Stochastic modeling "Stochastic" means being or having a random variable. A stochastic model is a tool for estimating probability distributions of potential outcomes by allowing for random variation in one or more inputs over time. The random variation is usually based on fluctuations observed in historical data for a selected period using standard time-series techniques. Distributions of potential outcomes are derived from a large number of simulations (stochastic projections) which reflect the random variation
Words: 564 - Pages: 3
(Sampling, Probability, Normal Distribution) Sampling Concepts • Types of sampling plans (simple random sampling, stratified random sampling, cluster sampling Probability Concepts • From a table of joint probabilities answer such questions as: P(A and B) P(A or B) P(A)|B Determine if events A and B are mutually exclusive or not Determine if events A and B are independent or not The Normal Distribution Question gives a population mean
Words: 733 - Pages: 3
The paper shall look at how Zimbabwe Electricity Supply Authority (ZESA) evolved since 2000. It will also look at the strategic nightmares encountered, which led to making certain decisions and initiatives. It will analyse some of the strategies adopted and how they fit in line with the operating environment. The paper will look at background of ZESA, the general operating environment, the strategic choice taken and proffer possible advice which is not a panacea but offers pointers on how to lead
Words: 5910 - Pages: 24
Economics Theory 1. Describe The Fundamental Economic Problem? Any economic system has to deal with some fundamental economic problems. These problems are common to all economies. The following list gives the Four most fundamental economic problems faced by any economy. 1- What to produce? 2- How much to produce? 3- How to produce? 4- For whom to produce? How these problems are dealt with differ from one economic system to another. OR The fundamental economic problem is simply the problem
Words: 1196 - Pages: 5
Hypothesis Quality Associates, Inc. is a consulting firm that advises its clients about sampling and statistical procedures that can be used to control manufacturing processes. In one case, a client provided Quality Associates with a sample of 800 observations that were taken during a time when the client's process was operating satisfactorily. The sample standard deviation for these data was .21, hence, the population standard deviation was assumed to be .21. Quality Associates then suggested that
Words: 880 - Pages: 4
Traumatic brain injury is the result when the brain tissues get damaged due to certain blows to the head (Anderson). According to Anderson in her article Traumatic Brain Injury: Complex Condition with Lasting Effects, among the leading contributors to traumatic brain injury are “unintentional falls, motor vehicle traffic incidents, and assaults”. In the said article, many different numeric descriptions have been presented. More specifically, the article provides the readers with different measures
Words: 555 - Pages: 3
NETWORK ANALYSIS (PERT & CPM) It is a technique through which large projects are broken down to individual jobs or events and arranged in a logical network. PERT and CPM are two such network-based techniques designed to assist in the planning, scheduling, and control of projects. A project is defined as a collection of interrelated activities with each activity consuming time and resources. PERT: Program Evaluation and Review Technique CPM : Critical Path Method. Framework of PERT and CPM
Words: 1808 - Pages: 8
Process Plan Sims OPS/571 Operations Management December 12, 2011 Manuel Gonzalez Process Plan This paper will analyze the process of driving to an interview it will define a strategy, which can be applied to improve of the method. With building on week three’s task, which was recognizing the bottlenecks, I constant gather data that concerning the time it takes to drive to an interview during the week. The data is studied plus examined to decide what the lower and upper control limits
Words: 1124 - Pages: 5
amusement park and calculate the relative frequency for the shortest distance. (Points : 4) .375 .150 .500 .300 .333 | 2. The following is a relative frequency distribution of grades in an introductory statistics course. If this was the distribution of 200 students, find the frequency of failures: (Points : 4) 12 6 23 46 3 | 3. A random sample of 12 joggers was asked to keep track and report the number
Words: 1247 - Pages: 5
the assignment was changed... anyway, the requirements: 1. Conduct a SWOT analysis 2. Using the information in the text and in Exhibit 5, calculate ‘ABC’ based service costs for the TFC business. 3. Using your new costing system, calculate distribution services costs for ‘Customer A’ and ‘Customer B’. 4. What inferences do you draw about the profitability of these two customers? (hint: you can compare the ‘old’ method to the ‘abc’ method using customer profitability analysis in a table format;
Words: 3102 - Pages: 13
