Question Details

[answered] 1. The data is for a sample of dealerships and was collecte


1. The data is for a sample of dealerships and was collected for the second week of August 2016.

Which variables are qualitative?

A.

New Car Brand

B.

Profit

C.

Better Business Bureau Rating

D.

Both A and C are correct

2 points

QUESTION 2

1. Use data in Worksheet Q1-9. The variable ?Profit from New Car Sales? is

A.

Quantitative, Ratio

B.

Qualitative, Ratio

C.

Quantitative, Ordinal

D.

Qualitative, Nominal

2 points

QUESTION 3

1. Use data in Worksheet Q1-9. The data is best described as:

A.

Cross sectional, sample

B.

Time series, population

C.

Cross sectional, population

D.

Time series, sample

2 points

QUESTION 4

1. Use data in Worksheet Q1-9. What graphic would best display the relationship between the number of sales people and profit?

A.

Pie Chart

B.

Scatter diagram

C.

Line chart

D.

Ogive

2 points

QUESTION 5

1. Use data in Worksheet Q1-9. What is the relative frequency for AAA rating?

A.

0.625

B.

0.175

C.

0.425

D.

1.0

2 points

QUESTION 6

1. Use data in Worksheet Q1-9. Using the technique in the text, if you were building a frequency distribution for Profit from New Car Sales, how many classes should you have?

A.

6

B.

5

C.

7

D.

64

2 points

QUESTION 7

1. Use data in Worksheet Q1-9. What is the Mode for New Car Brand?

A.

Ford

B.

12

C.

VW

D.

Toyota

2 points

QUESTION 8

1. Use data in Worksheet Q1-9. What is the average Total Profit?

A.

$42,654.40

B.

$42,221.41

C.

$42,828.89

D.

$35,782.12

2 points

QUESTION 9

1. Use data in Worksheet Q1-9. Using Excel, what is the 60th percentile for Number of Sales People?

A.

12.4

B.

11.6

C.

14.2

D.

13.6

2 points

QUESTION 10

1. Use Worksheet Q10-11 and the following information to answer Q 10 -11.

A random sample of 49 employees who were late to work one day were asked what form of transportation they used to get to work, and how many minutes they were late. The information is summarized in the table below.

What is the probability that a randomly selected individual is late for work 5 or more minutes?

A.

0.014

B.

0.816

C.

0.481

D.

0.767

2 points

QUESTION 11

1. Use data from Question 10. What is the probability that a randomly selected individual is >10 minutes late for work and rode a bicycle?

A.

0.061

B.

0.443

C.

0.533

D.

0.723

2 points

QUESTION 12

1. Two researchers have applied for and are competing for several government grants. They have done some analysis and determined that there is a 22% chance of getting accepted for one grant, 12% chance of getting accepted for two grants, 6% chance at 3 grants and 60% of not getting any grants at all. What is the probability that neither of the researchers will get a grant (assuming independence)?

A.

0.360

B.

0.400

C.

0.640

D.

0.062

2 points

QUESTION 13

1. A gambler claims that he will win at Black Jack 70% of the time. Assuming this probability is correct, if he plays 5 hands, what is the probability that he will win at least two hands? Assume binomial distribution.

A.

0.345

B.

0.417

C.

0.682

D.

0.969

2 points

QUESTION 14

1. Patients arrive at the emergency room of Methodist Hospital at an average rate of 6 per day. The demand for emergency room treatment at Methodist follows a Poisson distribution. What is the probability that 2 to 4 people arrive in one day?

A.

0.074

B.

0.267

C.

0.340

D.

0.675

2 points

QUESTION 15

1. Contact information about potential customers arrives at the telemarketing company at an average rate of 4 every 15 minutes. What is the probability that in the next half hour information for exactly 8 potential customers arrives? Assume Poisson arrivals.

A.

0.140

B.

0.623

C.

0.712

D.

0.886

2 points

QUESTION 16

1. A survey indicates that people use their lap tops an average of 4.6 years before replacing. Assume a normal distribution, and that the standard deviation is 2.1 year. If a lap top owner is selected at random, find the probability that he/she will use the lap top for less than 5 years.

A.

-0.322

B.

0.433

C.

0.576

D.

None of the above

2 points

QUESTION 17

1. The arrival of customers at Joe?s Coffee barn can be modeled with an exponential distribution of one customer every four minutes. Joe has just opened, what is the probability that his first customer will arrive within the next two minutes?

A.

.393

B.

.274

C.

.034

D.

