Quantitative Analysis for Management

MGT212

SEMESTER 142

ASSIGNMENT I

Name & ID: ___________________________________________________________

Section: _________ Due date: 14 March, 2015

Objectives:

The cover page should carry the following:

· Name and logo of the University College

· Program title

· Subject code and title

· Name of lecturer

· Name and ID and section

· Date of submission

Policies:

· Late assignment will not be accepted.

· Cheating and plagiarism is absolutely unacceptable, will result in an (0) for the assignment.

· If you use any resource to answer questions 1&2 , please rephrase the content and provide the references.

QUESTION-1: (20 Marks)

1. Why do you think that organization must use QA approach , Jusitfy your answer with one example? (5 Marks) ( CS 2 )

2. What is the difference between quantitative and qualitative analysis ? Give several Examples? (5 marks) ( CS 2)

3. Red Tag of yanbu outlet has started, and manger would like to know break even point and profit models.He estimated fixed costs of following items in table-1 ,Variable cost/Unit and sellinng price/unit in table2 (10 Marks) (PS 3)

Table-1

Table-2

Your task is to add one item that is avaliable at Red Tag in table-1 and 2 .Asuume your own selling price/unit , fixed cost and variable cost/unit and find out profit models of each itema and break even point .

QUESTION-2: (10 Marks)

1. An urn contains 8 red chips, 10 green chips, and 2 white chips. A chip is drawn and replaced, and then a second chip drawn. What is the probability:(4Marks)(AS 3)

(a) A white chip on the first draw.

(b) A white chip on the first draw and a red on the second.

(c) Two green chips being drawn.

(d) A red chip on the second, given that a white chip was drawn on the first.

2. The time to complete a construction project is normally distributed with a mean of 61 weeks and a standard deviation of 2.5 weeks. In addition to producing numerical answers, complete drawing and labeling the following normal curves to show approximate solutions for each part of this problem. Show all the formulas you use.(6 Marks) (PS 3)

(a) What is the probability the project will be finished in less than 62 weeks?

(b) What is the probability the project will be finished in less than 56 weeks?

(c) What is the probability the project will take longer than 65 weeks?

(d) What is the probability the project will take between 57 and 63 weeks?

Good Luck,