MAT 510 QUANTITATIVE METHODS Final Exam 4 Complete answers (all Correct). Strayer University.

• MAT 510 Final Exam 4 Question 1 Problem solving activities typically include: • Question 2 Analysts have noticed that October tends to be a bad month in the collections department – our collec ...

• MAT 510 Final Exam 4 Question 1 Problem solving activities typically include: • Question 2 Analysts have noticed that October tends to be a bad month in the collections department – our collections on past due accounts tend to be consistently lower in October. This issue should be considered: • Question 3 Processes are important because: • Question 4 The SIPOC model for a business helps everyone in the company see the business from an overall perspective by: I. Keeping a focus on customer needs II. Identifying inputs and outputs for each step of the process III. Displaying cross-function activities in simple terms IV. Helping maintain the big business picture • Question 5 We learned in Chapter 3 that the measurement process is always important and worthy of our attention. However, in Chapter 4 we found that measurement can be absolutely critical to solving the problem. For which of the case studies in Chapter 4 was measurement NOT discussed as a critical issue? • Question 6 A main purpose of a control chart is to: • Question 7 In evaluating data on our process outputs, four characteristics we might investigate are: central tendency, variation, shape of distribution, and stability. Which of the following tools would be most helpful to determine the shape of the distribution? • Question 8 What does it mean if capability index Cp is less than 1? • Question 9 The histogram has which of the following limitations? • Question 10 The histogram below showing ages of credit card holders displays what type of distribution? • Question 11 The model residuals are examined to: • Question 12 An Adjusted R-square value is a correlation coefficient that has been modified to account for: • Question 13 Which of the following is NOT a reason for adjusted R-Square being low? • Question 14 Process models are used to: • Question 15 The best way to evaluate the validity of a statistical model is: • Question 16 This technique is used to eliminate the effects of nuisance factors (e.g., machines, day of week, and season of year) from an experiment. • Question 17 The basic reason for randomness of sampling in design of experiments is: • Question 18 Given the plot below, what might you suspect about factors A and B? • Question 19 Which of the following purposes are served by replicating an experiment? 1. Provide a means for estimating the experimental error 2. Increase the number of treatment effects included in the experiment 3. Improve the precision of estimates of treatments effects • Question 20 An aspect of good experimental strategy is to study the effects of the variables (Xs) over a wide range. This strategy increases the chances that effects will be found because: • Question 21 After running an ANOVA comparing the average years of experience between five different job classifications, we obtained a p value of .02. Which of the following would be a reasonable conclusion concerning the population in this case? • Question 22 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? • Question 23 For which of the following scenarios am I most likely to utilize a Chi-squared test? • Question 24 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? • Question 25 What would happen (other things equal) to a confidence interval if you calculated a 99 percent confidence interval rather than a 95 percent confidence interval?