Extra Problem 9 - Expert Judgment - the straight line...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
EMGT 269 - Elements of Problem Solving and Decision Making Instructor: Dr. J. R. van Dorp 1 EXTRA PROBLEM 9: EXPERT JUDGMENT A manufacturer needs to make an assessment of the size of the potential market for a new product. A market analyst provides the following evaluations for the number of items, N, that can be sold in the first year (in thousands): Pr(N 15) = 0.05 Ÿ Pr(N 45) = 0.05 Pr(N 30) = 0.50 Pr(N 20) = 0.25 Ÿ Pr(N 35) = 0.25 In addition, the market analyst provided the information that at least 5,000 will be sold, but definitely no more that 50,000. A. Draw an approximate continuous cumulative distribution function (CDF) using
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: the straight line approximation for N. EMGT 269 - Elements of Problem Solving and Decision Making Instructor: Dr. J. R. van Dorp 2 B. Construct a three-point approximation to this distribution with the extended Pearson-Tukey method. Estimate the expected demand with this approximation. EMGT 269 - Elements of Problem Solving and Decision Making Instructor: Dr. J. R. van Dorp 3 C. Construct a five-point approximation with bracket medians. Estimate the expected demand with this approximation....
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern