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University of Notre Dame - BUSINESS 122operations analytics - week 1 - newsvendor and forecasting quiz (1).

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Newsvendor and Forecasting Quiz TOTAL POINTS 10 1.Question 1 This question relates to concepts covered in Lectures 1 & 2. You can use any of the excel files posted to work through the question. W... hich of the following statements is a true statement about the Newsvendor model? The Newsvendor model can be only applied to vendors who sell newspapers or magazines. In the Newsvendor model, the decision-maker who decides how much to order, always knows the exact quantity of demand that will happen. In the Newsvendor model, the ordering decision is made before seeing the customer demand. The Newsvendor model can be used only if unsold units cannot be salvaged. 1 point 2.Question 2 This question relates to concepts covered in Lectures 1 & 2. You can use any of the excel files posted to work through the question. Demand at a store can be modeled by a random variable which takes the following values across four different scenarios that occur with following probabilities. Scenario Low: D1 = 10 with probability p_1=0.1 Scenario Medium 1: D2 = 30 with probability p_2=0.4 Scenario Medium 2: D3 = 60 with probability p_3=0.4 Scenario High: D4 = 90 with probability p_4=0.1 What is the mean of this demand distribution? 90 46 10 60 https://www.coursehero.com/file/63883624/operations-analytics-week-1-newsvendor-and-forecasting-quiz-1docx/ This study resource was shared via CourseHero.com52.18 30 1 point 3.Question 3 This question relates to concepts covered in Lectures 1 & 2. You can use any of the excel files posted to work through the question. Consider the demand at a store given by the data in the previous question, i.e., the demand at a store that can be modeled by a random variable with values and corresponding probabilities shown in Q2. Which of the following statements about the standard deviation of the demand distribution is true? The standard deviation cannot be calculated for this data. The standard deviation is greater than or equal to 20 but less than 30. The standard deviation is greater than or equal to 10 but less than 20. The standard deviation is greater than or equal to 30 but less than 40. The standard deviation is greater than or equal to 0 but less than 10. 1 point 4.Question 4 This question relates to concepts covered in Lectures 1 & 2. You can use any of the excel files posted to work through the question. Suppose we have a data set containing n=100 data points with the following descriptive statistics: mean = 80, and standard deviation = 18. We believe that this data sample comes from a normal distribution. Which of the following choices would you use for forecasting or predicting future demand values? Mean= 80 and standard deviation= 18. Mean= 80 and standard deviation= 19.8. Mean= 81.8 and standard deviation= 18. Mean=88 and standard deviation= 19.8. Mean= 81.8 and standard deviation=19.8. [Show More]

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