# The data is for a sample of dealerships

1. The data is for a sample of dealerships and was collected for the second week of August 2016.Which variables are qualitative?A.New Car BrandB.ProfitC.Better Business Bureau RatingD.Both A and C are correct2 pointsQUESTION 21. Use data in Worksheet Q1-9. The variable “Profit from New Car Sales” isA.Quantitative, RatioB.Qualitative, RatioC.Quantitative, OrdinalD.Qualitative, Nominal2 pointsQUESTION 31. Use data in Worksheet Q1-9. The data is best described as:A.Cross sectional, sampleB.Time series, populationC.Cross sectional, populationD.Time series, sample2 pointsQUESTION 41. Use data in Worksheet Q1-9. What graphic would best display the relationship between the number of sales people and profit?A.Pie ChartB.Scatter diagramC.Line chartD.Ogive2 pointsQUESTION 51. Use data in Worksheet Q1-9. What is the relative frequency for AAA rating?A.0.625B.0.175C.0.425D.1.02 pointsQUESTION 61. Use data in Worksheet Q1-9. Using the technique in the text, if you were building a frequency distribution for Profit from New Car Sales, how many classes should you have?A.6B.5C.7D.642 pointsQUESTION 71. Use data in Worksheet Q1-9. What is the Mode for New Car Brand?A.FordB.12C.VWD.Toyota2 pointsQUESTION 81. Use data in Worksheet Q1-9. What is the average Total Profit?A.$42,654.40B.$42,221.41C.$42,828.89D.$35,782.122 pointsQUESTION 91. Use data in Worksheet Q1-9. Using Excel, what is the 60th percentile for Number of Sales People?A.12.4B.11.6C.14.2D.13.62 pointsQUESTION 101. Use Worksheet Q10-11 and the following information to answer Q 10 -11.A random sample of 49 employees who were late to work one day were asked what form of transportation they used to get to work, and how many minutes they were late. The information is summarized in the table below.What is the probability that a randomly selected individual is late for work 5 or more minutes?A.0.014B.0.816C.0.481D.0.7672 pointsQUESTION 111. Use data from Question 10. What is the probability that a randomly selected individual is >10 minutes late for work and rode a bicycle?A.0.061B.0.443C.0.533D.0.7232 pointsQUESTION 121. Two researchers have applied for and are competing for several government grants. They have done some analysis and determined that there is a 22% chance of getting accepted for one grant, 12% chance of getting accepted for two grants, 6% chance at 3 grants and 60% of not getting any grants at all. What is the probability that neither of the researchers will get a grant (assuming independence)?A.0.360B.0.400C.0.640D.0.0622 pointsQUESTION 131. A gambler claims that he will win at Black Jack 70% of the time. Assuming this probability is correct, if he plays 5 hands, what is the probability that he will win at least two hands? Assume binomial distribution.A.0.345B.0.417C.0.682D.0.9692 pointsQUESTION 141. Patients arrive at the emergency room of Methodist Hospital at an average rate of 6 per day. The demand for emergency room treatment at Methodist follows a Poisson distribution. What is the probability that 2 to 4 people arrive in one day?A.0.074B.0.267C.0.340D.0.6752 pointsQUESTION 151. Contact information about potential customers arrives at the telemarketing company at an average rate of 4 every 15 minutes. What is the probability that in the next half hour information for exactly 8 potential customers arrives? Assume Poisson arrivals.A.0.140B.0.623C.0.712D.0.8862 pointsQUESTION 161. A survey indicates that people use their lap tops an average of 4.6 years before replacing. Assume a normal distribution, and that the standard deviation is 2.1 year. If a lap top owner is selected at random, find the probability that he/she will use the lap top for less than 5 years.A.