MBA 624 Exam 2/(40 Questions and Answers)/100% Correct/Latest update with complete solution

MBA 624 Exam 2/(40 Questions and Answers)/100% Correct/Latest update with complete solution MBA 624 Exam 2/(40 Questions and Answers)/100% Correct/Latest update with complete solution. Use the following data to answer Questions 1 to 6 and 13-15 (assume it is a sample). Store Identifier Number of employees Pastry type Dozens sold each day Other featured items Sales of featured item each day Profit from Patry Sales Profit from Featured Item Sales Total Profit Complaints Review (# stars) A1 11 Fritters 9 Expresso 30 $72.00 $590.00 $662.00 11 0 A2 2 Baked 4 Tea 25 $32.00 $825.00 $857.00 15 0 A3 9 Rolls 5 Hot Cider 27 $50.00 $562.00 $612.00 12 0 A4 6 Rolls 12 Tea 8 $108.00 $688.00 $796.00 13 2 A5 5 Baked 12 Coffee 28 $144.00 $352.00 $496.00 13 1 A6 3 Rolls 10 Coffee 28 $80.00 $408.00 $488.00 10 2 A7 2 Gluten Free 11 Expresso 15 $121.00 $275.00 $396.00 10 3 A8 12 Fritters 14 Tea 20 $126.00 $840.00 $966.00 12 0 A9 11 Gluten Free 11 Hot Cider 15 $110.00 $490.00 $600.00 10 3 A10 4 Fried 15 Coffee 22 $150.00 $166.00 $316.00 12 0 A11 7 Rolls 6 Hot Cider 23 $72.00 $630.00 $702.00 14 2 A12 6 Baked 7 Expresso 17 $63.00 $455.00 $518.00 10 0 A13 2 Rolls 12 Coffee 29 $132.00 $361.00 $493.00 10 3 A14 7 Fritters 15 Expresso 30 $135.00 $530.00 $665.00 13 1 A15 7 Baked 11 Hot Cider 14 $110.00 $498.00 $608.00 11 0 A16 7 Baked 12 Expresso 20 $108.00 $380.00 $488.00 10 1 A17 3 Fried 10 Hot Cider 28 $110.00 $680.00 $790.00 11 3 A18 11 Gluten Free 9 Hot Cider 17 $81.00 $587.00 $668.00 13 0 A19 10 Baked 12 Tea 27 $96.00 $816.00 $912.00 11 3 A20 7 Fried 6 Coffee 19 $54.00 $176.00 $230.00 14 1 A21 4 Rolls 9 Tea 22 $99.00 $886.00 $985.00 15 1 A22 5 Baked 11 Tea 9 $88.00 $726.00 $814.00 10 0 A23 5 Rolls 12 Hot Cider 11 $96.00 $433.00 $529.00 15 4 A24 9 Fried 5 Expresso 28 $50.00 $508.00 $558.00 11 0 A25 3 Rolls 4 Coffee 14 $40.00 $226.00 $266.00 12 3 A26 5 Gluten Free 8 Tea 27 $64.00 $708.00 $772.00 13 2 A27 4 Gluten Free 11 Hot Cider 22 $88.00 $576.00 $664.00 15 1 A28 4 Rolls 15 Tea 10 $180.00 $680.00 $860.00 12 1 A29 4 Baked 5 Coffee 13 $45.00 $204.00 $249.00 14 2 A30 8 Rolls 5 Expresso 23 $50.00 $246.00 $296.00 15 3 A31 10 Rolls 14 Hot Cider 27 $154.00 $454.00 $608.00 15 0 A32 4 Gluten Free 11 Hot Cider 13 $121.00 $426.00 $547.00 15 1 A33 8 Fritters 6 Coffee 19 $72.00 $366.00 $438.00 11 1 A34 10 Baked 11 Hot Cider 8 $121.00 $424.00 $545.00 12 2 A35 7 Gluten Free 14 Hot Cider 10 $154.00 $420.00 $574.00 15 3 A36 6 Baked 10 Tea 9 $110.00 $690.00 $800.00 11 2 A37 3 Gluten Free 15 Expresso 25 $180.00 $500.00 $680.00 14 2 A38 2 Fritters 7 Expresso 15 $77.00 $410.00 $487.00 10 2 A39 10 Fried 12 Coffee 23 $96.00 $261.00 $357.00 11 0 A40 3 Fritters 4 Hot Cider 28 $36.00 $596.00 $632.00 15 0 1) The variable total profit is A. Nominal B. Ordinal C. Interval D. Ratio 2) The variable Review (#stars) is A. Interval and Qualitative B. Ordinal and Quantitative C. Ordinal and Qualitative D. Interval and Quantitative 3) What is mean number of employees (rounded)? A. 4 B. 5 C. 6 D. 7 4) The standard deviation for Dozens sold each day is A. 4.51 B. 3.44 C. 6.25 D. 1.89 5) The median value (using excel) for complaints is A. 11.1 B. 12.0 C. 8.5 D. 3.4 6) The 37th percentile (using excel) for total profit is A. $574 B. $625 C. $485 D. $532 Use the following for questions 7-9. Assume the number of complaints for Crusty’s donut stores is normally distributed with a mean of 8 and a standard deviation of 1.5. 7) What is the probability that a randomly selected store will have exactly 7 complaints? A. 0.00 B. 0.48 C. 0.69 D. 0.34 8) What is the probability that a randomly selected store will have at most 9 complaints? A. 0.25 B. 0.75 C. 0.45 D. 0.92 9) What is the probability that a randomly selected store will have more than 5 complaints? A. 0.98 B. 0.02 C. 0.35 D. 0.65 Use the following for questions 10-11. Assume the probability that a randomly selected customer in the donut shop orders tea is binomially distributed with a probability of success of 0.45. 