INART 001 Lecture Notes - Lecture 11: Brushstrokes, Sandpainting, Abstract Expressionism
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Take your time and pay attention to the "differences" between the scales. You need to pay close attention to the scale for each item. Do not look at the numbers in the charts, but the categories.
Be sure to review the Levels of Measurement information in this weekâs reading.
Example:
What is the level of measurement for license plates:
California 2346
Iowa 3yt904
Virginia 8934 grt
Georgia 45OK825?
The category is license plates, the numbers have no meaning other than identification, so the answer is Nominal.
Assignment Directions: Answer the following questions concerning different "scales" or "levels of measurement."
NOTE: The best information about this assignment is in this weekâs readings.
1) A Speedball field is 36,400 square feet, this represent which "scale" or "level of measurement?" Category (dimension/square feet).
2) Look at the chart below and identify the "scale" or "level of measurement" it represents. Category (Once per year: Once per month; Once per week; Never).
Activity | Number in your household who participated or watched the following activities at least: | |||
Once per year | Once per month | Once per week | Never | |
Aerobics | 6 | 3 | 8 | 43 |
Archery | 2 | 3 | 1 | 59 |
Arts and crafts | 9 | 20 | 12 | 27 |
Baseball | 8 | 22 | 21 | 27 |
Basketball | 4 | 15 | 22 | 34 |
Bicycling BMX | 6 | 2 | 5 | 46 |
Bicycling mountain/road | 6 | 14 | 19 | 41 |
Bird watching | 10 | 2 | 14 | 43 |
Boating | 16 | 17 | 18 | 29 |
3) According to the information below, identify the "scale" or "level of measurement" it represents. Category (Blonde; Brunette; and Redhead).
Hair color | Swimming | Mtn. Biking |
Blonde | 32 | 14 |
Brunette | 4 | 54 |
Red Head | 29 | 39 |
4) According to the information below, identify the "scale" or "level of measurement" it represents. Category (Never true; Seldom true; Somewhat true; Often true; and Always true).
(1) Never true | (2) Seldom True | (3) Somewhat True | (4) Often true | (5) Always True |
5) According to the information below, identify the "scale" or "level of measurement" it represents. Category (City; or County).
Do you live in the County or City? ____ County ____ City
At 8:30 AM, Washington DC time, on Friday, February 5, 2016, the Bureau of Labor Statistics (BLS) made the following announcement:
THE EMPLOYMENT SITUATION -- January 2016
Total nonfarm payroll employment increased by 151,000 in January, and the unemployment rate was little changed at 4.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in several industries led by retail trade, food services, and drinking places, health care, and manufacturing. Employment declined in private educational services, transportation and warehousing, and mining.
9a) How does the BLS determine the unemployment rate for January 2016?
9b) How does the BLS determine the employment rate?
Right after the BLS announced the employment level and the unemployment rate for January 2016, a bunch of Wall Street analysts offered their opinions about what Ms. Janet Yellen, the Chairman of the Federal Reserve Bank, next steps would be. The majority of the analysts stated that Ms. Yellen will keep current interest rates as they are in March 2016 and will raise rates in the third quarter of 2016. Their opinions are based on the following:
Unemployment Rate |
Employment Increase |
|
October 2015 |
5.0% |
295,000 |
November 2015 |
5.0% |
280,000 |
December 2015 |
5.0% |
262,000 |
January 2016 |
4.9% |
151,000 |
However, other analysts believe that Ms. Yellen will not change the current level of interest rates until the end of 2016 due to the economic slowdown and uncertainties in Europe, China, and other Asian countries.
9c) Please provide your opinions on which direction Ms. Yellen should take and why?
Background
Zhou Bicycle Company (ZBC), located in Seattle, is a wholesale distributor of bicycles and bicycle parts. Formed in 1981 by University of Washington Professor Yong-Pin Zhou, the firmâs primary retail outlets are located within a 400-mile radius of the distribution center. These retail outlets receive the order from ZBC within 2 days after notifying the distribution center, provided that the stock is available. However, if an order is not fulfilled by the company, no backorder is placed; the retailers arrange to get their shipment from other distributors, and ZBC loses that amount of business.
The company distributes a wide variety of bicycles. The most popular model, and the major source of revenue to the company, is the AirWing. ZBC receives all the models from a single manufacturer in China, and shipment takes as long as 4 weeks from the time an order is placed. With the cost of communication, paperwork, and customs clearance included, ZBC estimates that each time an order is placed, it incurs a cost of $65. The purchase price paid by ZBC, per bicycle, is roughly 60% of the suggested retail price for all the styles available, and the inventory carrying cost is 1% per month (12% per year) of the purchase price paid by ZBC. The retail price (paid by the customers) for the AirWing is $170 per bicycle.
ZBC is interested in making an inventory plan for 2016. The firm wants to maintain a 95% service level with its customers to minimize the losses on the lost orders. The data collected for the past 2 years are summarized in the following table. A forecast for AirWing model sales in 2016 has been developed and will be used to make an inventory plan for ZBC.
Month | 2014 | 2015 | 2016 Forecast |
January | 6 | 7 | 8 |
February | 12 | 14 | 15 |
March | 24 | 27 | 31 |
April | 46 | 53 | 59 |
May | 75 | 86 | 97 |
June | 47 | 54 | 65 |
July | 30 | 34 | 39 |
August | 18 | 21 | 27 |
September | 13 | 15 | 16 |
October | 12 | 13 | 15 |
November | 22 | 25 | 28 |
December | 38 | 42 | 47 |
Totals | 343 | 391 | 447 |
Bonus Question: Trace the inventory balance over the course of the year. Assume starting inventory balance of 35 bicycles. Also assume that retail orders are called into ZBC the first business day of every month and the first order to ZBC suppliers is on Jan 4, 2016.
Hint: Take into consideration orders to suppliers and supplier lead time, orders from retailers and lead time in shipments to retailers, as well as the estimated time between orders to suppliers. Consider creating a table such as:
What conclusions or recommendations do you draw from tracing the inventory in step 5?
Date | Description | Order Amount | Inventory In | Inventory Out | Inventory Balance | |
Beginning inventory | 35 | |||||
1/4/2016 | Monday | Retail order received | 8 | 35 | ||
1/4/2016 | Monday | Order placed to supplier | EOQ | 35 | ||
#### | XXXXX | Retail order sent out | 8 | 27 | ||
#### | XXXXX | Supplier order received | EOQ | ### | ||
2/1/2016 | Monday | Retail order received | 15 | ### | ||
#### | XXXXX | Retail order sent out | 15 | ### | ||
#### | XXXXX | Order placed to supplier | EOQ | ### |