Briefly explain Chebyshev’s theorem and its applications.
Briefly explain and illustrate with the help of graphs a symmetric histogram, a histogram skewed to the right, and a histogram skewed to the left.
Briefly discuss how a utility function can be assessed. What is a standard gamble, and how is it used in determining utility values?
Briefly describe the two meanings of the word statistics.
Briefly describe the MFEP.
Briefly describe how the three quartiles are calculated for a data set. Illustrate by calculating the three quartiles for two examples, the first with an odd number of observations and the second with an even number of observations.
Briefly describe how the percentiles are calculated for a data set.
Annual demand for the Doll two-drawer filing cabinet is 50,000 units. Bill Doll, president of Doll Office Suppliers, controls one of the largest office supply stores in Nevada. He estimates that the ordering cost is $10 per order. The carrying cost is $4 per unit per year. It takes 25 days between the time that Bill places an order for the two-drawer filing cabinets and the time when they are received at his warehouse. During this time, the daily demand is estimated to be 250 units.,(a) What is the economic order quantity?,(b) What is the reorder point?,(c) What is the optimal number of orders per year?
Briefly explain how to prepare a stem-and-leaf display for a data set. You may use an example to illustrate.