Blog

Carbohydrates include:  Select all that apply.

The difference between what was paid for goods and what should have been paid for goods is called __________________________.

Jerome, the catering manager at the City Center hotel, uses a specific time-series approach to forecast sales and to schedule the hotel staff. In order to run that specific time-series forecasting model, Jerome needs:

The electricity expense for a firm was budgeted as $2,100 but observed figures showed that the establishment spent $3,000 as an electricity expense. Calculate the relative variance of the electricity expense for this firm by indicating the variance condition (favorable or unfavorable).

The Karlton Inn has two revenue generating departments. In 2005, rooms department had $210,000 and catering department had $125,000 in revenues. According to the projections in 2006, total revenue generated from the rooms department is 5.00% higher than the one in 2005. Additionally, the projected catering department’s revenue in 2006 is 64.00% of the total catering revenues in 2005. What is the projected percentage change in total revenues in 2006 over 2005?

Why should dollar and relative differences be used jointly in variance analysis?

The owner of Firewood To Go is considering buying a hydraulic wood splitter which sells for $50,000. He figures it will cost an additional $100 per cord to purchase and split wood with this machine, while he can sell each cord of split wood for $125. How many cords of wood would he have to split with this machine to make a profit of $30,000?

Customers arrive at a suburban ticket outlet at the rate of 14 per hour on Monday mornings. This can be described by a Poisson distribution. Selling the tickets and providing general information takes an average of 3 minutes per customer, and varies exponentially. There is 1 ticket agent on duty on Mondays. What is the average number in line? 

During the early morning hours, customers arrive at a branch post office at an average rate of 45 per hour (Poisson), while clerks can handle transactions in an average time (exponential) of four minutes each. If clerk cost is $30 per hour and customer waiting time represents a “cost” of $20 per hour, how many clerks can be justified on a cost basis?

Customers arrive at a suburban ticket outlet at the rate of 14 per hour on Monday mornings. This can be described by a Poisson distribution. Selling the tickets and providing general information takes an average of 3 minutes per customer, and varies exponentially. There is 1 ticket agent on duty on Mondays. What is the average time in the system?