MAT 510 Business Statistics Final Exam 3 Answers – Homeworkmade

DOWNLOAD: MAT 510 Business Statistics Final Exam 3 Answers – Homeworkmade

MAT 510 Final Exam 3 (Strayer)

1. Process average or mean:
2. It is, unfortunately, common in business for managers to demand an explanation for variation that is, based on statistics, typical and expected variation, i.e., common cause variation. Alternatively, there may be obvious special causes in the data that may be shrugged off as “typical business fluctuations”. Which of the following statements about interpretation of variation are true?
3. Viewing a business as a system is important because:
4. Refer to Figure 3.21 and choose the correct statement for the measurements
5. The Problem Solving Framework begins with a “Document the Problem” phase. The Process Improvement Framework does not begin this way, but rather begins with an “Understand the Process phase.” Which of the following are valid reasons for this difference?
6. A sample of 50 invoices are inspected each shift for errors, and classified as either “good”, i.e., without error, or “bad”, having some problem. If we plot our bad invoices each shift on a control chart, which chart should we use?
7. A comparison between the Cp and Cpk for a process would find which of the following to be true?
8. A main purpose of a control chart is to:
9. If my histogram appears bimodal, what tool might help me evaluate why?
10. Based on the flow chart for selecting control charts discussed in Chapter 5, which type of chart would be most appropriate if I am charting the % waste in a factory each month? This value is calculated by taking the total waste in tons within the factory each month, and dividing by total output, also in tons.
11. Which of the following is NOT a reason for adjusted R-Square being low?
12. If you had the following residual plots what would be your concerns regarding the adequacy of the model associated with these residuals?
13. Process models are used to:
14. The best way to evaluate the validity of a statistical model is:
15. George Box tells us “all models are wrong but some are useful”. By this comment he means:
16. A 32 experiment means that we are experimenting with:
17. The following table shows data on the effect of Machine Pressure on product hardness.   What statistical test should be used to test the effect of pressure on average hardness? 
18. In every experiment there is experimental error.  Which of the following statements is true?
19. In the experimental layout below, which are the most important factors?
20. Given the plot below, what might you suspect about factors A and B?
21. For which of the following scenarios am I most likely to utilize a Chi-squared test?
22. We are testing the null hypothesis that the average monthly revenue between four insurance offices is the same. We obtained a p-value of .07. Which of the following would be an appropriate conclusion about the population?
23. 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?
24. We have conducted an election poll of 600 likely voters, collected as randomly as possible. The 95% confidence interval (CI) for those planning to vote for Senator Smith is about 55% +/- 4%. How many additional likely voters would we need to poll to reduce the CI width to +/- 2%? Hint – you do not need to calculate the exact value to answer this question.
25. 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?