In a Survey, 26 Voters Were Asked Their Ages

question 39

Essay

In a survey, 26 voters were asked their ages. The results are shown below. Construct a
histogram to represent the data (with 5 classes beginning with a lower class limit of 19.5 and a
class width of 10). What is the approximate age at the center? $$\begin{array} { c c c c c c c c c c c c c } 43 & 56 & 28 & 63 & 67 & 66 & 52 & 48 & 37 & 51 & 40 & 60 & 62 \\66 & 45 & 21 & 35 & 49 & 32 & 53 & 61 & 53 & 69 & 31 & 48 & 59\end{array}$$

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Definitions:

Stock-Outs

Instances when items are no longer available in inventory, leading to inability to fulfill demand.

Carrying Cost

Expenses associated with holding inventory, including storage, insurance, taxes, and the cost of capital tied up in inventory.

Optimal Order

The most efficient and cost-effective quantity of an item to order, considering factors such as demand, storage costs, and order costs.

Time-Based Strategies

Business approaches that prioritize speed and timing in operations, production, and delivery to gain competitive advantage.