BMNG254: DIPLOMA IN BUSINESS ADMINISTRATION Assignment, LUC, Malaysia Identify The Steps Of The Quantitative Analysis Approach And Describe Three Categories Of Business Analytics?

Question 1

Identify the steps of the quantitative analysis approach.

Question 2 

Describe three categories of business analytics.

Question 3

Where is data usually collected at a firm and what problem arises from this for business analysts?

Question 4 

What are some issues with an analyst’s use of mathematical models in an organization?

Question 5 

Once a quantitative solution has been found to a business problem, what are the considerations in implementing it?

SECTION B

Question 1

Arrivals in a university advising office during the week of registration are known to follow a Poisson distribution with an average of 4 people arriving each hour.

What is the probability that exactly 4 people will arrive in the next hour?

What is the probability that exactly 5 people will arrive in the next hour?

A call center receives calls from customers at a rate of 2 per min. The time between customer calls follows an exponential distribution.

What is the probability that it takes 1/3 of a minute or less between consecutive customer calls?

What is the probability that it takes 1/2 of a minute or more between consecutive customer calls?

Compute the F value based on the following:

df1 = 2, df2 = 4, α = 0.01

df1 = 3 df2 = 6, α = 0.0

Question 2  

An urn contains 7 blue and 3 yellow chips. If the drawing of chips is done with replacement, determine the probability of: drawing three yellow chips.

drawing a blue chip on the first draw and a yellow chip on the second draw.

drawing a blue chip on the second draw given that a yellow chip was drawn on the first draw.

drawing a yellow chip on the second draw given that a blue chip was drawn on the first draw.

drawing a yellow chip on the second draw given that a yellow chip was drawn on the first draw.

Question 3

Fast Service Store has maintained daily sales records on the various size “Cool Drink” sales.

Assuming that past performance is a good indicator of future sales,

What is the probability of a customer purchasing a $1.00 “Cool Drink”?

What is the probability of a customer purchasing a $1.25 “Cool Drink”?

What is the probability of a customer purchasing a “Cool Drink” that costs greater than or equal to $1.00?

What is the expected value of a “Cool Drink”?

What is the variance of a “Cool Drink”?

What is the standard deviation of a “Cool Drink”?