GBA
334 Application Assignment 1 Instructions
Application assignments require solving problems from the
textbook. Most of the problems require that you use Excel QM. Some chapters
will require you to use POM QM for Windows or TreePlan. The answers must be
submitted to the Dropbox in a Microsoft Word or Microsoft Excel file.
You must state your answers within a complete sentence so that
your understanding of applying the results of the computations can be observed.
You should also include the work for your computation; this will assist in
applying partial credit if your answers are not correct.
Do not submitQM for Windows
files as server security policies do not allow many ofthese files to be
passed in the system. If you need to show the QM work, either save as an Excel
file (a function within QM) or paste a screen capture of the QM Entry Screen
before solving AND the QM result screen(s).
NOTE: QM files
should not be sent through the online system. If using QM for yoursolution,
run the file in QM and then copy and paste the solution into a MS Excel file
(within QM there is an option tab at bottom of the screen to save as MS Excel.)
If you cannot do this, with the QM solution file open on your screen, select
alt-print screen and then paste the image into a MS Excel file.
If you need any assistance, please do not hesitate to contact
your instructor. He or she will be happy to assist.
For
this module, you will complete the following problems from the textbook:
·
Chapter 1, page 18, Problems 22
and 23 using Excel
·
Chapter 2, page
63, Problems 43 and 45 using Excel (disregard instructions to use Appendix C in
Problem 43 Part a; use Excel instead)
Submit Application Assignment 1
to the Dropboxno later than Sunday 11:59 EST/EDTof Module 1. Remember, the required formats are Microsoft Word and
Microsoft Excel.
financial advice for people planning for a comfortable retirement. The company
offers seminars on the important topic of retirement planning. For a typical
seminar, the room rental at a hotel is $1,000, and the cost of advertising and
other incidentals is about $10,000 per seminar. The cost of the materials and
special gifts for each attendee is $60 per person attending the seminar. The
company charges $250 per person to attend the seminar as this seems to be
competitive with other companies in the same business. How many people must
attend each seminar for Golden Age to break even?”
Problem 23
“A couple of entrepreneurial business
students at State University decided to put their education into practice by
developing a tutoring company for business students. While private tutoring was
offered, it was determined that group tutoring before tests in the large
statistics classes would be most beneficial. The students rented a room close
to campus for $300 for 3 hours. They developed handouts based on past tests,
and these handouts (including color graphs) cost $5 each. The tutor was paid
$25 per hour, for a total of $75 for each tutoring session.
(a) If students are charged $20 to attend the
session, how many students must enroll for the company
to break even?
(b) A somewhat smaller room is available for $20 0for
3 hours. The company is considering this
possibility. How would this affect the break-even
point?”
Problem 43
6. Patients arrive at the emergency room of
Costa Valley Hospital at an average of 5 per day following a Poisson
distribution.
a. Compute the probability of exactly 0, 1, 2, 3,
4, and 5 arrivals per day (1 point)
b. What is the sum of the preceding probabilities,
and why is it less than 1.0? (1 point)
Problem 45
Cars arrive at Carla’s
Muffler shop for repair work at an average of 3 per hour, following an
exponential distribution.
(a)
What is the expected time between arrivals?
(b)
What is the variance of the time between arrivals?
