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Develop a linear regression model for these data and forecast carpet sales if 30 construction permits for new homes are filed.
An average of 10 customers every hour arrive to buy tickets for the Grateful Dead concert. Determine the portion of time the teller is busy.
What happens to the customer waiting time if system utilization increases?
Analyze your decision tree, computing all the expected values, and recommend what Mr. Chong should do (Explain completely).
Develop a regression model that could be used to predict the final average in the course based on the first test grade.
First run a regression analysis using the BENEFITS column of all data points in the AIU data set as the independent variable and the INTRINSIC job satisfaction
Formulate, develop, and solve a queuing problem for a business unit.
Q1. What is the average number of customers waiting in line? Q2. What is the average time a customer spends in the waiting line?
Solve the LP problem in Excel Solver and write down the optimal solution and optimal value of the objective function
Why is the population shape a concern when estimating a mean? What effect does sample size, n, have on the estimate of the mean?
Explain the difference between a left-tailed, two-tailed, and right-tailed test. When would we choose a two-tailed test?
Explain the difference between the null hypothesis and the alternate hypothesis. How is the null hypothesis chosen (why is it null)?
What is a Type I error? Explain how the cumulative Type I error affects your decision making. How is the two independent sample t-test different from ANOVA?
What is the optimal daily order in multiples of 5 (include the model name and formula)?
How can a PERT network be used to increase functional ability to relate to the total program?
(Does your simulation recommend the overbooking strategy? What is the mean profit per flight if overbooking is implemented?
In correlation analysis A. We consider several independent variables. B. We study the strength of the association between two variables
State the main points of Central Limit Theorem for a mean and explain.
An average is an attempt to summarize a collection of data into just one number.
Explain three major ways multivariate statistics are used in a business.
Do you believe the appropriate method for managing queues is currently being utilized?
Jumbos Restaurant is trying to create a consecutive days off schedule that uses the fewest workers.
What value do statistics add to decision making? What limitations are there when applying statistics to decision making?
What is the chance of getting eight or fewer tails on 10 flips of a coin?
How many trucks would you expect to see at the weighing station, including those being inspected?