Question: MANAGERIAL STATISTICS - Please provide work and detailed answer! Thanks in advance: QUESTION: Efficient operations management is increasingly being recognized by management as a competitive

MANAGERIAL STATISTICS - Please provide work and detailed answer! Thanks in advance:

  1. QUESTION: Efficient operations management is increasingly being recognized by management as a competitive edge and much of the performance of a system depends on the amount of uncertainty it faces. Analysts compute probabilities to help understand the link between demand patterns and operation performance. We consider a simple example here. Suppose an analyst is studying the efficiency of an inventory warehouse that has five floors filled with items. Experience shows that items ordered by customers are all equally likely to be located on any of the five floors. If three items are ordered.

what is the chance they are all located on the top floor?

what is the chance the items are all located on different floors?

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