Use the Data Set Shown Below to Answer the Following

question 8

Multiple Choice

Use the data set shown below to answer the following question(s) . The demand at the ticket booking center can be modeled by a Poisson distribution with a mean of 220.Assume that each reservation has a constant probability of p = 0.02 of being cancelled.Use Crystal Ball functions for the model.
-For the data given above,the number of reservations made is obtained using the formula ________.

• A)MIN(Reservation limit,Customer demand)
• B)Seats available - Reservation limit
• C)Price + Overbooking cost
• D)MAX(0,Customer demand)

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Definitions:

Mental Age

A concept used in intelligence testing that represents the intellectual age level an individual is functioning at, as compared to the average intellectual performance of individuals in their chronological age.

IQ

An abbreviation for Intelligence Quotient, a measure of a person's cognitive abilities and potential relative to their age group.

Divergent Thinking

A way of solving problems and generating creative ideas by exploring many possible solutions.

Heuristic Thinking

A mental shortcut that allows individuals to solve problems and make judgments quickly and efficiently.