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Compute the average time a student spends in the waiting line.
Describe the role of statistics in business decision-making.
Why is there a difference between a sample and population mean/standard deviation or a sample and population proportion?
Use the following data to generate a Scatter Diagram to show the possible relationship between Power Setting and Diameter in a drilling operation.
What do you conclude about the drilling process based on this histogram of the sample from the process?
A bakery wants to determine how many trays of doughnuts it should prepare each day. Demand is normal with a mean of 5 trays and standard deviation of 1 tray.
Produce a graph showing the distribution of net discounted pro?ts at the end of the ?fth year of operations.
The expected return on the portfolio is 15%. The standard deviation for this portfolio is closest to:"
Construct a p chart that plots the percentage of patients unsatisfied with their meals. Set the control limits to include 99.73 percent of the random variation
A budget for staff development. A budget for staff development.
Provide a simple definition of a nonprobability sampling and provide an example of each type of nonprobability sampling.
Identify and briefly discuss two concepts (Random Variables and Automating Gauge Verification) that you believe are best applicable to professional discipline.
Calculate standard deviation. Why is there variation in the number of raisins in cup of raisin bran? Why might it be difficult for Kellogg to reduce variation?
From this schedule of activities, draw the PERT/CPM network.
Obtain a linear regression line for the data. Compute a correlation coefficient and determine the strength of the linear relationship.
Describe how you would build a regression model that could be used as a screening tool, with mention of the high correlation (colinearity) between SAT and ACT
1) Identify both the activities and the resources for this problem. 2) Formulate a linear programming model for this problem on a spreadsheet.
Analyze the role probability or trend analysis might play in helping address the business problem.
Which of the following violates the assumptions of regression analysis?
Establish a control chart for monitoring the average weights of the bowling balls. What are the values of the control limits?
What is the correlation between the above variables and sales?
A store manager kept track of the number of newspapers sold each week over a seven-week period. The results shown below. Find median number of newspapers sold.
Identify and explain the steps that one must take to be a critical consumer of the news, and describe a time where you failed to be a critical consumer of news
Use a weighted scoring model to choose between three locations (A, B, C) for setting up a factory. The relative weights for each criterion are shown
Research statistical data in a business context that requires a decision. Use probability concepts found in Bayes' Theorem to formulate a decision.