Fundamental Concepts of Strategy and Corporate Development

Fundamental Concepts of Strategy and Corporate Development

Management is both a universal human activity and a distinct occupation. We all manage in the first sense, as we organize our lives and deal with family and other relationships. As employees and customers we experience management in the second sense, as members of an organization, or as one with which we deal (Boddy, 2020). Nowadays, data is an essential part of the management activity in order to make good decisions, supported by facts and not merely opinions. As the management thinker and influencer Peter Drucker once stated: you can only manage what you can measure. You can only manage…
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Solved Exercises of Distribution in Operations Simulation

Solved Exercises of Distribution in Operations Simulation

In this posts, you are going to find many solved exercises about probability used in operations. Exponential Distribution Exercise 1 In an industrial environment, the work accidents occur at a rate of 0.5 / week, in a five days week. Calculate: The probability of not occurring any accident in the first week.The probability of occurring one accident on Wednesday of the second week. First, let's see the information that we have got: λ=0.1 (accidents per week) which comes from 1 accident divided by 10 days (5 day-week). Then, we have x=5 days. So we apply the formula in Excel: =DIST.EXPON(x;λ;1).…
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