“Riiiing” Ah Hock: “Eh, who is ringing so early, let me sleep la. Oh it’s Miss Surjit.”
“Hello Miss Surjit!”
Surjit: “Hello boy! I have some problems with my machines, can you help me solve it? Firstly, I think the new batch of machines I’ve got are defective, but I need some way to prove it to the supplier.
Secondly I need to save monthly to replace machines when they fail. Kiah told me about her monthly saving plan, but I think that is not enough for me”
Ah Hock: “Miss Surjit we can solve this for you don’t worry.”
No 13 – Prove if machines are defective
“Using the Hypothesis Testing method from Statistics class, we can find the p-value for the number of defective outputs in the sample based on the expected base defective rate. If the p-value is low enough (eg less than 5%) then, we can infer that the machines are defective.”
No 14 – Monthly saving to replace machines
“Using our Life Contingencies concepts, we can project the monthly savings needed given the probability of machine failure at different times. We can use your existing data on machine failure to do this. This fund should be able to pay the machine costs when they fail.”
Surjit: “You are the best. My son needs help in Add Maths, I’m going to send him to you to learn.”
Ah Hock: “Fantastic Miss Surjit”
Comments