MAT510 Final Business Statistics Questions with Answers, Exams of Nursing

Download MAT510 Final Business Statistics Questions with Answers and more Exams Nursing in PDF only on Docsity! MAT510 Final Business Statistics Questions with Answers Best Exam Solutions • Question 1 Why is it so difficult for a person or an organization to improve? Answer Selected Answer: Improvement requires change; people resist change Correct Answer: All of the above • Question 2 A manufacturing process has been experiencing problems. The 0 out of 4 points 4 out of 4 points operators charting the process data have identified the cause to be due to an unanticipated change in incoming raw materials. This problem should be considered: Answer Selected Answer: A special cause Correct Answer: A special cause • Question 3 The Hidden Factory is: Answer Selected Answer: A source of Increased costs and reduced process capacity Correct Answer: A source of Increased costs and reduced process capacity • Question 4 Improving the quality of process measurements is: Answer Selected 4 out of 4 points 4 out of 4 points Answer: Enabled by viewing measurement as a process and using process improvement techniques Correct Answer: Enabled by viewing measurement as a process and using Answer: The common cause variation fits within the specification limits • Question 9 0 out of 4 points Based on the flow chart for selecting control charts discussed in Chapter 5, which type of chart would be most appropriate if I am charting the % waste in a factory each month? This value is calculated by taking the total waste in tons within the factory each month, and dividing by total output, also in tons. Answer Selected Answer: Either p or np chart Correct Answer: ndividuals and moving range chart • Question 10 A main purpose of a control chart is to: Answer Selected Answer: Detect special cause variation in the process Correct Answer: Detect special cause variation in the process • Question 11 4 out of 4 points 0 out of 4 points If you had the following residual plots what would be your concerns regarding the adequacy of the model associated with these residuals? Answer Selected Answer: Residuals plots exhibit curvature versus the fitted value, but that is not a big problem Correct Answer: Residuals plots have non-random patterns suggesting that the model is not adequate. • Question 12 4 out of 4 points Models based on subject matter fundamentals (theory) are generally better than statistical models for: Answer Selected Answer: A and B Correct Answer: A and B • Question 13 0 out of 4 points A statistic that is used to indicate too much correlation between the predictors in a regression analysis is called the: Answer Selected Answer: Adjusted R-square Correct Answer: Variance inflation factor • Question 14 Tips for building useful models include: Answer Selected Answer: B, C and D above Correct Answer: B, C and D above • Question 15 4 out of 4 points 0 out of 4 points George Box tells us “all models are wrong but some are useful”. By this comment he means: Answer Selected Answer: We can never model the true state of nature Correct 0 out of 4 points Selected Answer: The factors being varied are those studied in the experiment. All other factors are being held constant. Correct Answer: The experimental variation is small • Question 20 What should one consider when analyzing the results of an experiment? Answer Selected Answer: All the above Correct Answer: All the above • Question 21 I have calculated an interval to document the uncertainty in my 4 out of 4 points 0 out of 4 points estimate of the long-term standard deviation I will experience in time to pay invoices in my business going forward. Baaed on this information, this should be considered what type of interval? Answer Selected Answer: Prediction interval for the difference in variation Correct Answer: Confidence interval for a parameter • Question 22 0 out of 4 points 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? Answer Selected Answer: It will be narrower Correct & Answer: It will become wider * Question 23