Scenario 11.1 - Bubble and Squeak

question 59

Multiple Choice

Scenario 11.1 - Bubble and Squeak
The rising popularity of bubble and squeak as a breakfast item on the menu has resulted in a steady demand for peas.Over the course of the past week,457 patrons have ordered the hearty breakfast and each serving contains a half cup of English peas.It costs two cents to hold a half cup of peas in inventory for a year and $3 to place an order (remember they come all the way from England!) .It takes two weeks to ship a container from England loaded with peas.
-What is the average flow time of a half cup of peas if the diner orders at the economic order quantity?

• A)8.76 weeks
• B)5.84 weeks
• C)2.92 weeks
• D)11.68 weeks

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Definitions:

Unbiased Estimator

A statistical estimator whose expected value exactly equals the parameter being estimated, showing no systematic error.

Degrees of Freedom

The number of independent values or quantities that can vary in the analysis of statistical data, often important in determining the significance of a test statistic.

Mean Square

A measure used in ANOVA that represents the average of the squared differences between group means and the overall mean.

Coefficient of Determination

A statistical measure, often denoted as R^2, that represents the proportion of the variance for a dependent variable that's predictable from the independent variable(s).