-0.322B.0.433C.0.576D.None of the above2 pointsQUESTION 171. The arrival of customers at Joe’s Coffee barn can be modeled with an exponential distribution of one customer every four minutes. Joe has just opened, what is the probability that his first customer will arrive within the next two minutes?A..393B..274C..034D..0022 pointsQUESTION 181. The time it takes for an aircraft to travel from New York to San Diego is uniformly distributed with a range of 7.5 to 8 hours. What is the probability that the aircraft on that route takes between 460 to 500 minutes?A.0.032B.0.234C.0.667D.1.3332 pointsQUESTION 191. Use Worksheet Q19-20 and the information below to answer Questions 19 – 20.The data describes orders not correctly filled at the BBQ Bonanza restaurant for a 7 day period.If tasked to develop a p-chart, what would be the centerline value?A..286B..342C..772D..9422 pointsQUESTION 201. Looking at the control chart does there appear to be special cause variation?A.Yes, with as many as 16 incorrect orders, how can there not be?B.Several points exceed the Lower Control LimitC.No, the process appears in controlD.Not clear from data available2 pointsQUESTION 211. Use Worksheet Q21-23 and the following information to answer Questions 21 – 23.ACME Automotive has collected the data below describing flaws in car windshields. Six different windshields were sampled.The owner of ACME Automotive asks you if his process is in control. What is your answer?A.No, more than eight points exceed the Upper Control LimitB.Suggest tampering the processC.There is a great deal of special cause variationD.Yes, the process appears in control2 pointsQUESTION 221. What is the UCL for the c chart?A.0B.-4.16C.4.16D.10.292 pointsQUESTION 231. What is the LCL for the c chart?A.0 or does not existB.-1.23C.1.89D.Unknown2 pointsQUESTION 241. Use Worksheet Q24-26. The data describes customer waiting times at Joe Bob’s burger barn.What is the D4 value from Control Chart Factor table?A.0B.1.777C.2.114D.Not computable2 pointsQUESTION 251. Use Worksheet Q24-26. Is the variation of this process under control?A.The mean of this process is not importantB.The variation of this process appears in controlC.Need to check if mean of the process is under control firstD.Absolutely not2 pointsQUESTION 261. Use Worksheet Q24-26. Is the mean of the process under control?A.The mean of the process is never relevantB.Does not matter since the variation of the process is out of controlC.The mean of the process appears in controlD.No, the mean of the process does not appear in control2 pointsQUESTION 271. Use Worksheet Q27-31. You are asked to estimate Return%. Use simple regression. What is the regression equation?A.?= 51.65X – 8.75B.?= -8.75X + 51.65C.?= 0.93 + 0.009XD.? = 0.009 + 0.93X2 pointsQUESTION 281. Use Worksheet Q27-31. What percent of variability in Return% is explained by regression?A.40%B.68%C.45%D.71%2 pointsQUESTION 291. Use Worksheet Q27-31. What can you say about the relationship between Return% and Annual Expense Ratio %?A.For each % increase in Annual Expense Ratio, Return% decreases 8.8%B.For each % increase in Annual Expense Ratio, Return % increases 51.6%C.For each % increase in Return%, Annual Expense Ratio decreases 8.8%D.For each % increase in Return%, Annual Expense Ratio increases 51.6%2 pointsQUESTION 301. Use Worksheet Q27-31. If a company’s Annual Expense Ratio is 1.94, what is your estimate of Return% for that company?A.67%B.122%C.35%D.91%2 pointsQUESTION 311. Use Worksheet Q27-31. If Annual Expense Ratio % is 1.40, create a 90% confidence interval on Return%.A.55.4% to 71.7%B.19.6% to 97.5%C.18.7% to 42.4%D.34.1% to 68.5%2 pointsQUESTION 321. Use data in Worksheet Q32-33. It shows gallons of ice-cream sold by a dairy manufacturer for a 10 week period. Also given is the average temperature for those weeks. Use multiple regression to estimate ice-cream sales for week 12, if your estimate of average temperature that week is 78.A.183 gallonsB.22,015 gallonsC.10,723 gallonsD.228 gallonsE.107 gallons2 pointsQUESTION 331. Use data in Worksheet Q32-33. How much of variability in ice cream sales is explained by time and temperature?A.86%B.94%C.98%D.72%2 pointsQUESTION 341. A regression model was developed, and the intercept was 2.14 while the slope was -0.4. What can you tell about this model?A.The correlation coefficient is positiveB.The correlation coefficient is negativeC.The correlation of determination is negativeD.The