Free Essay

Isds 2710 Friday Assignment

In: Business and Management

Submitted By dxception
Words 614
Pages 3
ISDS 2710
University of Memphis Fall 2012
Friday Assignment
Make up 2 problems. Choose from the following areas:
Medicine Sporting events
University activities Restaurants
Shopping Track and Field

1. Pick one problem for which you wouldn’t mind underestimating the mean. Explain why. Pick some numbers (µ,σ,xbar,n). Discuss how well your sample mean matches the guess. Discuss what you would do next. 2. Pick one problem for which you wouldn’t want to overestimate or underestimate the mean. Explain why. Pick some numbers (µ,σ,xbar,n). Discuss how well your sample mean matches the guess. Discuss what you would do next. 3. For each of your problems, tell the following: 1. The costs of sampling (what has to be done to get a good sample) 2. The costs of overestimating and underestimating the mean (i.e., What is the impact of making a guess and being wrong?)
1. Write the names of the members of your group today.
_______________________ _______________________
_______________________ _______________________
2. Have the GA sign and indicate time of departure
_______________________ _______________________
GA time

1.) Restaurant Managers. The characteristic to be identified include the mean annual salary for the managers. The population will be 2500 managers, from that population we can select a sample of 30 managers. (I will be using the Web file EAI data as a source of information and table 7.2.) Clearly, the time and the cost of developing a profile for 2500 managers will be substantially less for only 30 managers. Give each manager a four digit random number, discard any numbers higher than 2500 and select then select 30 managers.
I am guessing that restaurant managers on average make $50,000. Using the EAI data, the population mean annual salary is (μ= $51,800), the population standard deviation of annual salary is (σ= $4000).
If you overestimated the salary of managers, the actual salary amount would be lower, therefore the company will to have more money. For example if μ= $55,000 and σ= $4000 then the company would have room to give promotions.
If you underestimated the salary of managers, the actual salary amount would be higher, therefore the company will have less money. For example if μ= $50,000 and σ= $4000 then the company would have less money and no room for promotions.
You can also use the point estimator procedure of using the sample of 30 managers. Using the table 7.2; x= $51,814 and s= $3348. Using this method is less time consuming and more accurate.

2. When dealing with problems in Medicine, especially pertaining to it’s effectiveness in treating illness, one would never want to underestimate or overestimate the amount of medicine that is effective in therapeutically treating patients. Take for instance, if an amount is underestimated the result is making a drug that is ineffective. If someone overestimates an amount of drug it can result in a drug that is too strong which could ultimately lead to toxic or deadly effects. µ= 1.5mg ,σ= 3 mg, xbar= 1.25 mg,n= 200
The guess is that the mean effective amount of medicine is 1.5 mg. A sample of 200 samples of pathogens are tested with amounts with a mean of 1.25 mg. 3.a. The cost of sampling would be cheap in comparison to the cost of overestimating or underestimating the mean. If the mean of an effective amount of drug is underestimated, there could be a production of ineffective drugs in which the company would be throwing away money and producing an ineffective product. If they overestimate the amount of effective drug, the company could end up in a financial bind from lawsuits from ill affected consumers.…...

Similar Documents

Premium Essay

Freaky Friday

...not see how hard that person’s life may actually be. In both Freaky Friday movies, the mother and daughter switch places and come to realize how each of their lives is no walk through the park. “A journey soon begins...its prize reflected in the other's eyes. When what you see is what you lack..then selfless love will change you back" this quote was stated by mother and daughter in both the original and in the remake. I believe that the 2003 remake surpassed the original 1976 film of Freaky Friday in three ways; theme, acting, and photography. In both the original and the remake, the theme was the same. The theme was that the mother and daughter switch roles to see that each of their lives isn’t as easy as they seem. The main idea in the original was clear, yet it wasn’t believable. There were instances in the movie that couldn’t possibly happen in real life such as, the police drove out of a cave during a car chase after the daughter and the car turned into a triangular shape and the car the daughter drove was in perfect shape. There were other unrealistic occurrences in the original film, such as when the daughter drove the car into the water and the car just stayed afloat. I’m sure the directors of the remake cut these scenes out entirely due to the improbability of a 13 year old driving and a car staying afloat in a sea of water. Acting is a major issue in any movie. The acting in the 2003 Freaky Friday surpassed the 1976 original version. Lindsay Lohan and Jamie......

