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BADM 275 Fall 2010 Assignment 1

1.

A sample of nine public universities and nine private universities was taken. The total cost for the year (including room and board) and the median SAT score at each school were recorded and the results are shown in the table below. The hypothesis is that schools with higher median SAT scores would have a better reputation and would thus charge more tuition as a result. Use regression analysis to answer the following questions: Category Public Public Public Public Public Public Public Public Public Private Private Private Private Private Private Private Private Private Total Cost ($) 14,500 10,400 11,300 10,300 15,400 14,300 11,000 15,700 13,500 20,300 27,700 24,100 28,100 18,100 23,200 21,400 21,200 21,400 Median SAT 1330 1080 1210 1030 1030 1070 1040 1260 1080 1090 1230 1320 1290 1420 1340 1060 1150 1180

a) Do schools with higher SAT scores charge more in tuition and fees? b) Are private schools more expensive than public schools when SAT scores are taken into consideration? If so, by how much? c) Discuss how accurate these results are and test at the 1% level. 2. Southern Chemical Co. develops industrial chemicals that are used by other manufacturers to produce preservatives. To produce their primary productH-101efficiently, they use a batch approach in which a certain number of gallons is produced at one time. This reduces setup cost and allows them to produce H101 at a competitive price. However, this product has an extremely short shelf life of only a few weeks. Southern Chemical Co. produces H-101 in batches of 600 gallons, 1,200 gallons, 1,800 gallons, or 2,400 gallons. Using historical data, the owner, Chris, was able to determine the probabilities of selling each amount are 0.2, 0.3, 0.4, and 0.1 respectively. The current question facing Chris is how many gallons to produce in the next batch run. The statistics are as follows: selling price = $23 per gallon; manufacturing cost = $14 per gallon; and handling and warehousing costs are estimated at $2.25 per gallon. He is also considering maintaining the past amount allocated to advertising at $3 per gallon. As with any chemical with a short shelf life, if it is not sold by the end of the batch run, the integrity of the chemical is compromised and it loses much of its properties. At this point, it can be sold at salvage value for $15.50

per gallon. Moreover, Chris has guaranteed his suppliers that there will always be an adequate supply of H-101 on hand. However, if he runs out, he has agreed to purchase an equivalent chemical from a competitor at $27.75, meaning they lose $4.75 per gallon. a) 3. Assist Chris by making your recommendation on the appropriate course of action.

Emergency calls at the Lake Charles police department for the past 24 weeks are as follows: Week 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 a) Calls 50 35 25 40 45 35 20 30 35 20 15 40 55 35 25 55 55 40 35 60 75 50 40 65

Compute a series of exponential smoothing forecasts using all smoothing constants between zero and one in intervals of 0.1. b) How many calls should the LCPD expect to receive in week 25?

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