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Economics, section 1, Fall 2019
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Camm, et al - Business Analytics 5/e (Homework)

James Finch

Economics, section 1, Fall 2019

Instructor: Dr. Friendly

Current Score : 8 / 69

Due : Sunday, January 27, 2030 00:00 EST

Last Saved : n/a Saving... ()

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Question

Points

1	2	3	4	5	6	7	8	9	10
3/6	1/2	0/1	3/13	–/1	1/6	–/9	–/7	–/12	–/12

Total

8/69 (11.6%)

Instructions

Camm/Cochran/Fry/Ohlmann's market-leading Business Analytics, 5th Edition, published by Cengage Learning, covers the whole spectrum of analytics, from descriptive and predictive analytics as well as how to create insights that are actionable. Data Mining techniques such as K Nearest Neighbor, Random Forest and Classification Trees are covered.

Step-by-step instructions demonstrate how to use Excel, and the data mining capabilities of R, and Orange to implement advanced analytics concepts. You have the freedom to select your preferred method for teaching concepts using any of today's software choices. Extensive solutions to problems and cases save significant grading time while allowing you to ensure students are mastering the material. In addition, WebAssign, the online learning platform, allows you to you to customize material while strengthening each student's understanding of the concepts.

Question 1 features multiple question types and guides students through the process of interpreting values.

Question 2 links to an Excel data file.

Question 3 is a conceptual question regarding the use and interpretation using descriptive data mining techniques.

Question 4 utilizes special grading to accept a simple linear regression model and guides students through a hypothesis test of the regression parameters.

Question 5 is representative of a test bank question offered.

Question 6 contains a Master It.

Question 7 features grading for a mathematical model and an answer blank format that mimics an Excel spreadsheet.

Question 8 exemplifies use of a simulation model run in Excel. Subsequent confidence intervals are then graded based on the values from their simulation. The solution, which can be visible after students submit responses, displays an Excel spreadsheet and the necessary formulas and instructions needed to run the simulation.

Question 9 allows students to input the appropriate objective function and constraints for a linear programming question and accepts alternative optima as an ordered list.

Question 10 demonstrates how answer blanks can be overlaid onto an image for a seamless experience that mimics textbook presentation. This demo assignment allows many submissions and allows you to try another version of the same question for practice wherever the problem has randomized values.

This demo assignment allows many submissions and allows you to try another version of the same question for practice wherever the problem has randomized values.

WebAssign provides a wide range of exercises that enable you to:

Build problem-solving skills (#1-3: Read It, Watch It, and Master It, exercises)
Develop conceptual understanding (#4-7: Special grading, Test Bank, and Excel spreadsheet exercises)
Address readiness gaps and assess summative understanding (#8-10: Excel simulation, linear programming exercise, textbook presentation exercise)

The answer key and solutions will display after the first submission for demonstration purposes. Instructors can configure these to display after the due date or after a specified number of submissions.

Assignment Submission

For this assignment, you submit answers by question parts. The number of submissions remaining for each question part only changes if you submit or change the answer.

Assignment Scoring

Your last submission is used for your score.

1. 3/6 points | Previous Answers CammBA5 2.E.026. My Notes

This exercise type will build problem-solving skills.
Read It links are available as a learning tool under each question so students can quickly jump to the corresponding section of the eTextbook.

Five observations taken for two variables follow.

x_i	4	6	11	3	16
y_i	50	60	40	60	30

(a)

Develop a scatter chart with x on the horizontal axis.

A scatter chart has a horizontal axis labeled "x" with values from 0 to 20 and a vertical axis labeled "y" with values from 0 to 80. The scatter chart has 5 points. A pattern goes up and right becoming less steep from (3, 30) to (16, 60).

(b)

What does the scatter chart developed in part (a) indicate about the relationship between the two variables?

The scatter chart indicates that there is relationship between the two variables.

(c)

Compute the sample covariance.

Based on the sample covariance, what can be said about the relationship between the two variables?

There is a strong positive linear relationship between the two variables. There is a strong negative linear relationship between the two variables. There is no relationship between the two variables. There is a positive linear relationship between the two variables, but the strength of this relationship cannot be determined based on the sample covariance. There is a negative linear relationship between the two variables, but the strength of this relationship cannot be determined based on the sample covariance.

(d)

Compute the sample correlation coefficient. (Round your answer to three decimal places.)