Words: 615 - Pages: 3

Free Essay

Black Friday

...Karla Young Mr. Carter Macro Economics 28 November, 2011 Black Friday The Friday after Thanksgiving is known as “Black Friday,” a marketing and media phrase used to describe the shopping frenzy that occurs on that one day. Black Friday traditionally has signaled the beginning of the Christmas shopping season. In examining the origin of the term “Black Friday,” the earliest known published newsletters which made reference to the term was in 1961. Rick Romell, a reporter with the Milwaukee Journal Sentinel, wrote that the term “Black Friday” got spun positive, remained little used for more than a decade and then exploded. This one day shopping blowout puts retailers “in the black” profit wise for the year. Bonnie Taylor-Blake, neuroscience researcher at the University of North Carolina suggests that the “Black Friday” tag originated with Police in Philadelphia, who each year faced massive headaches as fans in town for the Army-Navy game combined with swarms of holiday shoppers to create a traffic-clogging mess. The term spread outside of Philadelphia and really gained traction around 2004. The term has now become part of mainstream conversation and is in itself a “holiday.” The question-does a successful Black Friday boost the economy? Some market commentators argue that retail sales for Black Friday have a history of being greatly exaggerated. But even if the 16% increase over last year is accurate, can the US consumer maintain these elevated spending figures...

Words: 421 - Pages: 2

Free Essay

First Fridays

...First Friday People are everywhere! The streets are crawling with people, far too many for the sidewalks to hold. Everyone’s attention span is so weak. It seems every step there is something new drawing them in, far different from what they last saw. Never before have I seen such a vast assembly of odd and interesting things. First Friday is called an art walk, but it's more like an an art festival. It's held every first Friday of the month in Downtown Phoenix. For four blocks, the streets are lined with booths. The booths hold paintings, jewelry and every kind of art imaginable. No one booth is alike; each is just as different as its creator. The old bungalow houses that own these streets have been converted into art galleries by their live-in residents. For a few nights a month, these galleries are filled with one of a kind pieces of art. As you walk down the street, it’s hard not to be interrupted by a seemingly random performance. Four teenagers doing spoken word poetry in trance a small group of people, just as a man playing a violin draws in a few people to hear his instrument. These are small crowds compared to the tip-toeing people huddled around some of these acts. It reminds me of a schoolyard fight. Everyone is crowded around, jockeying for position. All I can see are the backs of people and bobbing heads, each trying to get a better look. I hear the boom and bass of hip-hop music coming from the center of one of these circles, so I decide to approach.......

Words: 873 - Pages: 4

Premium Essay


...Michael Wintermute Jessica Witcher Somer Yarbrough David Young Tyler Zimmer Littlefield Technologies Game Strategy- Group 28 I. PROJECT MANAGEMENT: We can apply multiple project management concepts to planning the project, scheduling the project, and controlling the project. First, the project was planned and scheduled by setting a goal of completion. Considering the group’s total allotted time, our goal was to have the description of the game strategy completed 48 hours before the deadline, and to work collaboratively on the statistical spreadsheet 24 hours before the deadline. The game strategy was divided amongst team members (work break-down) within the group in a classroom setting. After defining the objective of the assignment, two team members worked together on question 2, and two team members worked separately on questions 1, 3, and 4. The fifth question in the game strategy was d givided between all five team members, and solutions were collected in one spreadsheet using Google Docs. Second, during Phase 2 of the Littlefield Technologies game, each team member will rotate equal turns monitoring and controlling the processing system every 3 to 4 hours every day during the 4-day phase. Revisions made to the system will be decided as a group, and implementation will be communicated through e-mail. Considering previous experiences in group projects, communication is imperative in the successful completion of the Littlefield Technologies Game. Every group......

