply (MRO) inventory, and finished goods inventory 3. Better forecasting, physical control, supplier reliability can result from appropriate inventory management policies abc guides development of those policies, idea is to establish policies that focuses resources on few critical inventory parts and not the many trivial ones222 4. Holding costs, ordering costs, setup costs. Setup time 5. Demand for item is known; lead-time is consistent and known, receipt of inventory is instantaneous and complete, quantity discounts are not possible, only variable costs are setup or ordering cost and holding or carrying cost, and stock outs or shortages can be completely avoided 7. Because in EOQ it assumes that there are no other variable costs and the product price is constant. Because for a quality discount it takes into consideration the price of the product because it is giving a discount of buying large volumes so it can still cover the cost of buying the product, as discount quantity goes up, the product cost goes down. 8. It eliminates the shutdown and interruption of production necessary for annual physical inventories, eliminates annual inventory adjustments, trained personnel audit the accuracy of inventory, allows the cause of the errors to be identified and remedial action to be taken, maintains accurate inventory records 9.A reduction in setup cost......

Words: 736 - Pages: 3

Free Essay

Quantitative Methods for Business

...for Jim by using the EMV criterion is to conduct survey. As shown as the figure above, the highest EMV decision is “Conduct Survey” with EMV value of $24,160. If the survey results are favourable, then Jim should produce the new razor or vice versa. Utility Test By using utility theory, the best decision is also “Conduct Survey” with a utility value of 0.82. According to the utility test, it is found that Jim is a risk avoider as the utility curve above shows his preference of risk and his decision is on the highest EMV. Question 2 To: CEO of Mt. Sinai Hospital From: Tan Min Yee Date: 8 November 2013 Subject: Presentation of optimal solution of 90-bed addition in the hospital Dear Sir/ Madam, As a business analyst, I had observed and evaluated your structure of company. As instructed by you, I hereby present my report explaining the best option of proportioning the 90-beds addition for medical and surgical patients as well as other possibilities and cost factors. Let abbreviation ‘m’= medical patients; ‘s’= surgical patients (a) Profit maximisation = 2280m + 1515s Optimal solution: m= 2790.909, s= 2104.545 Profit maximisation = 2280(2790.909) + 1515(2104.545) = $ 9,551,659 The maximum revenue per year is $ 9,551,659 with 2790.909 medical patients/year and 2104.545 surgical patients/year. Medical patients = 2790.909 ≈ 2791 people Total number of hospital stay = 2791 × 8 days = 22320......

Words: 1023 - Pages: 5

Premium Essay

Quantitative Business Analysis

...Problem 1 The Super Cola Company must decide whether or not to introduce a new diet soft drink. Management feels that if it does introduce the diet soda it will yield a profit of $ 1 million if sales are around 100 million a profit of $ 200,000 if sales are around 50 million, or it will lose $ 2 million if sales are only around 1 million bottles. If Super Cola does not market the new diet soda, it will suffer a loss of $ 400,000. a. Construct a payoff table for this problem. Decisions @ 100 M sales @ 50 M sales @ 1 M sales GO 1 M 200,000 - 2 M NO GO -400,000 -400,000 -400,000 b. Construct a regret table for this problem. Decisions @ 100 M @ 50 M @ 1 M Worse Return Go 1,000,000 200,000 -2,000,000 -2,000,000 No GO -400,000 -400,000 -400,000 -400,000 Best Return 1,000,000 200,000 -400,000 Regret Table @ 100 M @ 50 M @ 1 M Worse Regret Go 0 0 -1,600,000 -1,600,000 No GO -1,400,000 -600,000 0 -1,400,000 Therefore, using a mini-max choice based on regret, the best choice would be “No Go”, ensuring a regret of no worse than $ -1, 4000,000. c. Should Super Cola introduce the soda if the company: 1. Conservative approach (pessimistic). Decisions @ 100 M @ 50 M @ 1 M Minimum Payoff Go 1,000,000 200,000 -2,000,000 -2,000,000 No GO -400,000 -400,000 -400,000 -400,000 The decision should be “No Go” at a maxi-min payoff of $ -400,000 2. Optimistic approach Decisions @ 100 M @ 50 M @ 1 M Maximum Payoff Go 1,000,000 200,000 -2,000,000 1,000,000 No......