Based on the sample correlation coefficient, what can be said about the relationship between the two variables?

There is a strong positive linear relationship between the two variables. There is a strong negative linear relationship between the two variables. There is no relationship between the two variables. There is a positive linear relationship between the two variables, but the strength of this relationship cannot be determined based on the sample correlation coefficient. There is a negative linear relationship between the two variables, but the strength of this relationship cannot be determined based on the sample correlation coefficient.

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2. 1/2 points | Previous Answers CammBA5 3.E.017.alt. My Notes

This exercise type will build problem-solving skills.
Students get just-in-time learning support with Watch It videos that contain narrated and closed-captioned videos walking students through the proper steps to solve a similar problem.

DATAfile: NewAuto.xlsx

An automotive company is considering the introduction of a new model of sports car that will be available in four-cylinder and six-cylinder engine types. A sample of customers who were interested in this new model were asked to indicate their preference for an engine type for the new model of automobile. The customers were also asked to indicate their preference for exterior color from four choices: red, black, green, and white. Consider the data in the table shown below regarding the customer responses to answer the following questions.

	Four Cylinders	Six Cylinders
Red	143	857
Black	200	800
Green	321	679
White	420	580

(a)

Construct a clustered-column chart with exterior color as the horizontal variable.

A clustered-column chart has a horizontal axis labeled "Exterior Color" and a vertical axis labeled "Frequency" with values from 0 to 860. The clustered-column chart with 4 groups of columns is given. Each group consists of at most 2 individual columns. A description of the groups of columns is as follows. The group labels are given first, followed by each of the labels for the individual columns and their respective approximate heights.
red:
four cylinders: 580,

six cylinders: 420

black:
four cylinders: 679,

six cylinders: 321

green:
four cylinders: 800,

six cylinders: 200

white:
four cylinders: 857,

six cylinders: 143

(b)

What can we infer from the clustered-column chart in part (a)? (Select all that apply.)

Customers preferred the six cylinder engine type regardless of which exterior color they preferred. The number of customers who prefer a four cylinder engine type is decreasing while the number who prefer a six cylinder engine type is increasing. correct

The company may sell very few red models with a four cylinder engine type, but they may have a better chance of selling white models with a four cylinder engine type. The number of customers who prefer a four cylinder engine type is increasing while the number who prefer a six cylinder engine type is decreasing. Customers preferred the four cylinder engine type regardless of which exterior color they preferred. The company may sell very few white models with a four cylinder engine type, but they may have a better chance of selling red models with a four cylinder engine type.

Solution or Explanation

(a)

(b)

All customers preferred the six cylinder engine type, regardless of which exterior color they preferred. However, few customers who preferred red or black exterior colors preferred the four cylinder engine, but customers who preferred the white exterior color were more evenly split between the four and six cylinder engine. If this is a representative sample of customers, it appears that the company will sell very few red models with four cylinder engines, but may sell more white models with four cylinder engines.

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3. 0/1 points | Previous Answers CammBA5 6.E.013. My Notes

This exercise type will build problem-solving skills.

In transactional data, what are virtual items?

Items corresponding to transactions occurring in a virtual reality setting correct

Items not explicitly part of the transaction, but characteristics associated with the transaction, e.g., location, time Items involved in association rules with a high lift measure Product groupings resulting from the aggregation of similar items

Solution or Explanation

Items not explicitly part of the transaction, but characteristics associated with the transaction, e.g., location, time.

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4. 3/13 points | Previous Answers CammBA5 8.E.003. My Notes

5. –/1 points CammBA5 7.TB.015. My Notes

This exercise type will develop conceptual understanding.

The difference between the observed value of the dependent variable and the value predicted using the estimated regression equation is known as which of the following?

the constant term the model parameter the residual the error term

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6. 1/6 points | Previous Answers CammBA5 9.E.011.MI. My Notes

7. –/9 points CammBA5 12.E.001. My Notes

This exercise type will develop conceptual understanding.

Cox Electric makes electronic components and has estimated the following for a new design of one of its products.

Fixed Cost = $11,000
Material Cost per Unit = $0.17
Labor Cost per Unit = $0.12
Revenue per Unit = $0.63

Note that fixed cost is incurred regardless of the amount produced. Per-unit material and labor cost together make up the variable cost per unit. Assuming that Cox Electric sells all that it produces, profit is calculated by subtracting the fixed cost and total variable cost from total revenue.

