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Overbooking and statistics Flashcards | StudBud

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Overbooking and statistics

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Questions 6

Answers

1
Overbooking is:
A branch of mathematics
When you pay more money for a ticket or room than necessary
Accidental booking beyond capacity
A business strategy using math
2
Overbooking strategies use … to make predictions.
Number theory
Statistics
Analysis
Geometry
3
Think about other areas or businesses in which overbooking takes place.
Cinema
Concert tickets bought in advance
Car rental
4
The amount of tickets to sell for the highest revenue is found by:
The maximal seat capacity of the aircraft
Probabilities* revenue for each case, plus extra tickets
Probability for the most likely amount of passengers to show up*revenue
5
The peak of our graph is the:
Variation
Standard deviation
Expected value
Value
6
The probabilities in our model are given by a:
A Poisson distribution
A quadratic distribution
A Normal distribution
A Binomial distribution