10) In a random sample of 10 customers, what is the probability that exactly 4 will order tea? A. 0.15 B. 0.76 C. 0.24 D. 0.91 11) In a random sample of 10 customers, what is the probability that at most 2 will order tea? A. 0.10 B. 0.90 C. 0.35 D. 0.65 12) Assume the number of donuts ordered by a customer is uniformly distributed between 2 and 6 donuts. What is the probability a randomly selected customer will order between 5 and 8 donuts? A. 0.50 B. 0.25 C. 0.15 D. 0.75 Use the complaints data in table below for question 13-15. Time Complain ts 1 11 2 15 3 12 4 13 5 13 6 10 7 10 8 12 9 10 10 12 11 14 12 10 13 10 14 13 15 11 16 10 17 11 18 13 19 11 20 14 21 15 22 10 23 15 24 11 25 12 26 13 27 15 28 12 29 14 30 15 31 15 32 15 33 11 34 12 35 15 36 11 37 14 38 10 39 11 40 15 13) Develop a c-chart for the complaints data, this process is A. Out of control B. In control C. Exhibits special causes of variation D. Exhibits only common causes of variation E. Both B and D are correct F. Both A and C are correct 14) The lower control limit is A. 0 (or doesn’t exist) B. 12.40 C. 1.84 D. 3.69 15) The upper control limit is A. 17.50 B. Doesn’t exist C. 12.40 D. 22.96 Use the following data for question 16-18. The table below shows the number on packages in a sample of 50 of take-home donut decorating kits that do not conform to the required weight standard the last 25 days. Day non- conforming package wgt B1 13 B2 10 B3 12 B4 12 B5 10 B6 12 B7 12 B8 15 B9 8 B10 10 B11 15 B12 10 B13 10 B14 13 B15 15 B16 22 B17 14 B18 11 B19 13 B20 12 B21 16 B22 12 B23 14 B24 11 B25 13 16) A p-chart for this data shows it is A. Out of control B. In control C. Exhibits special causes of variation D. Exhibits common causes of variation E. A, C and D are correct 17) The mean value (or center value) for the p-chart is A. 0.25 B. 12.6 C. 16.4 D. 0.48 18) The upper control limit is A. 0.436 B. 0.252 C. 0.067 D. Doesn’t exist 19) When using the range and mean charts, which of the following is correct A. You don’t need to check both – just use the one you like best B. If at least one chart shows special causes of variation the process is out of control C. If at least on chart shows only common causes of variation the process is in control D. If both charts show special causes of variation the process is in control Use the following data to answer Questions 20 – 22. The table shows temperature recorded on various days of the year (independent variable) and number of employees absent on those days (dependent variable). Temp (X) Absence (Y) 97 4 40 8 72 4 5 12 23 10 20) What is the regression equation which uses temperature to predict absence? A. Y = 18.2 + (-0.187X) B. Y = - 0.13 + 14.2X C. Y = 102.6 + (-7.08X) D. Y = 12.029 + (-.09344X) 21) What is the correlation coefficient between temperature and absence? A. 0.85 B. 0.95 C. -0.97 D. 0.98 22) What is the standard error? A. 0.25 B. 0.5 C. 1.0 D. 2.0 23) Linear regression was found between two variables. The equation is: Y = 126 – 12.5X. Values for X that were used to develop the equation ranged from 2 to 11. Assume you are now asked to estimate Y when X equals 37. Which of the following is most accurate statement? A. Y = -401.5 B. The given value of X is 37, making it inappropriate to use the equation to predict Y C. It would be inappropriate to estimate Y because the slope is negative D. Y = 73.5 24) For various open positions at Open Source, the Human Resource manager decided to track the advertising dollars spent to announce that position as well as the number of applicants for each position. He recorded the number of applicants in thousands (000) and he recorded advertising expenditure in hundreds of dollars. Then, he developed a regression equation to estimate the number of applicants. The equation appears: Y = 2 + 0.7X. Which of the following is correct? A. For each additional dollar of advertising, approximately 12 individuals apply. B. With a $150 advertising budget, one may expect 107 individuals to apply C. With a $250 advertising budget, one may expect 3750 individuals to apply D. Both A and B are correct E. Both B and C are correct Use the partial Excel regression output below to answer Questions 24 -26. It explored the relationship between price ($) and weight (lbs.) of Jet Skis. 25) If a jet ski weighs 810 lbs., what do you estimate as its price? A. $4,129 B. $7,406 C. $9,790 D. $10,633 26) What is the correlation coefficient for this regression equation? A. 