Music Festival organizers can use video from a concert Friday to create a DVD for sale to those who come to the concert on Saturday. Attendance on Saturday, is uncertain, as the share of those who attend on Saturday, who will buy the DVD. This is a good project? If so, how many DVD-ROM drive should be burned early Saturday morning and offered for sale in the performance of the evening? By the time Friday attendance is known and whether the rain fell, on Friday, and is forecast whether it will rain on Saturday. Historical information about these variables can help us predict the Saturday attendance using multiple regression, together with the results of market research, this analysis will help us make better choices when shopping. This case series (see also the case of B, UV0841) can be used to cover a set of concepts that are considered in the analysis of the main decisions of courses. The series begins with a study of the role of uncertainty in decision-making is through the evaluation of the probability distribution of the sample data with the multiple regression model, the preparation complete solution, and ends with the qualitative and quantitative analysis (tornado diagram) on how to add value and reduce risk. The pitfalls for students not able to recognize and restrictions on the sale (supply and demand), incomplete reasoning in determining the probability distribution of the traffic and simplified full forecast (that is, the average rainfall Saturday / Saturday rain no results, not including uncertainty explicitly in the simulation).
This Darden study. "Hide
by Samuel E injury, Robert Jenkins Source: Darden School of Business 4 pages. Publication Date: September 11, 2007. Prod. #: UV0840-PDF-ENG
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