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Explain the difference between a left-tailed, two-tailed, and right-tailed test. When would we choose a two-tailed test?
Explain the difference between the null hypothesis and the alternate hypothesis. How is the null hypothesis chosen (why is it null)?
What is a Type I error? Explain how the cumulative Type I error affects your decision making. How is the two independent sample t-test different from ANOVA?
What is the optimal daily order in multiples of 5 (include the model name and formula)?
How can a PERT network be used to increase functional ability to relate to the total program?
(Does your simulation recommend the overbooking strategy? What is the mean profit per flight if overbooking is implemented?
In correlation analysis A. We consider several independent variables. B. We study the strength of the association between two variables
State the main points of Central Limit Theorem for a mean and explain.
An average is an attempt to summarize a collection of data into just one number.
Explain three major ways multivariate statistics are used in a business.
Do you believe the appropriate method for managing queues is currently being utilized?
Jumbos Restaurant is trying to create a consecutive days off schedule that uses the fewest workers.
What value do statistics add to decision making? What limitations are there when applying statistics to decision making?
What is the chance of getting eight or fewer tails on 10 flips of a coin?
How many trucks would you expect to see at the weighing station, including those being inspected?
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
Provide a simple definition of a nonprobability sampling and provide an example of each type of nonprobability sampling.