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Case Study Analysis in Statistics
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Added on 2021-06-15
Case Study Analysis in Statistics
Added on 2021-06-15
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Student Name:Student ID:1Case Study Analysis in StatisticsStudent Name:Student ID:Unit Name:Unit ID:Date Due:Professor Name:
Student Name:Student ID:2Acknowledgement
Student Name:Student ID:3Table of ContentsAcknowledgement...................................................................................................................................2Answer 1..................................................................................................................................................4Answer 2..................................................................................................................................................7Answer 3..................................................................................................................................................9Base model system................................................................................................................................10B.Excel formula sheet for random cancelletion numbers.................................................................10C.Hotel model solution for zero overbooked rooms.........................................................................12D.Suggestions to the Hotel manager of hotel Heart Break...............................................................19Answer 4................................................................................................................................................20A.Regression model of Price on mileage travelled............................................................................20Regression model of Price on Age of cars..............................................................................................21Regression model of Price on Mileaage and Age of cars......................................................................22Spearman’s Correlation between total mileage covered by cars and age of the cars..........................23Answer 5................................................................................................................................................24Model setup and solver solution...........................................................................................................24Bibliography...............................................................................................................................................28
Student Name:Student ID:4Answer 1A.Decision making is the game-plan picked by dissecting the assembled data about anyundertaking. The elective arrangements are additionally cross checked and choice treehelps in building the whole model. There were a few stages associated with basicleadership. At first the need of the choice and point of the task is examined. At that pointvital data is gathered and elective ways are recognized. The information was crosschecked and decision of definite option is finished. Organization executes the design andthe delayed consequences are recorded for future examination.B.Alternate strategy is the following best arrangement acquired in choice displaying and isknown as option. Prospect hypothesis clarifies the elective procedure, for instance dreadof future misfortunes angers individuals more than the delight of future increases. In thisway, minimization of future failure is a contrasting option to boost the future additions.C.1. Conditional profit matrix for 5 alternate methodologies is given in table 1. The findingshave been done using MS Excel.Table 1: Conditional Profit Matrix of Fish vendor
Student Name:Student ID:52. Fish Vendor will buy 25 kg fish for Wagga-Wagga if he follows optimistic policy.Table 2: Pay-off matrix of Optimistic strategy 3. Fish Vendor will buy 15 kg fish for Wagga-Wagga if he follows pessimistic policy.Table 3: Pay-off matrix for Pessimistic Strategy 4. Fish Vendor will buy 25 kg fish for Wagga-Wagga if he follows laplace criterion.Table 4: Pay off matrix of Laplace criterion 5. Fish Vendor will buy 25 kg fish for Wagga-Wagga if he follows criterion of regret.Table 5: Base model pay off matrix for Regret policy
Student Name:Student ID:66. Fish Vendor will buy 25 kg fish for Wagga-Wagga if his decision is based on EMV.Table 6: EMV matrix for Base Profit model 7. Vendor will buy 25 kg fish for Wagga-Wagga where the sales distribution follows normaldistribution, with average of 20 kg and standard deviation of 5kg (Bodea, Ferguson & Garrow,2009). Table 7: Pay off matrix for normally Distributed modelAnswer 2A.Expected monetary value for each policy has been calculated and is shown in table 8. TheEMV value was negative for the priori probabilities. Table 8: Priori probabilities of the base model
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