MAT 510 Business Statistics Final Exam 4 Answers – Homeworkmade

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MAT 510 Final Exam 4 (Strayer)

1. Problem solving activities typically include:
2. Analysts have noticed that October tends to be a bad month in the collections department – our collections on past due accounts tend to be consistently lower in October. This issue should be considered:
3. Processes are important because:
4. The SIPOC model for a business helps everyone in the company see the business from an overall perspective by:
   I.          Keeping a focus on customer needs
   II.         Identifying inputs and outputs for each step of the process
   III.       Displaying cross-function activities in simple terms
   IV.       Helping maintain the big business picture
5. We learned in Chapter 3 that the measurement process is always important and worthy of our attention. However, in Chapter 4 we found that measurement can be absolutely critical to solving the problem. For which of the case studies in Chapter 4 was measurement NOT discussed as a critical issue?
6. A main purpose of a control chart is to:
7. In evaluating data on our process outputs, four characteristics we might investigate are: central tendency, variation, shape of distribution, and stability. Which of the following tools would be most helpful to determine the shape of the distribution?
8. What does it mean if capability index Cp is less than 1?
9. The histogram has which of the following limitations?
10. The histogram below showing ages of credit card holders displays what type of distribution?
11. The model residuals are examined to:
12. An Adjusted R-square value is a correlation coefficient that has been modified to account for:
13. Which of the following is NOT a reason for adjusted R-Square being low?
14. Process models are used to:
15. The best way to evaluate the validity of a statistical model is:
16. This technique is used to eliminate the effects of nuisance factors (e.g., machines, day of week, and season of year) from an experiment.
17. The basic reason for randomness of sampling in design of experiments is:
18. Given the plot below, what might you suspect about factors A and B?
19. Which of the following purposes are served by replicating an experiment?
20. 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:
21. After running an ANOVA comparing the average years of experience between five different job classifications, we obtained a p value of .02. Which of the following would be a reasonable conclusion concerning the population in this case?
22. We ran a taste-test to see which soft drink employees in our company prefer. We had 100 employees, selected as randomly as possible, taste test two brands and determine which they preferred. Which of the following would be a reasonable statistical analysis to determine if there is a clear preference among our employees?
23. For which of the following scenarios am I most likely to utilize a Chi-squared test?
24. I have made a mistake in copying data into my computer to perform a large regression model with 20 independent variables. Basically, I ended up with random data in each of the columns. However, I accidentally ran the regression anyway. Making reasonable assumptions, which of the following outcomes is most likely?
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?