.002

2 points

QUESTION 18

1. The time it takes for an aircraft to travel from New York to San Diego is uniformly distributed with a range of 7.5 to 8 hours. What is the probability that the aircraft on that route takes between 460 to 500 minutes?

A.

0.032

B.

0.234

C.

0.667

D.

1.333

2 points

QUESTION 19

1. Use Worksheet Q19-20 and the information below to answer Questions 19 ? 20.

The data describes orders not correctly filled at the BBQ Bonanza restaurant for a 7 day period.

If tasked to develop a p-chart, what would be the centerline value?

A.

.286

B.

.342

C.

.772

D.

.942

2 points

QUESTION 20

1. Looking at the control chart does there appear to be special cause variation?

A.

Yes, with as many as 16 incorrect orders, how can there not be?

B.

Several points exceed the Lower Control Limit

C.

No, the process appears in control

D.

Not clear from data available

2 points

QUESTION 21

1. Use Worksheet Q21-23 and the following information to answer Questions 21 ? 23.

ACME Automotive has collected the data below describing flaws in car windshields. Six different windshields were sampled.

The owner of ACME Automotive asks you if his process is in control. What is your answer?

A.

No, more than eight points exceed the Upper Control Limit

B.

Suggest tampering the process

C.

There is a great deal of special cause variation

D.

Yes, the process appears in control

2 points

QUESTION 22

1. What is the UCL for the c chart?

A.

0

B.

-4.16

C.

4.16

D.

10.29

2 points

QUESTION 23

1. What is the LCL for the c chart?

A.

0 or does not exist

B.

-1.23

C.

1.89

D.

Unknown

2 points

QUESTION 24

1. Use Worksheet Q24-26. The data describes customer waiting times at Joe Bob?s burger barn.

What is the D4 value from Control Chart Factor table?

A.

0

B.

1.777

C.

2.114

D.

Not computable

2 points

QUESTION 25

1. Use Worksheet Q24-26. Is the variation of this process under control?

A.

The mean of this process is not important

B.

The variation of this process appears in control

C.

Need to check if mean of the process is under control first

D.

Absolutely not

2 points

QUESTION 26

1. Use Worksheet Q24-26. Is the mean of the process under control?

A.

The mean of the process is never relevant

B.

Does not matter since the variation of the process is out of control

C.

The mean of the process appears in control

D.

No, the mean of the process does not appear in control

2 points

QUESTION 27

1. Use Worksheet Q27-31. You are asked to estimate Return%. Use simple regression. What is the regression equation?

A.

?= 51.65X - 8.75

B.

?= -8.75X + 51.65

C.

?= 0.93 + 0.009X

D.

? = 0.009 + 0.93X

2 points

QUESTION 28

1. Use Worksheet Q27-31. What percent of variability in Return% is explained by regression?

A.

40%

B.

68%

C.

45%

D.

71%

2 points

QUESTION 29

1. Use Worksheet Q27-31. What can you say about the relationship between Return% and Annual Expense Ratio %?

A.

For each % increase in Annual Expense Ratio, Return% decreases 8.8%

B.

For each % increase in Annual Expense Ratio, Return % increases 51.6%

C.

For each % increase in Return%, Annual Expense Ratio decreases 8.8%

D.

For each % increase in Return%, Annual Expense Ratio increases 51.6%

2 points

QUESTION 30

1. Use Worksheet Q27-31. If a company?s Annual Expense Ratio is 1.94, what is your estimate of Return% for that company?

A.

67%

B.

122%

C.

35%

D.

91%

2 points

QUESTION 31

1. Use Worksheet Q27-31. If Annual Expense Ratio % is 1.40, create a 90% confidence interval on Return%.

A.

55.4% to 71.7%

B.

19.6% to 97.5%

C.

18.7% to 42.4%

D.

34.1% to 68.5%

2 points

QUESTION 32

1. Use data in Worksheet Q32-33. It shows gallons of ice-cream sold by a dairy manufacturer for a 10 week period. Also given is the average temperature for those weeks. Use multiple regression to estimate ice-cream sales for week 12, if your estimate of average temperature that week is 78.

A.

183 gallons

B.

22,015 gallons

C.

10,723 gallons

D.

228 gallons

E.

107 gallons

2 points

QUESTION 33

1. Use data in Worksheet Q32-33. How much of variability in ice cream sales is explained by time and temperature?

A.

86%

B.

94%

C.

98%

D.

72%

2 points

QUESTION 34

1. A regression model was developed, and the intercept was 2.14 while the slope was -0.4. What can you tell about this model?

A.

