SCENARIO 14-20-A
You Are the CEO of a Dairy Company $\left( X _ { 1 } \right)$

question 73

Short Answer

SCENARIO 14-20-A
You are the CEO of a dairy company. You are planning to expand milk production by purchasing
additional cows, lands and hiring more workers. From the existing 50 farms owned by the company,
you have collected data on total milk production (in liters), the number of milking cows, land size (in
acres) and the number of laborers. The data are shown below and also available in the Excel file
Scenario14-20-DataA.XLSX.
S
You believe that the number of milking cows $\left( X _ { 1 } \right)$ , land size $\left( X _ { 2 } \right)$ and the number of laborers $\left( X _ { 3 } \right)$ are the best predictors for total milk production on any given farm.
-Referring to Scenario 14-20-A, the lower and upper limits of the 95% prediction interval for the
total milk production of a farm with 40 milking cows, 30 acres of land and 3 laborers are _____
liters and _____ liters, respectively.

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Definitions:

Reactive Processes

Processes that are initiated in response to specific situations or changes, rather than being pre-planned or proactive.

Supply Chain

The entire network of entities, directly or indirectly interlinked and interdependent, involved in producing and delivering a product or service from suppliers to the end consumer.

Major Components

The primary elements or parts that make up a product or system, critical for its operation or functionality.

Overall Goal

The primary, overarching aim or objective that an organization or individual strives to achieve, guiding decision-making and strategy formulation.