C207 Keywords

There are three teachers and they each have a class they want to study so which tool makes the most sense?

ANOVA- it looks at three or more groups of data to see if any of the groups are different from the other statistically

Which tool? Minimize production costs of two products sharing an assembly line while meeting marketing targets.

linear programming

Linear regression can help us discover which? Causation, correlation, variation, probability

correlation

Which tool? Do ice-cream sales go up when the temperature is higher?

linear regression

Cluster analysis helps a marketing department do which?

group customers

Which distribution has a mean and median that are nearly equal?

normal

Which tool? Launching a new product, a CEO wants to know how much money they will spend before gross income is positive.

Breakeven analysis

Which tool? A manager wants to analyze a new type of factory setup without building the factory.

stimulation

The temperatures in our sample remains within a consistent range between high and low.

homoscedasticity

If store sales are $100,000 per month with a standard deviation of $10,000, what is the probability that sales will be less than $70,000?

0.5%

Which tool? Customers wants to choose one of three vendors based upon their forecasted demand for next year.

crossover analysis

Which tool? Housing prices are forecast by size of the home and lot and number of bedrooms and bathrooms, which are related to each other.

multiple regression (4 different x variables to determine the y variable which is the price of the house)

The manager is concerned the sales forecast is too high because the economy is slowing down.

cyclicality

Which describes the level of variation in a set of data?

standard deviation

Which reveals the probability of being wrong if we reject the null hypothesis?

p-value

Chi-square helps understand which question? Next quarter’s sales, police interaction deaths, production mix, quality control

police interaction deaths

Which describes the fact that today’s weather is related to yesterday’s weather?

autocorrelation

Z= -1. What is the probability sales will be at or below this level?

.17

At a confidence level of 95%, which p-value would cause us to reject the null hypothesis?

0.01

Which part of a linear regression is the independent variable?

x variable

Housing prices are forecast by size of the home and lot and number of bedrooms and bathrooms, which are related to each other.

collinearity

Which of these uses the normal distribution to watch for unusual occurrences?

quality control

F-Critical = 3. For which calculated F should we not reject the null hypothesis?

2

Demand = 400 + 50X, where “X” is the price. If the company wants to sell 1000 units, what should the price be?

12

If the upper tail of bell curve only happens 2.5% of the time, which value of Z would we use?

1.96

Which value of R would tell us that our model is complete enough to be accurate?

-.8

Startup costs = $5000, per unit costs $1, revenues per unit = $2. What is the breakeven volume?

5000

Which of these is a possible value of R-squared?

0.7

Mechanic averages 10 oil changes a day with a standard deviation of 5. How probable is it to have more than 15 oil changes in a day?

.17

Regression equation: Y = 20 + 100X1. If the variable equals 5, what is the forecast?

520