Milling Journal - Q4 2008 - (Page 29) million, proportion, pounds, bushels, ton, grams, kilograms, metric tons, railcars, trucks, buckets, etc. “AM” and “QM” Definition: AM is the attribute level of the ingredient mixture while QM is the Quantity of the total ingredient mixture. Units of AM and QM reflect the same, percent, parts per million, proportion, poudns, bushels, ton, grams, kilograms, metric tons, railcars, trucks, buckets, etc. units of the ingredient quantities or the attribute identified. “ ” Definition: Okay, this one is a little funny as it is the greek letter “sigma”, which from a mathematical purpose means add them all up starting for the first observation to the Nth observation as identified. Have You Done this Before? Sure, it is likely that you have calculated the weighted value of something like banquet tickets for a social event. In such a case you may be given the number or more likely have had to estimate the number of meals served or ordered at three different prices. Just to take a break, let’s look at an example you already may have had experience with calculating. Banquet Example What is the average ticket price for the banquet, if 25 people order $12.50/ meal, 40 people order $18.50/meal, and 10 order $25.50/meal? From the given information, we can perform the following calculations: • 25 people x $12.50/meal = $312.50 There were 25 people who ordered meals costing $12.50 per person requiring us to spend $312.50. • 40 people x $18.50/meal = $740.00 There were 40 people who ordered meals costing $18.50 per person requiring us to spend $740.00. • 10 people x $25.50/meal = $255.00 There were 10 people who ordered meals costing $25.50 per person requiring us to spend $255.00. • $312.50 + $740.00 + $255.00 = $1,307.50. Response No. 291 MILLING JOURNAL Fourth Quarter 2008 29 http://www.indfumco.com http://www.indfumco.com
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