Words: 609 - Pages: 3

Premium Essay

Quantitative Business Methods

...DERY CYRIL DOMEYELLE EBA LEVEL: 300 QUANTITATIVE BUSINESS METHODS ASSIGNMENT (A) Let x = number of units of product X y = number of units of product Y z = number of units of product Z Maximize 20x + 18y + 16z (Objective function) Subject to 5x + 3y + 6z ≤ 3,000 (Machine hours constraint) 2x + 5y + 3z ≤ 2,500 (Labour hours constraint) 8x + 10y + 3z ≤ 10,000 (Materials constraint) Changing the inequalities into equalities and adding a slack variable Maximize 20x + 18y + 16z (Objective function) Subject to 5x + 3y + 6z + S1 = 3,000 2x + 5y + 3z + S2 = 2,500 8x + 10y + 3z + S3 = 10,000 Initial Simplex Tableau Solution Variables Products X Y Z Slack Variables S1 S2 S3 S1 5 3 6 1 0 0 3,000 S2 2 5 3 0 1 0 2,500 S3 8 10 3 0 0 0 10,000 Z 20 18 16 0 0 0 0 (B) Initial Simplex Tableau Solution Variables Products X Y Z Slack Variables S₁ S₂ S₃ S₁ 5 3 6 1 0 0 3,000 S₂ 2 5 3 0 ...

Words: 896 - Pages: 4

Free Essay

Quantitative Management

...will choose the maximum of the expected monetary values computed for each decision alternative. Maximum of {R200 000, R240 000, R230 000, R230 000} = R240 000 The owners will use option 2A 12     BIBLIOGRAPHY 1. Bancroft, G and O’Sullivan G (1981) Mathematics and statistics for Accounting and Business Studies. McGraw Hill Book Coy. (Uk) Ltd. 2. Black,K. (2000) Business Statistics: Contemporary Decision Making (3rd ed) South-Western College Publishing. 3. Buglear, J. (2005) Quantitaive Methods For Business. Elsevler Butterworth Heinemann. 4. Daniel, W. and Terrel, J. (1995) Business Statistics for Management and Economics (7th edition) Houghton Mifflin Company, Boston. 5. Lind, Marshall and Wathen (2005). Statistical Techniques in Business and Economics (12th edition), New York, McGraw Hill. 6. Schonberger, R.J. & Knod, E.M., Jr. (1985). Operations Management: Serving the Customer. (3rd ed). Homewood, Illinois: BPI Irwin. 7. Stevenson, W.J. (1999). Production/Operations Management. 6th Ed. Irwin: McGrawHill. 8. Wegner, T. (2005). Applied Business Statistics. Methods and Applications. Kenwyn:Juta & Co, Ltd. 9. Wisniewski, M. and Stead R. (1996). Foundation Quantitative Methods for Business.London : Prentice Hall 13     ...

Words: 1687 - Pages: 7

Premium Essay

Quantitative Business

...Quantitative Business Analysis The following is the descriptive statistics for the Motion Picture Industry Case study. The data set provided was used to calculate the median, mean and mode for the gross opening weekend. On the first graph you can see that for the opening gross the graph is skewed to the right so the median is the best central tendency measure rather than using the mean. The median opening gross was 0.39, which means 50% of the opening gross values were less than 0.39 and 50% were above 0.39. The opening gross was 3.43, which indicates a right tail. The kurtosis of the opening gross was 13.81, which indicates a leptokurtic distribution. This skew can be seen on the first histogram. The graphs are attached on the excel file as well. The opening gross range was 108.43, from 0.01 to 108.44. The standard deviation of opening gross was 18.87. The Interquartile Range, which calculates the range for the middle 50% of the values, is used to measure the variability. The Interquartile Range for the opening gross was 12.37. The opening gross outliers were calculated on the box-plot and the extreme values were 108.44 which was Star Wars Episode 2, 102.69 Harry Potter and the Goblet of Fire, 77.06 war of the Worlds, 50.34 Mr. and Mrs. Smith, 48.75 Batman Begins, and 33.90 Wedding Crashers, The values are less than z-score of -3 or larger than z-score of +3 which is why they are considered outliers. War of the Worlds at 77.06, Harry Potter and the Goblet of......

