1. In-Control/Out-of-Control A. Control Chart Errors... Discuss the following aspects of Type I and Type II Errors in non-technical terms: True state of the process versus what we conclude Description of how each type of error can cost a company money
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- You have the following two data points for a process undergoing learning: Y3 = 50 and Y7 = 35 What is the best equation to use for prediction? Group of answer choices Yx = 84.2 x-0.2324 Yx = 77.6 x-0.5323 Yx = 79.4 x-0.4210 Yx = 80.7 x-0.3365 insufficient informationA manufacturing firm produces its products in batches using sophisticated machines and equipment. The general manager wanted to investigate the relationship between direct labor costs and the number of units produced per batch. The recorded the data from the last 30 batches is below Batch Size Labor Cost Batch Size Labor Cost (5) 25 34 19 31 39 21 21 19 40 36 34 29 26 36 423 415 447 430 340 317 362 452 464 438 420 400 469 25 39. 25*8585& 29 31 21 36 39 29 41 35. 21 29 25 395 88888883 429 440 420 400 425 420 401 451 422 410 395 409 Determine the fixed and variable labor costs (Round your answers to the nearest cent) fixed cost 5 variable labor costCase. 15.1. Ski Jacket Production. Egress, Inc., is a small company that designs, produces, and sells ski jackets and other coats. The creative design team has labored for weeks over its new design for the coming winter season. It is now time to decide how many ski jackets to produce in this production run. Because of the lead times involved, no other production runs will be possible during the season. Predicting ski jacket sales months in advance of the selling season can be quite tricky. Egress has been in operation for only three years, and its ski jacket designs were quite successful in two of those years. Based on realized sales from the last three years, current economic conditions, and professional judgment, 12 Egress employees have independently estimated demand for their new design for the upcoming season. Their estimates are listed in Table 15.2 To assist in the decision on the number of units for the production run, management has gathered the data in Table 15.3. Note that S…
- 6.Provide complete solution to Case Problem 1 (Young Professional Magazine) parts 1 through 4 only. You can assume that the distribution of mileage is normal.Young Professional magazine was developed for a target audience of recent college graduates who are in their first 10 years in a business/professional career. In its two years of publication, the magazine has been fairly successful. Now the publisher is interested in expanding the magazine’s advertising base. Potential advertisers continually ask about the demographics and interests of subscribers to Young Professional. To collect this, information, the magazine commissioned a survey to develop a profile of its subscribers. The survey results will be used to help the magazine choose articles of interest and provide advertisers with a profile of subscribers. As a new employee of the magazine, you have been asked to help analyze the survey results. Some of the survey questions follow: Professional You can assume that the…5. In order to analyse the relationship between Research & Development spending (in monetary units, m. u.) and turnover (in monetary units, m. u.) for companies operating in IT, there have been randomly selected 20 companies and data has been recorded on the two variables. Assuming a linear dependence between R&D spending and turnover and using the data from the sample, the Excel output is presented below: SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations ANOVA Regression Residual Total Intercept Turnover df 0.900 0.799 20 SS Coefficients Standard Error -3.51433 2.03880 0.05619 MS t Stat Please, solve the following requirements: a) fill in the missing information in the above tables; F 76.691 P-value 0.10189 0.00000007 Significance F 0.00000007 Lower 95% -7.79768 Upper 95% 0.06967I have collected real data on the sale of a microwavable cup of soup across 20 different cities for the same time period (a month). The variables in the dataset are: Quantity sold in the city for that month: Measured in thousands of units Price: measured in dollars Average Income in the city: Measured in thousands of dollars Ads: Average number of ads run in stores for that city during that month. Price of a substitute product: measured in dollars Population of the city: measured in thousands of people The dataset is on Canvas and, using Excel or any other statistical software, please answer the following questions: 1. Describe the patterns in quantity sold and own and rival prices during this time period using basic descriptive statistics. Graphs are welcome as well. 2. Take the logs of the variables, and estimate the demand function. a. Interpret the R-square. b. Interpret the coefficients for logP and logPsub c. Interpret the p-values associated with each independent…
- Match the description on the right with the correct term on the left regarding types of forecasting methods. 1. Econometric, input-output, and simulation are techniques used with this type of forecasting method, which assumes that the variable to be forecasted is related to one or more intrinsic variables. Causal Methods 2. The Delphi technique, market surveys, and life-cycles analogy are techniques used with this type of forecasting method, which relies on the judgment of individuals or Qualitative Methods Time-Series Methods groups. 3. Moving averages and exponential smoothing are techniques used with this type of forecasting method, which assumes that time is the only important variable.Fiske Corporation manufactures a popular regional brand of kitchen utensils. The design and variety has been fairly constant over the last three years. The managers at Fiske are planning for some changes in the product line next year, but first they want to understand better the relation between activity and factory costs as experienced with the current products. Discussions with the plant supervisor suggest that overhead seems to vary with labor-hours, machine-hours, or both. The following data were collected from last three year's operations: Quarter Machine-Hours 18,850 4 5 6 7 8 9 10 11 12 18,590 17,480 19,240 21,280 19,630 19,240 18,850 18,460 20,670 17,550 18,460 Labor-Hours 15,605 15,484 16,727 15,990 17,508 17,376 15,297 14,373 16,001 17,002 14,285 17,651 Factory costs $ 3,395,671 3,425,836 3,617,844 3,573,940 3,812,984 3,778,012 3,532,426 3,369,802 3,513, 187 3,731,434 3,325,615 3,724,486 Required: Prepare a scatter graph based on the factory cost and labor-hour data. Note: 1.…1. Here is data testing dosage amounts for a new drug used to treat pain. Due to its recent development, researchers want to know what is the appropriate dosage to treat chronic pain in arthritis patients. Each participant was given either a sugar pill, 50 mg, or 100 mg of the new medication. It is predicted that the 50 mg will be more effective than the placebo, and the 100 mg will be more effective than both the placebo and 50 mg. After a month, each participant rated their pain level. The higher the value, the more pain they felt. Use alpha = .05 Placebo/Sugar Pill 50 mg 100 mg X1 = 14 SS, = 932 X2 = 12 X3 = 7 SS2 = 654 SS3 = 620 ni = 40 n2 = 40 n3 = 40 SS Total 3106 A. State the hypotheses. B. Make a decision about the null. C. State your conclusion. D. Relate your conclusion to the research. E. If allowed, conduct analytical comparisons. a. State the hypotheses. b. Make a decision about the null. c. State your conclusion. d. Relate your conclusion to the research.
- Be sure to include r² =4. I was able to convince the plan manager to allow me to make the change to the larger production plant. My job's on the line now! So I am monitoring it pretty closely. Here are the results for the day: Table 4. Production rate from pilot plant demonstration tests. Run # 1 2 3 4 5 P (pounds per hour) 2200 2200 2300 2200 2300 From these data, please estimate: a. Estimate the Type A uncertainty in these measurements. Be sure to include the units. b. Estimate the Type B uncertainty associated with these measurements. Be sure to include units. C. Determine the uncertainty in the measurement of pressure in the cylinder. Be sure to include units. State your answer as average +/- uncertainty.18. A researcher measures the following scores for a group of people. The X variable is the number of errors on a math test, and the Y variable is the person's level of satisfaction with his/her performance. (a) With such ratio scores, what should the researcher conclude about this relationship? (Hint: Compute something!) (b) How well will he be able to predict satisfaction scores using this relationship?Participant Errors X Satisfaction Y 1 9 3 2 8 2 3 4 8 4 6 5 5 7 4 6 10 2 7 5 7