Words: 973 - Pages: 4

Premium Essay

Comparison Paper of Isd Models

...revision of the unit based on field test data, but Diamond includes revision later in the process. The next to the last step is coordinating logistics for implementation, followed by full scale implementation including evaluation and revision. In summary, Diamond's model is d signed specifically for higher education environments. He emphasizes matching the decision on whether to engage in instructional development to institutional as well as instructional issues. He also stresses the need to assure faculty ownership, of the results of the development effort and the need for a formal organization to support faculty's development efforts. Conclusion We have been able to examine three ISD models. We have seen that the ISD models have various similarities and differences. We have also seen thatall ISD models strive to continue fulfilling the purpose for which they were created. References Davies, Ivor. (1984). Instructional development: Themata, archetypes, paradigms, and models. In Instructional development: The state of the art, II. Dubuque, IA: Kendall Hunt Publishing Co. (ED 298 890). Diamond, R. M. (1989). Designing & improving courses and curricula in higher education: A systematic approach. San Francisco, CA: Jossey- Bass. Dixon, Terry. (1984). A suggested model for development of computer assisted instruction for higher education. 19pp. (ED 250 982). Gerlach, Vernon S., & Cooper, Mary E. (1985). A model for the......

Words: 1631 - Pages: 7

Premium Essay

Tgi Friday

...organizations are chosen because T.G.I. Friday’s focuses on the diversity, education, hunger, and youth within in their corporation and so do these organizations. T.G.I. Friday’s primary objectives as a company for the next five years are to maximize overall profits of the company, customer loyalty, and stock profit margin. The company is always looking to maximize their income as a whole but in order to do so they are going to first build customer loyalty. Having customer loyalty will bring customers “regulars” into the restaurant, which will keep sales increasing. By having customer loyalty that increases sales, the company will begin to maximize the stock profit margin. The stock profit margin will detect how much of the market T.G.I. Fridays is gaining. This is important because it shows T.G.I. Friday’s where they stand, which will make push them to achieve their objective of being the best restaurant with the highest ratings. TFI Friday’s management team is working hard to keep their company expanding. They are always looking to push sales, services, facilities. While talking to Scott France, he mentioned to us a lot about the new menus that they are testing and new specials they are having. This shows that the company is looking for the best menus for each specific location. The company has multiple menus because at different locations their prices change and the menus have different items. They encourage the servers to be active, talkative, and fun with the customers,......

Words: 13164 - Pages: 53

Premium Essay

Isds 361b Homework 6 Problem

...ISDS 361B Homework 6 Problem 1. [10 pts.] Alpine Attic is the charity sponsored by local Episcopal churches in Denver, Colorado. Literally thousands of items, including televisions and stereos, are donated each year, most in need of repair. When Alpine Attic receives either a television or a stereo, it determines whether it can be sold “as is” or should be scrapped for parts. Those not sold “as is” are sent directly to JKL Electronics, whose owner, John K. Lucas, is a deacon at St. Paul’s Episcopal Church. In addition to his primary business, each month John donates 45 hours of an electrician’s time and 30 hours of a technician’s time to rebuild and test televisions and stereos for Alpine Attic. In addition to a tax write-off, he feels rewarded by helping out his church. The recycled televisions and stereos typically sell for $50 and $30 each at the Alpine Attic Thrift Store. Each recycled television averages 90 minutes of an electrician’s time to rebuild and 30 minutes of a technician’s time to test, whereas each stereo averages 30 minutes of an electrician’s time to rebuild and 60 minutes of a technician’s time to test. What is the best use of the electrician’s and technician’s time to help Alpine Attic realize its optimal profit each month? 2. [15 pts.] Intronix uses copy editors, computer graphics specialists, and Java programmers to produce ads for magazines and the Internet. The average new ad for magazines typically requires 180 hours of a copy......

Words: 842 - Pages: 4

Free Essay

Black Friday

...Black Friday is the annual shopping holiday that occurs on the Friday following Thanksgiving. It is mostly a shopping ritual to those people living in the United States, Canada and Mexico. Black Friday is a significant day to many retail stores because it is referred to as the start of the Christmas or holiday shopping season. The origin of the popular Black Friday dates back to before 1961, in Philadelphia, where it was formally used to describe the heavy vehicle and pedestrian traffic. It was always seen as extremely disruptive to the Philadelphia Police Department and always transpired on the day after Thanksgiving and thus the name Black Friday came about. As the years passed, an alternative reasoning for the title came to be known which denoted that retailers traditionally functioned at a financial loss recognized as, “in the red” from the months January to November. “Black Friday” therefore signifies the point at which retailers finally start to return a profit, “in the black”. Over the years more and more stores have begun opening at extremely early hours to help consumers get a jump-start on the sales. Some retailers have even started the trend of opening up at midnight. The Black Friday craze is tremendously popular, so popular in fact, that many incidents including violence has been seen in some cities in the past. We wanted to research if Black Friday should be considered a ritual. Our research process included secondary and primary sources. Our primary sources......

