Scribd
Upload
3 views3 pages

Decision Science - Assignment

The document presents two scenarios involving probabilities related to customer satisfaction and supermarket visits. In the first scenario, the probability of more than 10,000 customers entering a supermarket in a day is calculated to be 0.4503. The second scenario assesses the likelihood that less than 45% of customers at a bookstore are satisfied, yielding a probability of 0.007153.

Uploaded by

malhotra.rohit8256
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
3 views3 pages

Decision Science - Assignment

The document presents two scenarios involving probabilities related to customer satisfaction and supermarket visits. In the first scenario, the probability of more than 10,000 customers entering a supermarket in a day is calculated to be 0.4503. The second scenario assesses the likelihood that less than 45% of customers at a bookstore are satisfied, yielding a probability of 0.007153.

Uploaded by

malhotra.rohit8256
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Scenairio 1

Scenairio 1
Payoff = 26 = 10.4
Payoff = 55 = 22 0.4
0.4

0.1 Maruti Scenairio 2


RELIANCE Scenairio 2 0.1
INDUSTRIES = 3.8
= 4.3 Payoff = 38
Payoff = 43
0.3 0.3
Scenairio 3 = 12.9
Scenairio 3 = 8.7
Payoff = 43
Payoff = 29 0.2
0.2
Scenairio 4
Scenairio 4
Payoff = 51 = 10.2
Payoff = 15 = 1.5

Answer 3.a.

Each hour, the number of customers who enters a “German” Super Market situated in
Gandhinagar is distributed with mean of 600, i.e.

i.e., mean (μ) = 600,


Standard deviation is 200

i.e., s = 200

Open hours of super market per day = 16 hours

The probability that the total no. of customers who enter the super market in 1 day is
greater than 10000 is as follows:

s = 200

x - bar = 10000/16 = 625,


z = (x - bar - μ)/s

i.e. z = (625 - 600)/200 = 0.125

P (x-bar > 625) = P (z > 0.125) = 0.4503

The probability is 0.4503

The definition of probability can be stated as mathematical expression which is used to


determine the likelihood of the occurrence of an event based of the no. of possibilities. It
is used to predict the occurrence of an event based on the assumption laid down. The
probability can be subject, classic and relative frequency. In the given case, the
probability of total no. of customers who enter the super market in 1 day is greater than
10000 is 0.4503.

Answer 3.b.

Shree Ganga Taploo University bookstore claims that 50% of its customers are satisfied
with the service and prices. Let’s assume the case to be true and reach the probability
that in a random sample of 600 customers less than 45% are satisfied with services and
price.
As per the case, we have:

Sample size of customers: 600

Percentage of satisfied customers: 50%

Mean (μ): 600x0.5


(μ): 600x0.5

n(1 – 0.5) = 300>5

P( phat < 045) = normdist {0.5(1−0.5)/600} 1/2 = 0.007153

Therefore, the probability of customers whose satisfaction is less than 45% is 0.007153.

The definition of probability can be stated as mathematical expression which is used to


determine the likelihood of the occurrence of an event based of the no. of possibilities. It
is used to predict the occurrence of an event based on the assumption laid down. The
probability can be subject, classic and relative frequency. In the given case, the
probability of total no. of customers who enter the super market in 1 day is greater than
10000 is 0.4503.

You might also like