(a)

Build an influence diagram that illustrates how to calculate profit.

An influence diagram with nine nodes labeled "Material Cost per Unit," "Labor Cost per Unit," "Production Volume," "Revenue per Unit," "Total Variable Cost," "Total Revenue," "Fixed Cost," "Total Cost," and "Profit," respectively is shown. The list below gives each node along with a list of the nodes to which an arrow beginning at that node points.
"Material Cost per Unit" points to "Total Variable Cost"

"Labor Cost per Unit" points to "Total Variable Cost"

"Production Volume" points to "Total Variable Cost" and "Total Revenue"

"Revenue per Unit" points to "Total Revenue"

"Total Variable Cost" points to "Total Cost"

"Total Revenue", points to "Profit"

"Fixed Cost" points to "Total Cost"

"Total Cost" points to "Profit"

"Profit" points to nothing

An influence diagram with nine nodes labeled "Material Cost per Unit," "Production Volume," "Labor Cost per Unit," "Fixed Cost," "Total Variable Cost," "Total Revenue," "Revenue per Unit," "Total Cost," and "Profit," respectively is shown. The list below gives each node along with a list of the nodes to which an arrow beginning at that node points.
"Material Cost per Unit" points to "Total Variable Cost"

"Production Volume" points to "Total Variable Cost"

"Labor Cost per Unit" points to "Total Variable Cost" and "Total Revenue"

"Fixed Cost" points to "Total Revenue"

"Total Variable Cost" points to "Total Cost"

"Total Revenue", points to "Profit"

"Revenue per Unit" points to "Total Cost"

"Total Cost" points to "Profit"

"Profit" points to nothing

An influence diagram with nine nodes labeled "Production Volume," "Labor Cost per Unit," "Revenue per Unit," "Profit," "Total Variable Cost," "Material Cost per Unit," "Fixed Cost," "Total Cost," and "Total Revenue," respectively is shown. The list below gives each node along with a list of the nodes to which an arrow beginning at that node points.
"Production Volume" points to "Total Variable Cost"

"Labor Cost per Unit" points to "Total Variable Cost"

"Revenue per Unit" points to "Total Variable Cost" and "Material Cost per Unit"

"Profit" points to "Material Cost per Unit"

"Total Variable Cost" points to "Total Cost"

"Material Cost per Unit", points to "Total Revenue"

"Fixed Cost" points to "Total Cost"

"Total Cost" points to "Total Revenue"

"Total Revenue" points to nothing

An influence diagram with nine nodes labeled "Material Cost per Unit," "Labor Cost per Unit," "Total Revenue," "Revenue per Unit," "Total Variable Cost," "Production Volume," "Total Cost," "Fixed Cost," and "Profit," respectively is shown. The list below gives each node along with a list of the nodes to which an arrow beginning at that node points.
"Material Cost per Unit" points to "Total Variable Cost"

"Labor Cost per Unit" points to "Total Variable Cost"

"Total Revenue" points to "Total Variable Cost" and "Production Volume"

"Revenue per Unit" points to "Production Volume"

"Total Variable Cost" points to "Fixed Cost"

"Production Volume", points to "Profit"

"Total Cost" points to "Fixed Cost"

"Fixed Cost" points to "Profit"

"Profit" points to nothing

(b)

Using mathematical notation similar to that used for Nowlin Plastics, give a mathematical model for calculating profit. (Write your answer in terms of the following variables q = Production Volume (quantity produced), R = Revenue Per Unit, FC = the Fixed Costs of Production, MC = Material Cost per Unit, LC = Labor Cost per Unit, and P(q) = Total Profit for producing (and selling) q units.)

P(q) =

(c)

Implement your model from part (b) in Excel using the principles of good spreadsheet design.

	A	B
1	Cox Electric Breakeven Analysis
2
3	Parameters
4	Revenue per Unit	$0.63
5	Fixed Costs	$11,000.00
6	Materials Cost per Unit	$0.17
7	Labor Cost per Unit	$0.12
8
9
10	Model
11	Production Volume
12
13	Total Revenue
14
15	Materials Cost
16	Labor Cost
17	Fixed Cost
18	Total Cost
19
20	Profit
21

(d)

If Cox Electric makes 19,000 units of the new product, what is the resulting profit (in dollars)?

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8. –/7 points CammBA5 13.E.004. My Notes

This exercise type will address readiness gaps and assess summative understanding.

The management of Brinkley Corporation is interested in using simulation to estimate the profit per unit for a new product. The selling price for the product will be $45 per unit. Probability distributions for the purchase cost, the labor cost, and the transportation cost are estimated as follows.

Procurement Cost ($)	Probability	Labor Cost ($)	Probability	Transportation Cost ($)	Probability
10	0.25	20	0.10	3	0.75
11	0.40	22	0.20	5	0.25
12	0.35	24	0.40
		25	0.30

(a)

Construct a simulation model to estimate the average profit (in $) per unit and the variance of the profit per unit. (Use at least 1,000 trials. Round your answer to two decimal places. Use the values you enter to make later calculations.)

average $ variance

What is a 95% confidence interval (in $) around this average? (Round your answers to two decimal places.)

$ to $

(b)

Management believes that the project may not be sustainable if the profit per unit is less than $5. Use simulation to estimate the probability that the profit per unit will be less than $5. (Use at least 1,000 trials. Round your answer to three decimal places. Use the value you enter to make later calculations.)

What is a 95% confidence interval around this proportion? (Round your answers to three decimal places.)

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9. –/12 points CammBA5 14.E.008. My Notes

This exercise type will address readiness gaps and assess summative understanding.

Photon Technologies, Inc., a manufacturer of batteries for mobile phones, signed a contract with a large electronics manufacturer to produce three models of lithium-ion battery packs for a new line of phones. The contract calls for the following.

Battery Pack	Production Quantity
PT-100	201,000
PT-200	102,000
PT-300	148,000

Photon Technologies can manufacture the battery packs at manufacturing plants located in the Philippines and Mexico. The unit cost of the battery packs differs at the two plants because of differences in production equipment and wage rates. The unit costs for each battery pack at each manufacturing plant are as follows.

Product	Philippines	Mexico
PT-100	$0.95	$0.98
PT-200	$0.98	$1.06
PT-300	$1.34	$1.15

The PT-100 and PT-200 battery packs are produced using similar production equipment available at both plants. However, each plant has a limited capacity for the total number of PT-100 and PT-200 battery packs produced. The combined PT-100 and PT-200 production capacities are 175,000 units at the Philippines plant and 160,000 units at the Mexico plant. The PT-300 production capacities are 75,000 units at the Philippines plant and 100,000 units at the Mexico plant. The cost of shipping from the Philippines plant is $0.18 per unit, and the cost of shipping from the Mexico plant is $0.10 per unit.

(a)

Develop a linear program that Photon Technologies can use to determine how many units of each battery pack to produce at each plant to minimize the total production and shipping cost (in dollars) associated with the new contract. (Assume P₁ = number of PT-100 battery packs produced at the Philippines plant, P₂ = number of PT-200 battery packs produced at the Philippines plant, P₃ = number of PT-300 battery packs produced at the Philippines plant, M₁ = number of PT-100 battery packs produced at the Mexico plant, M₂ = number of PT-200 battery packs produced at the Mexico plant, M₃ = number of PT-300 battery packs produced at the Mexico plant.)

Min

s.t. PT-100 Production

PT-200 Production

PT-300 Production

Combined PT-100 and PT-200 Production Mexico Plant

Combined PT-100 and PT-200 Production Philippines Plant

PT-300 Production Mexico Plant

PT-300 Production Philippines Plant

M₁, M₂, M₃, P₁, P₂, P₃ ≥ 0

(b)

Solve the linear program developed in part (a) to determine the optimal production plan.

(M₁, M₂, M₃, P₁, P₂, P₃) =

What is total cost of the production plan (in dollars). (Round your answer to the nearest dollar.)

(c)

Use sensitivity analysis to determine how much the production and/or shipping cost per unit (in dollars per unit) would have to change to produce additional units of the PT-100 in the Philippines plant.

It would have to decrease by more than $ per unit.

(d)

Use sensitivity analysis to determine how much the production and/or shipping cost per unit (in dollars per unit) would have to change to produce additional units of the PT-200 in the Mexico plant.

It would have to decrease by more than $ per unit.

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10. –/12 points CammBA5 17.E.014. My Notes

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