In order to efficiently predict customer levels based on frequency, "data on customer arrivals must be collected and a statistical test conducted to see whether an assumption of a Poisson distribution for arrivals is reasonable," (Anderson 2008:472). Business such as liquor marts can use such a process to determine if customer frequency is sufficient enough for them to stay open later. For instance, if a store of such nature where to collect data for customer arrival after 2 am in a one week span, they can then use that number to make a strong prediction whether it is worth staying open based on the cost of operation during that debatable time period. Thus, it is clear that frequency can become useful in business predictions in certain occasions. Hypergeometric distribution can also be used to compile viable business predictions. Unlike the binomial distribution, hypergeometric distribution provides its analysis without the allowance for replacement variable. Thus, without the availability...
This makes the combinations within observations the most important element in prediction analysis. According to the research, the hypergeometric distribution "formula computes all the possible ways of getting x successes from the A successes available and n -- x failures from the N -- A available failures in the population," (Black 2009:166). Therefore, when dealing with multiple variables, more efficient analysis of combinations can help predict business situations.
Ayers (2000, p. 4) describes a supply chain as "Life cycle processes supporting physical, information, financial, and knowledge flows for moving products and services from suppliers to end-users." A supply chain can be short, as in the case of a cottage industry, or quite long and complex as in the manufacture, distribution, and sales of automobiles. In fact, the automobile supply chain has its origin in the mining of the
JET Case Problem Analysis James, Ernie, and Terri decides to open a business named JET Copies after discovering that they will make nice profits from by establishing a copier business at State University. However, they discover that they have to tackle the problem of machine breakdown after raising loan of $18,000 from Terri's parent. The breakdown if not properly manage will lead to lost of revenue. They decide to buy a
76). As automation increasingly assumes the more mundane and routine aspects of work of all types, Drucker was visionary in his assessment of how decisions would be made in the years to come. "In the future," said Drucker, "it was possible that all employment would be managerial in nature, and we would then have progressed from a society of labor to a society of management" (Witzel, p. 76). The
Research Objectives and Scope The main objective of the research then relates closely to the research problem. It is to research the problem of uncertainty as it manifests in the global business environment. Specific issues to be investigated include supply chain management and its related uncertainties, the production process itself and uncertainties related to it, as well as the post-production phase and market uncertainties that are related to it. Time is also
Solving the 1D Bin Packing Problem Using a Parallel Genetic Algorithm: A Benchmark Test The past few decades have witnessed the introduction in a wide range of technological innovations that have had an enormous impact on consumers, businesses and governmental agencies. Computer-based applications in particular have been key in facilitating the delivery of a wide range of services and information, and computer processing speeds have consistently increased incrementally. Computer processing speeds,
Psychology Learning Outcome The best method for conducting the study would involve the use of a case study. Since this would be a group, setting, the case study method would allow the researcher to conduct in-depth investigations. Case studies offer the researcher an opportunity to use various data gathering sources like interviews, and observations (Halligan & Marshall, 2013). In order for the researcher to conduct an in-depth study of the subjects,
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