coefficient of determination is zeroE.More than one of the statements is correct2 pointsQUESTION 351. Use Data in Worksheet Q35-39 for months January through December. Forecast demand for next month (January) using a 4-month moving average. Round up to the next integer.A.157B.158C.143D.1752 pointsQUESTION 361. Use Data in Worksheet Q35-39 for months January through December. Forecast demand for next month (January) using a 3-month weighted moving average. In calculating your answer, use a weight of 0.7 on the most recent data; a weight of 0.2 on the second most recent data, and 0.1 on the oldest data. Round up your final answer to the nextinteger.A.152B.179C.164D.1592 pointsQUESTION 371. Use Data in Worksheet Q35-39 for months January through December. Forecast demand for next month (January) using single exponential smoothing, with 0.1 as the smoothing constant. Assume forecast for January was 155. Round up your final answer to the next integer.A.152B.179C.164D.1592 pointsQUESTION 381. Use Data in Worksheet Q35-39 for months January through December. Forecast demand for next month (January) using trend projection. Round up your final answer to the next integer.A.165B.149C.193D.1832 pointsQUESTION 391. Use MAD to decide which of the forecasting methods tried in Questions 35 – 38 is the most appropriate for the time series in Worksheet Q35-39, and which one is the worst method. In error analysis for exponential smoothing, do NOT include January (month 1).A.Worst is exponential smoothing; Best is TrendB.Worst is Trend; Best is exponential smoothingC.Worst is 4-month moving average; Best is 3-month weighted moving averageD.Worst is Trend; Best is 3-month weighted moving average2 pointsQUESTION 401. Use data in Worksheet Q40-41 which shows 3 weeks of demand for a certain brand of beverage at a local grocery store. What is the seasonal factor for Tuesdays? Round off your final answer to the next integer.A.0.096B.0.072C.0.088D.0.1252 pointsQUESTION 411. Use data in Worksheet Q40-41. Make a seasonally adjusted forecast for Thursday of week 5. Round off your final answer to the next integerA.385B.422C.359D.4032 pointsQUESTION 421. In exponential smoothing, which of the following is correct?I. Low smoothing constant makes the model more responsive to recent data values II. High smoothing constant make the model more responsive to recent data values III. High smoothing constant makes the model less responsive to recent data valuesPick your answer below:A.Statement I is correctB.Statement II is correctC.Statement III is correctD.Statement I and II are correctE.Statements I and III are correct2 pointsQUESTION 431. Use the following information to answer Questions 43-46What is the expected completion time?A.37 wksB.32 wksC.79 wksD.42 wks2 pointsQUESTION 441. For data in Q43, which activities are on the critical path?A.All of themB.C, E, H, JC.C, E, H, I, JD.C, E, J2 pointsQUESTION 451. For data in Q43, how much slack is there in activity B?A.4B.0C.7D.32 pointsQUESTION 461. For data in Q43, what is the latest start time for activity G?A.17B.19C.31D.332 pointsQUESTION 471. Use the following information to answer Questions 47 and 48.What is the expected time for activity C?A.12B.13C.14D.152 pointsQUESTION 481. Use information provided in Q47.If activities A, C and E are on the critical path, what is the project variance?A.5.33B.10.88C.30.67D.2.312 pointsQUESTION 491. Use the following information to answer Questions 49 and 50.What is the expected project completion time and expected cost under normal completion times (assume all times are in weeks and costs are in dollars)?A.97 weeks with a cost of $16,980B.65 weeks with a cost of $20,630C.65 weeks with a cost of $16,980D.97 weeks with a cost of $20,6302 pointsQUESTION 501. Use information provided in Question 49. Assume management has directed the project must be done in 84 weeks. Which activities should be crashed?A.Crash C 2 weeks, F 1 week and L 5 weeksB.Crash C 2 weeks, H 5 weeks and L 6 weeksC.Crash C 2 weeks, F 1 week, H 4 weeks and L 6 weeksD.Crash A 1 week, D 3 weeks and I 2 weeks