Which of the following are examples of loss reduction techniques?
I. Wearing your seat belt while driving your car
II. Polio vaccinations
III. Keeping poisons locked up and out of reach of small children
IV. Wearing a helmet while skateboarding
A) I and III only
B) I, II, and III only
C) I and IV only
D) I, II, III, and IV
C
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Pho Bulous, a Vietnamese restaurant in the bustling metropolis of Edmond, has had great success using forecasting techniques to predict demand for their main menu items ever since they opened their doors
Their forecast for last month was grossly inaccurate and so far this month, their forecast appears to be just as bad as last month's. It's already time to prepare the forecast for next month, what should they do about their model?
Bank Boston has a branch at Bryant College. The branch is busiest at the beginning of the college year when freshmen and transfer students open accounts. This year, freshmen arrived at the office at a rate of 40 per day (8-hour day)
On average, it takes the Bank Boston staff person about ten minutes to process each account application. The bank is considering having one or two tellers. Each teller is paid $12 per hour and the cost of waiting in line is assumed to be $8 per hour. (a) What is the total daily waiting cost for the single teller model? (b) What is the total daily waiting cost for the two-teller model? (c) What is the total daily service cost for the single teller model? (d) What is the total daily service cost for the two-teller model? (e) Which model is preferred?