Words: 940 - Pages: 4

Premium Essay

Quantitative Management

...economy generally in AUTHOR’S NOTE: This research was supported by the National Science Foundation under grant BCS-0091921. I am grateful to Walter Santagata for his insightful comments on an earlier draft of this article. URBAN AFFAIRS REVIEW, Vol. 39, No. 4, March 2004 461-490 DOI: 10.1177/1078087403261256 © 2004 Sage Publications 461 462 URBAN AFFAIRS REVIEW / March 2004 contemporary capitalism, where by the term “new economy,” I mean a collection of manufacturing and service sectors whose operating features involve a high level of organizational and technological flexibility, transactions-intensive interfirm relations, and the production of designintensive outputs. Significant segments of high-technology manufacturing, business and financial services, and, most pertinently for present purposes, the cultural economy fit this description (Lash and Urry 1994; Scott 2000a; Healy 2002), and all of them are the objects of intense scrutiny at the present time for their local economic development and growth potentials. The modern cultural economy can be broadly represented by sectors (equivalently, cultural-products industries) that produce goods and services whose subjective meaning, or, more narrowly, sign-value to the consumer, is high in comparison with their utilitarian purpose. Bourdieu (1971) refers to the outputs of sectors like these as having socially symbolic connotations. Cultural-products industries can thus be identified in concrete terms as an......

Words: 12496 - Pages: 50

Premium Essay

Application of Quantitative Methods in Management

...Quantitative Methods in Management is generally a practical field and can be applied in different areas like Manufacturing, Environmental Planning, Engineering and Construction which is the field of my profession as an Architect. The subject offers a scientific and systematic approach to problem solving and decision making. The use of mathematical analysis helps a decision maker like me, to be able to understand the problems I’m facing and provide a tool in making informed and reasoned judgments. One example on how the subject can help me is for putting mark ups on BIDS which we normally use in construction. The different methods shown in the subject especially in chapter 4 sample problem(4-13) in the book thought me on how to evaluate expected value of profit on different values of additional cost and evaluate which value can give me the best probability of winning the bid and getting the highest profit possible. Since one of the objectives of the subject is to develop analytical frame of mind, it will be an essential tool in project management which includes decision making. It will make Project Managers like me to be explicit in analyzing conditions associated with future decisions and in determining the outcome of different alternatives. For example in my case, I can now evaluate the pros and cons of renting exhibitions stands against building our own for the company. I can now consider which will be more profitable for the company considering all the factors......

Words: 422 - Pages: 2

Premium Essay

Quantitative Management

...Nova Southeastern University H. Wayne Huizenga School of Business & Entrepreneurship   Assignment for Course: | (Winter 2014Business Modeling) | Submitted to: | (Dr. Phillip Rokicki) | Submitted by: | (Harry Cupp, Jessica Alvarez, Panashe Muwunganir​wa) | | | | | | | | | Date of Submission: 2/01/14 Title of Assignment: ZZ Airlines CERTIFICATION OF AUTHORSHIP: I certify that I am the author of this paper and that any assistance I received in its preparation is fully acknowledged and disclosed in the paper. I have also cited any sources from which I used data, ideas or words, either quoted directly or paraphrased. I also certify that this paper was prepared by me specifically for this course. Student's Signature: ______________________________ ***************************************************************** Instructor's Grade on Assignment: Instructor's Comments: Executive Summary ZZ Airlines is currently deciding whether or not to hire an additional Call Service Representative. The airline does not want the wait time in the call center, between midnight and 6 A.M, to be more than 3 to 4 minutes, in order to provide good customer service. Additionally, the airline is planning to do an advertising campaign which is expected to increase the number of callers, based on similar past campaigns. Based on the statistical simulations, and its subsequent results, an analysis will determine whether an additional Call Service Representative is...

Words: 2672 - Pages: 11

Premium Essay

Quantitative Methods in Management

...Quantitative Methods in Management Q M M   Session One Asato ma sat gamaya, tamaso ma jyotir gamaya, mrityo ma amritam gamaya ‘Lead me from the superficial to the worthy, from darkness to light and from stagnation to zestful living’ Brahadaranyaka Upanishad (1,3,28) [pic]M C Escher http://www.theorsociety.com/Science_of_Better/htdocs/prospect/index.asp What is Operational Research? The discipline of applying appropriate analytical methods to help make better decisions. By using techniques such as problem structuring methods (sometimes known as 'Soft O.R.') and mathematical modelling to analyse complex situations, operational research gives executives the power to make more effective decisions and build more productive systems based on: • More complete data • Consideration of all available options • Careful predictions of outcomes and estimates of risk • The latest decision tools and techniques Linear Programming Operations management often presents complex problems that can be modelled by linear functions. The mathematical technique of linear programming is instrumental in solving a wide range of operations management problems. Linear programming is used to solve problems in many aspects of business administration including: • product mix planning • distribution networks • truck routing • staff scheduling •......

Words: 1401 - Pages: 6