The correlation coefficient is positive

B.

The correlation coefficient is negative

C.

The correlation of determination is negative

D.

The coefficient of determination is zero

E.

More than one of the statements is correct

2 points

QUESTION 35

1. Use Data in Worksheet Q35-39 for months January through December. Forecast demand for next month (January) using a 4-month moving average. Round up to the next integer.

A.

157

B.

158

C.

143

D.

175

2 points

QUESTION 36

1. Use Data in Worksheet Q35-39 for months January through December. Forecast demand for next month (January) using a 3-month weighted moving average. In calculating your answer, use a weight of 0.7 on the most recent data; a weight of 0.2 on the second most recent data, and 0.1 on the oldest data. Round up your final answer to the next integer.

A.

152

B.

179

C.

164

D.

159

2 points

QUESTION 37

1. Use Data in Worksheet Q35-39 for months January through December. Forecast demand for next month (January) using single exponential smoothing, with 0.1 as the smoothing constant. Assume forecast for January was 155. Round up your final answer to the next integer.

A.

152

B.

179

C.

164

D.

159

2 points

QUESTION 38

1. Use Data in Worksheet Q35-39 for months January through December. Forecast demand for next month (January) using trend projection. Round up your final answer to the next integer.

A.

165

B.

149

C.

193

D.

183

2 points

QUESTION 39

1. Use MAD to decide which of the forecasting methods tried in Questions 35 ? 38 is the most appropriate for the time series in Worksheet Q35-39, and which one is the worst method. In error analysis for exponential smoothing, do NOT include January (month 1).

A.

Worst is exponential smoothing; Best is Trend

B.

Worst is Trend; Best is exponential smoothing

C.

Worst is 4-month moving average; Best is 3-month weighted moving average

D.

Worst is Trend; Best is 3-month weighted moving average

2 points

QUESTION 40

1. Use data in Worksheet Q40-41 which shows 3 weeks of demand for a certain brand of beverage at a local grocery store. What is the seasonal factor for Tuesdays? Round off your final answer to the next integer.

A.

0.096

B.

0.072

C.

0.088

D.

0.125

2 points

QUESTION 41

1. Use data in Worksheet Q40-41. Make a seasonally adjusted forecast for Thursday of week 5. Round off your final answer to the next integer

A.

385

B.

422

C.

359

D.

403

2 points

QUESTION 42

1. In exponential smoothing, which of the following is correct?

I. Low smoothing constant makes the model more responsive to recent data values
II. High smoothing constant make the model more responsive to recent data values
III. High smoothing constant makes the model less responsive to recent data values

Pick your answer below:

A.

Statement I is correct

B.

Statement II is correct

C.

Statement III is correct

D.

Statement I and II are correct

E.

Statements I and III are correct

2 points

QUESTION 43

1. Use the following information to answer Questions 43-46

What is the expected completion time?

A.

37 wks

B.

32 wks

C.

79 wks

D.

42 wks

2 points

QUESTION 44

1. For data in Q43, which activities are on the critical path?

A.

All of them

B.

C, E, H, J

C.

C, E, H, I, J

D.

C, E, J

2 points

QUESTION 45

1. For data in Q43, how much slack is there in activity B?

A.

4

B.

0

C.

7

D.

3

2 points

QUESTION 46

1. For data in Q43, what is the latest start time for activity G?

A.

17

B.

19

C.

31

D.

33

2 points

QUESTION 47

1. Use the following information to answer Questions 47 and 48.

What is the expected time for activity C?

A.

12

B.

13

C.

14

D.

15

2 points

QUESTION 48

1. Use information provided in Q47.

If activities A, C and E are on the critical path, what is the project variance?

A.

5.33

B.

10.88

C.

30.67

D.

2.31

2 points

QUESTION 49

1. Use the following information to answer Questions 49 and 50.

What is the expected project completion time and expected cost under normal completion times (assume all times are in weeks and costs are in dollars)?

A.

97 weeks with a cost of $16,980

B.

65 weeks with a cost of $20,630

C.

65 weeks with a cost of $16,980

D.

97 weeks with a cost of $20,630

2 points

QUESTION 50

1. Use information provided in Question 49. Assume management has directed the project must be done in 84 weeks. Which activities should be crashed?

A.

Crash C 2 weeks, F 1 week and L 5 weeks

B.

Crash C 2 weeks, H 5 weeks and L 6 weeks

C.

Crash C 2 weeks, F 1 week, H 4 weeks and L 6 weeks

D.

Crash A 1 week, D 3 weeks and I 2 weeks

 


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