Words: 1986 - Pages: 8

Premium Essay

Finances During Black Friday

...Black Friday is considered “the busiest shopping day of the year”. The day right after Thanksgiving where everyday citizens rush to any store they can think of to start their holiday shopping. But with this exciting day, comes an almost unexpected loss of money. How much are people really spending for their gifts? Is the amount spent by the average household healthy? Are consumers paying closer attention to their financial situation when shopping? Black Friday may be a day of gathering presents for under the Christmas tree, but finances are ultimately hindered by one cheerful and hectic day. The amount people spend during the Black Friday sales have reached new heights. According to the average consumer spends about $398 to $423 dollars in just one evening. If calculated nation wide that would be anywhere between 52.4 billion and 59.1 billion dollars. Part of the reason that so much money is spent during Black Friday actually has something to do with the store hours. Recently stores have noticed that pushing the event up to Thanksgiving Day and extending it a few hours after the day itself increases sales, which is ultimately good for their businesses. CNN also states that due to hours being moved up to 8 P.M. on Thanksgiving Day that the amount of customers has risen an additional 5.6%. Not only are sales going up in stores, online shopping increases during the four day holiday weekend, 21% of online purchases were due to Black Friday sales. Each year the......

Words: 803 - Pages: 4

Free Essay

First Friday

...Young at Art Museum in Davie so art surrounded me everywhere. Although, until I visited the very first First Friday held this fall, I never really experienced art so authentic and got to meet the people behind it. I went to First Friday with my roommate Kasey, not really sure what to expect but the second we got there, I was enthralled. The different exhibits, the vibrant people and even the exotic-looking food trucks reeled me in. I’m an aspiring photographer so when I go to exciting places like these, it’s inevitable that I stop to take a picture every five feet. I’m also really into vintage clothes so I was really obsessed with all the clothes in the stores there too. I absolutely loved the interpretive dances, installations and photography that I saw and I was able to add a lot more shots to my portfolio because I got some great ones there. My absolute favorite part about that night was a man we met named Jay Snodgrass who was inside sitting in one of the galleries with a fold-up table and an old type-writer. He was offering on-goers at First Friday poems on demand for free, but of course he accepted donations. Kasey and I both got one after he asked us about ourselves. He challenged us to not stop talking about ourselves as he wrote. The finished product made absolutely no sense to me but still, the aesthetic of it was the cherry on the top to my first, First Friday....

Words: 328 - Pages: 2

Premium Essay

Tgi Fridays Marketing Plan

...Executive Summary TGI Friday will strive to be the top casual dining food chain in the world. We aim to have our guest experience a great meal, in a fun lively atmosphere, at an affordable price. As times have changed TGI Fridays must change to accommodate there changing customers. Fridays will introduce an updated menu and atmosphere to attract new target markets while still catering to there existing customers. New promotions for families will be offered to stimulate volume in this larger market segment. TGI Fridays Credo is to “treat all our guests as we would an honored guest in our home” (Carlson Resturants Worldwide, 2009). They will continue working to create an atmosphere friendly to every race, gender and age. Friday main focus will be to make Fridays fun for young children dining... T.G.I. Friday’s [pic] 1. Geographic Geographic segmentation is used for dividing the market into different geographical units such as nations, states, regions, countries, cities, neighbourhoods, etc. Carlson Restaurant is the parent company of T.G.I. Friday’s Inc. Carlson Restaurants is a privately held company owned by the US-based Carlson Group, a company that involves in hospitality, travel and marketing industries. Carlson Restaurants owns, operates, and licenses more than 1,000 restaurants in 61 countries. Asia is a big market for the company and it had a resilient performance last year. Asia-Pacific accounted for about 60% of the company’s revenue last year.......

Words: 1260 - Pages: 6

Premium Essay

Business 2710

...process owner to oversee the process’ implementation and performance. A process team must be formed with a proper identity, focus on the right activities and operate with a required level of authority. -Identity: The process owner should be somebody from senior executive. -Activities: The process owner has developed and un-going plan of activities with no end in sight. The process owner should collaborate with as many people as possible in the redesign effort. -Authority: The process owner should control the process’ budget and have a strong influence over personal assignments and evaluations Infrastructure-The company must align its infrastructure such as information systems and human resource systems, to support the process. -Information systems: An organization my develop an integrated process supporting IT system. It can support any changes in the process and also evaluate personal assignments and evaluations. -Human Resources: Reward systems most importantly match the change in the process. If they were not changed they can support narrow-minded goals that hurt an organization. It is important to also match hiring and development to your processes needs. Metrics-An organization must develop and use a metrics of quality, which also measures the correct things. The way it is defined can be as important as how it is used. -Definition: The process’ metrics should be derived from goals of the enterprise. -Uses: Managers should regularly refer to the......