0.702 B. 0.493 C. 0.430 D. -0.493 27) How many jet skis were examined to generate this regression output (equation)? A. 8 B. 9 C. 10 D. 11 Use the following information to answer questions 27-30: A car rental agency wants to forecast weekly demand for rentals. The following table shows rental data for the last 6 weeks. Week Rentals 1 48 2 48 3 67 4 53 5 65 6 57 28) Use a 3-week moving average to forecast demand for week 7. The forecast, rounded to the nearest integer is: A. 49 B. 54 C. 56 D. 58 29) Use a 3-week weighted moving average to forecast rentals for week 7. Use weight of 50% for the most recent week, 30% and 20% for the previous two weeks. Week 7 Forecast, rounded to the nearest integer, is: A. 49 B. 54 C. 56 D. 59 30) Use exponential smoothing method with α =0.4 to forecast week 7 rentals. Assume week 1 forecast is equal to actual rental demands (48). Use 2 decimals in your analysis. Round off the final answer to nearest integer. Week 7 Forecast, rounded to the nearest integer, is: A. 49 B. 54 C. 58 D. 60 Use the information provided in the table below to answer Questions 30 and 31. Time Perio d Actu al Value Forecaste d Value 1 247 254 2 267 260 3 300 300 4 357 378 5 334 320 31) What is Mean Absolute Deviation (MAD) for the above forecasts? A. 2 B. 9.8 C. 10 D. 70 32) What is Mean Absolute Percent Deviation (MAPD) for the above forecasts? Round off all calculations to 3 decimal values. A. 0.0325 or 3.5% B. 0.007 or 0.7% C. 0.092 or 9.2% D. 0.115 or 11.5% 33) Number of pairs of shoes sold in each quarter for the past 3 years is listed in this table. What is the seasonal factor for Quarter 2? Quarter Year1 Year2 Year3 1 2900 3120 3250 2 1820 1980 2040 3 1100 1220 1310 4 3800 4050 4260 A. 0.164 B. 0.175 C. 0.189 D. 0.213 34) Linear regression used to forecast demand for a fertilizer product. The regression equation is Y=125 + 5X in which “Y” is demand for the fertilizer in thousands of tons, and “X” is the total acres used for growing corn in the area, in millions of acres. The estimate of land used for growing corn this year is 60,000,000 acres. Forecast fertilizer demand for this year. A. Less than 100,000 tons B. Greater than or equal to 100,000, but less than 250,000 tons C. Greater than or equal to 250,000, but less than 500,000 tons D. More than 500,000 tons Use space on next page and data in this table to construct the project network. Answer Q34-36. Activit y Time (days) Predecessor A 1 -- B 4 -- C 10 A, B D 7 C E 3 C F 4 C G 7 D, E H 4 E, F I 12 G J 15 G K 10 G, H 35) How many days will be needed to complete the project? A. 41 B. 43 C. 52 D. 89 36) How many critical paths exist in this project? A. 1 B. 2 C. 3 D. 4 37) What is the latest start time for activity D? A. 14 B. 19 C. 29 D. 15 Use the following information about a project to answer Questions 37 – 38. Assume there is only one critical path in the project. In all calculations, round off to one decimal. Time Estimates (months) Activity Optimistic (a) Most Probable (m) Pessimistic (b) Critical Activity? A 3 14 17 Yes B 7 20 25 Yes C 3 6 9 No D 4 7 10 No E 5 6 7 No F 3 8 13 Yes G 10 20 30 No H 7 9 11 No I 6 10 14 Yes 38) What is the mean completion time for this project (in months (round to nearest integer))? A. 49 B. 58 C. 92 D. 136 39) What is the standard deviation of completion time for this project (in months)? A. 19 B. 4.4 C. 32.6 D. 5.7 Study the two tables below created by POM. Times are in days. Answer Questions 40. Exam 2 - MBA 610 - Winter 13-14 Solution Activity Normal time Crash time Normal Cost Crash Cost Crash cost/pd Crash by Crashing cost Project 14 7 A 3 2 1000 1600 600 1 600 B 2 1 2000 2700 700 0 0 C 1 1 300 300 0 0 0 D 7 3 1300 1600 75 4 300 E 6 3 850 1000 50 3 150 F 2 1 4000 5000 1000 0 0 G 4 2 1500 2000 250 2 500 TOTAL S 10950 1550 Exam 2 - MBA 610 - Winter 13-14 Solution Project time Period cost Cumulative cost A B C D E F G 14 0 0 13 75 75 1 12 75 150 2 11 125 275 3 1 10 125 400 4 2 9 250 650 4 2 1 8 250 900 4 2 2 7 650 1550 1 4 3 2 40) What is required to complete this project in 8 days? A. Crash: G 1 day. Total cost is $11,600. B. Crash: G 1 day. Total cost is $11,200. C. Crash: D 4 days; E 2 days; G 2 day. Total cost is $11,850. D. Crash: D 4 days; E 2 days; G 1 day. Total cost is $11,200.