QMB 3602 Exam 1 Review Questions
With 100% Verified Answers
(Short-form) What are some decision-making traps and how can
you avoid them? -
correct answer ✅Anchoring Trap: Anchoring can occur when an
individual or group latches onto the first information they
encounter about a decision.
One way to help mitigate this issue is to ask the people in the group
to think about the issue individually before inviting discussion to
avoid anchoring on the first idea.
Status Quo Trap: This is the tendency to maintain things as they are,
even when they may be significantly less than optimal.
A tip to counter this trap is to evaluate the status quo alongside the
new options being considered as if it were not the "default option."
(Short-form) How would you deal with a situation when there is
missing data in a data record? -
correct answer ✅There are two common strategies for dealing
with this: omission and imputation.
, QMB 3602 Exam 1 Review Questions
With 100% Verified Answers
Omission: recommends that observations with missing values be
excluded from the analysis. Appropriate when the amount is small.
Imputation: Replaces missing values with some reasonable imputed
values.
Demand Model (DMAIC) -
correct answer ✅Define: Define the problem as a
question or situation. Calculate the
frequency of problem occurrence and rate of impact.
Measure: Collect data to establish
process performance baselines. This will be compared to the final
performance to determine improvement significance.
With 100% Verified Answers
(Short-form) What are some decision-making traps and how can
you avoid them? -
correct answer ✅Anchoring Trap: Anchoring can occur when an
individual or group latches onto the first information they
encounter about a decision.
One way to help mitigate this issue is to ask the people in the group
to think about the issue individually before inviting discussion to
avoid anchoring on the first idea.
Status Quo Trap: This is the tendency to maintain things as they are,
even when they may be significantly less than optimal.
A tip to counter this trap is to evaluate the status quo alongside the
new options being considered as if it were not the "default option."
(Short-form) How would you deal with a situation when there is
missing data in a data record? -
correct answer ✅There are two common strategies for dealing
with this: omission and imputation.
, QMB 3602 Exam 1 Review Questions
With 100% Verified Answers
Omission: recommends that observations with missing values be
excluded from the analysis. Appropriate when the amount is small.
Imputation: Replaces missing values with some reasonable imputed
values.
Demand Model (DMAIC) -
correct answer ✅Define: Define the problem as a
question or situation. Calculate the
frequency of problem occurrence and rate of impact.
Measure: Collect data to establish
process performance baselines. This will be compared to the final
performance to determine improvement significance.
