Week 3 Quiz BUSN625
Question 1 of 5
20.0 Points
Explain the difference between the null hypothesis and alternative hypothesis.
A.There is no difference, both are the same
B.Null hypothesis is what is tested, but alternative hypothesis is what is accepted
BUSN 625 Quizzes 2016
WK1:
Explain the importance of statistics in business.
Statistics plays a huge role in business, because it helps
managers make critical decisions about day to day operation or
even investment decisions. Statistics allows for complex
29. A supplier contract calls for a key dimension of a part to be between 1.96 and 2.04 cm.
The supplier has determined that the standard deviation of its process, which is normally
distributed, is 0.10 cm.
a. If the actual mean of the process is 1.98, wh
W4 Quiz
1. Summarize statistical methods used in forecasting and the types of time series to which
they are most appropriate.
There are two major forecasting methods used in todays workplace and they are the
qualitative method and the quantitative method.
Question 1 of 4
25.0 Points
Solve Problem and Applications:Solve Problem and Applications:
ch 6- prob12 (Home market values).
Using the data in the Excel file Home Market Value, develop a
multiple linear regression model for estimating the market value
as
Question 1 of 5
20.0 Points
Define probability and explain its three perspectives. Provide an example of each.
Probability primarily deals with chance and is a measurement used to measure the likelihood of
something happening. There are three main perspec
1. Summarize statistical methods used in forecasting and the types of time series to which
they are most appropriate.
There are three major categories of forecasting approaches: qualitative and judgmental
techniques, statistical time-series models, and ex
Explain the difference between the null hypothesis and alternative hypothesis.
A.There is no difference, both are the same
B.Null hypothesis is what is tested, but alternative hypothesis is what is accepted if the null
is rejected
C.The mean of the null h
BUSN625 - Week 4 DB
What are some reasons that business outputs vary? For example why does production output vary? Explain the difference
between common causes of variation and special causes of variation.
The principal reason why business/production outp
Klein Industries
Unit profit
Small
Medium
$20.50
$34.00
Large
$42.00
Monthly Sales
Minimum
Maximum
Small
14,000
21,000
Medium
6,200
12,500
Large
2,600
4,200
Minutes
Bending/Forming
Welding
Painting
Total production time
Small
Medium
0.40
0.70
0.60
1.00
1.
BUSN623- Final Exam
20.0 Points
Question 1 of 5
The right to refuse workplace hazards has a fundamental conflict with the ability of a business to
operate effectively (if employees refuse to work there can be no production). How should these
competing int
13-7. Klein Industries manufactures three types of portable air compressors: small, medium, and large, which have
SM
MIN
MAX
Order Producted
Auxiliary Variables
Profit per unit
Total Profit
MD
14,000
21,000
117,000
117,000
$
$
20.50 $
2,398,500.00 $
6,200
Solve Problem and Applications: ch11- prob 8, in your textbook.
11-8: Suppose that a car rental agency offers insurance for a
week that will cost $10 per day. A minor fender bender will cost
$1,500, while a major accident might cost $15,000 in repairs.
Wi
Klein Industries Review
Monthly Sales
Minimum
Maximum
Small (x)
14,000
21,000
Medium(y)
6,200
12,500
Large (z)
2,600
4,200
Minutes
Bending/Forming
Welding
Painting
Small (x)
0.40
0.60
1.40
Medium(y)
0.70
1.00
2.60
Large (z)
0.80
1.20
3.10
Unit profit
Tota
PS4
Question 1 of 4
Solve Problem and Applications:Solve Problem and Applications: ch 6- prob12 (Home market
values).
Using the data in the Excel file Home Market Value, develop a multiple linear regression model
for estimating the market value as a funct
22. The number and frequency of Atlantic hurricanes annually from 1940 through 2007 is
shown below.
Number
0
1
2
3
4
5
6
7
8
Frequency
5
16
19
13
3
5
4
2
1
a. Find the probabilities of 0 through 8 hurricanes each season using these data.
b. Assuming a Poi
7. The Excel file Freshman College Data provides data from different colleges and branch
campuses within one university over four years.
a. Construct appropriate charts that allow you to contrast the differences among the colleges
and branch campuses.
b.
Week 2 Quiz BUSN625
Question 1 of 5
20.0 Points
The three perspectives of probability are:
A.Fair, good, and excellent
B.Subjective, classical, and empirical
C.Random, event, and experiment
Answer Key: B
Question 2 of 5
20.0 Points
What is the z score for
Question 1 of 4
Solve Problem and Applications:Solve Problem and Applications:ch
5- prob1 (use excel file Call Center Data)
5-1: 1. Call centers typically have high turnover. The director of
human resources for a large bank has compiled data on about 70
f
Assignment 7
Solve Problem and Applications: 13-7 [Klein Industries manufactures three types of portable air compressors] on
page 451 at the end of chapter 13 in your textbook, 5th edition. The data is given as part of the question. There is no
data set p
Part 1 of 1 -
100.0 Points
20.0 Points
Question 1 of 5
What is a decision model, and what are the three types of inputs common to decision models?
A decision model is a model that can be used to understand, analyze, or facilitate making a
decision. Decisi
Formulation and solution:
Lets assume,
S = Number of small air compressors to produce to maximize the profit,
M = Number of medium air compressors to produce to maximize the profit and
L = Number of large air compressors to produce to maximize the profit.
Week 1 Quiz BUSN625
Question 1 of 5
20.0 Points
Explain the importance of statistics in business.
A.Research & Data Analysis
B.Problem Solving
C.Decision Making
D.All the above
Answer Key: D
Question 2 of 5
20.0 Points
What is the difference between a pop
BUSN625 Applied Decision Making PS3
Question 1 of 4
25.0 Points
Solve Problem and Applications: Solve Problem and Applications: ch 5- prob1 (use excel file Call Center
Data)
5-1: 1. Call centers typically have high turnover. The director of human resource
BUSN625 Applied Decision Making PS4
Question 1 of 4
25.0 Points
Solve Problem and Applications:Solve Problem and Applications: ch 6- prob12 (Home market values).
Using the data in the Excel file Home Market Value, develop a multiple linear regression mode
BUSN625 Applied Decision Making
PS2
Question 1 of 4
Solve Problem and Applications:ch3-prob1 p90:
25.0 Points
3-1: Consider the experiment of drawing two cards from a deck in which all picture cards have been
removed and adding their values (with ace = 1)
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