Strayer MAT 510 MAT/510 MAT510 Final Exam Solutions


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MAT 510 Business Statistics Final Exam Answers (Strayer)

  1. Process average or mean:
  2. The fact that processes tend to be dynamic, rather than static, is a key principle of statistical thinking. Which of the following is a natural consequence of this fact?
  3. We measure, monitor and improve process cycle time because:
  4. The primary goal of process mapping is to:
  5. The frameworks discussed in Chapter 4 could be considered more specific examples of:
  6. The histogram below showing ages of credit card holders displays what type of distribution?
  7. A sample of 50 invoices are inspected each shift for errors, and classified as either “good”, i.e., without error, or “bad”, having some problem. If we plot our bad invoices each shift on a control chart, which chart should we use?
  8. If my histogram appears bimodal, what tool might help me evaluate why?
  9. 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 stability of the process?
  10. A comparison between the Cp and Cpk for a process would find which of the following to be true?
  11. Tips for building useful models include:
  12. Results of regression analysis are often abused in the following ways:
  13. The model residuals are examined to:
  14. Which of the following is NOT a reason for adjusted R-Square being low?
  15. The best way to evaluate the validity of a statistical model is:
  16. What should one consider when analyzing the results of an experiment?
  17. The following table shows data on the effect of Machine Pressure on product hardness.   What statistical test should be used to test the effect of pressure on average hardness?
  18. A 32 experiment means that we are experimenting with:
  19. In every experiment there is experimental error.  Which of the following statements is true?
  20. The basic reason for randomness of sampling in design of experiments is:
  21. Based on a regression model, I have developed a 95% prediction interval for the time it will take me to run a mile under specific conditions (weather, what I have eaten & drank, running shoes used, and so on). This interval goes from 5.2 minutes to 6.1 minutes. Which of the following could be an accurate description of this interval?
  22. 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?
  23. I have calculated an interval to document the uncertainty in my 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?
  24. 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?
  25. Which of the following could be considered a prediction interval?