equations Flashcards
Coefficient of variation (CV)
(Standard Deviation/Mean)*100
(4.84/64.4)*100 = 7.5%
R2 or Coefficient of Determination
1-(SSE/SST)
SSE = Sum of square error. SST = Sum of square total
Expected Monetary Value (EMV)
probability * impact
EMV small shop = (0.2)(75000) + (0.5)(25000) + (0.3)(-40000)=15500
EMV med shop = (0.2)(100000)+(0.5)(35000)+ (0.3)(-60000)=19500
EMV no shop = 0
Probability
(Number of favorable events that can occur) / (total number of events)
Max of covariates
(0. 10*Sample Size)-(Number of groups - 1)
(0. 10*100)-(5-1)=6
standard deviation
∑(x-mean)2/n-1
set of numeric data: 4,6,8,12,15. First find the mean = 9. Then subtract all the numbers from the mean and square them. Then take square root of result ((4-9)2 + (6-9)2 + (8-9)2 + (12-9)2 + (15-9)2) / (5-1) = 4.47
profit
revenue - cost
wholesale price
Total Cost Price + Profit Margin
Total price
Variable product cost + ((overhead expenses+admin costs)/number of units).
Note- variable product cost may just be the current product cost
break even price
supplies + overhead costs + labor
sum of squares
sum((A2)2 + (B2)2
If you have two numbers, take the square root of both separately so 9=81 and 29=841. Then add them up to 922
variance
mean of sum of squares
economic order quantity
√(2DS/H)
D=Demand in units, S=order cost, H=holding cost
Chi-squared
∑(Oi– Ei)2/E
where Oi= observed value (actual value) and Ei= expected value, ∑ = sum
degrees of freedom (chi-squared)
(number of rows -1) * (number of columns -1)
