MAT 510 Business Statistics Final Exam 6 Answers – Homeworkmade

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MAT 510 Final Exam 6 (Strayer)

1. Lean manufacturing, Six Sigma, Total Quality Management are some of the new systems for managing and improving an organization. What is a common theme running through these approaches?
2. What is tool that can be used to detect the structure variation?
3. Viewing a business as a system is important because:
4. Process measurements are:
5. The frameworks discussed in Chapter 4 could be considered more specific examples of:
6. What does it mean if capability index Cp is less than 1?
7. Control limits were originally defined at the three-sigma level because:
8. The histogram has which of the following limitations?
9. Non-random and unpredictable patterns on a control chart indicate:
10. If my histogram appears bimodal, what tool might help me evaluate why?
11. Results of regression analysis are often abused in the following ways:
12. Which of the following is NOT a reason for adjusted R-Square being low?
13. The best way to evaluate the validity of a statistical model is:
14. If you had the following residual plots what would be your concerns regarding the adequacy of the model associated with these residuals? 
15. Process models are used to:
16. An aspect of good experimental strategy is to study the effects of the variables
    (Xs) over a wide range. This strategy increases the chances that effects will be found because:
17. What should one consider when analyzing the results of an experiment?
18. Which of the following purposes are served by replicating an experiment?
19. This technique is used to eliminate the effects of nuisance factors (e.g., machines, day of week, and season of year) from an experiment.
20. The basic reason for randomness of sampling in design of experiments is:
21. We are conducting a poll for the mayoral election of a medium sized city, and found with one week before the election that the Democrat candidate is leading with 52% planning to vote for her, 46% planning to vote for the Republican, with 2% not sure. The 95% confidence interval for proportion planning to vote for the Democrat is +/- 3%. Based on this information, and making reasonable assumptions, which of the following statements is correct?
22. For which of the following scenarios am I most likely to utilize a Chi-squared test?
23. A local university ran a regression model on factors impacting starting job salary of employed graduates. After validating this as a reasonable model, the university noted that the regression coefficient for GPA had a p-value of .10. Which of the following would be a reasonable conclusion in this case?
24. I have calculated an interval to document the uncertainty in my estimate of the long-term standard deviation I will experience in time to pay invoices in my business going forward. Baaed on this information, this should be considered what type of interval?
25. What would happen (other things equal) to a confidence interval if you calculated a 99 percent confidence interval rather than a 95 percent confidence interval?