Words: 2819 - Pages: 12

Free Essay

Isd Project Proposal

...Introduction I chose to use the ISD model ADDIE for this project. I chose ADDIE because, to me, it is the most straightforward approach to instructional design. In ADDIE, there are five basic categories. These are Analysis, Design, Develop, Implement, and Evaluation. My analysis included learner analysis and needs analysis. These are described more in depth below. The design and development of the project was to create a Mary Kay Skin Care class that I can use throughout my Mary Kay career. Mary Kay has examples provided to independent consultants, but I wanted a skin care class that represented me and was original. My development included creating an original skin care class that I felt was correlated with my instructor style. In the implementation of the class, I actually taught the class to two groups of young ladies, aged 16-28, at my house. Each of the ladies was transitioning from a teen skin care to the adult skin care. The instructional objective was “My learners will be able to complete a skin care regiment in sequential order, based on their skin type and time of day (morning or night).” The class was very hands-on and allowed the ladies to participate in a skin care regiment that was relevant to their needs. It took about 60 minutes for the learners to complete the training, excluding the question and answer session at the end. Finally, the evaluation was conducted as a game through which the participants had to recall the skin care regiment in......

Words: 1625 - Pages: 7

Premium Essay

Lsu Isds Study Guide

...ISDS 2001 – STUDY GUIDE for Final Exam – Chapters 3 and 6 Objectives: After completing Chapter 3, you should know: 1. that BPM encompasses a core set of processes, including financial and operational planning, consolidation and reporting, modeling, analysis, and monitoring of KPIs, linked to organizational strategy 2. that BPM helps organizations translate a unified set of objectives into plans, monitor execution, and deliver critical insight to improve financial and operational performance 3. that BPM refers to the business processes, methodologies, metrics, and technologies used by enterprises to measure, monitor, and manage business performance 4. that BPM is an enterprise wide strategy that seeks to prevent organizations from optimizing local business at the expense of overall corporate performance; concentrates on enterprise-wide view. 5. that BPM = BI (monitor and analyze) + Planning (a unified solution) 6. understand that the closed-loop process (the BPM cycle) links strategy to execution in order to optimize business performance Using a closed-loop process to optimize business performance implies that four process steps are implemented: * Strategize - setting goals and objectives. Where do we want to go? * Plan - establishing initiatives and plans to achieve those goals. How do we get there? * Monitor – overseeing actual performance and comparing that to the goals and objectives. How are we doing? * Act and Adjust – taking......

Words: 2196 - Pages: 9

Free Essay

Friday Night Lights

...Taylor Tamayo Period 2 Feb. 3, 2012 Friday Night Lights Movie/Book Analytical Essay H. G. Bissinger was a writer for The Philadelphia Inquirer when he was selected to be a Harvard Neiman Fellow. This was while he was at Harvard he had the idea to write a book that specifically focused on the role of high school football plays within American society. This happened to take place in particular rural societies. Bissinger returned to the Inquirer for a short amount of time, received a Pulitzer Prize, and then decided to go out in search of a community in which high school football was prevalent. Bissinger then settled on Odessa, Texas. In Odessa, Texas Permian High School and its football team, the Permian Panthers, had a long history of winning in Texas' 4A and 5A divisions. This earned Permian High School winning championships in 1965, 1972, 1980 and 1984. Bissinger moved himself and his family to Odessa, Texas and spent the entire 1988 football season with the Permian Panther players, their families, their coaches, and even many of the townspeople in an effort to understand the town and its die-hard football culture. Bissinger's newest book, Shooting Stars, was published by Penguin Press in September 2009. The book, co-authored with basketball superstar LeBron James, tells the story of James' high school career. Bissinger is now in the process of completing a book about his twin sons. Born 13 weeks premature in 1983 and weighing less than two pounds, they...

Words: 1020 - Pages: 5