QSO 510 Final Exam Problems

QSO 510 Final Exam

Directions:
This exam consists of 5 problems and is an open-book exam with no time limit. All
work should be done individually. Word-process your solutions within this
template and show all steps used in arriving at the final answers. Incomplete
solutions will receive partial credit. Copy and paste all necessary data from
Excel into this document and create tables as needed.

Problem 1
Suppose a manufacturing
company makes a certain item. The time to produce each item is normally
distributed around a mean of 27 minutes with a standard deviation of 2.5
minutes. Thus, the population of production times is normal in shape. Find the
mean and standard deviation of the sample.
Sample size is 100.

Problem 2
The
average prices for a product in 12 stores in a city are shown below.

$2.99, $2.85, $3.25, $3.55, $3.00, $2.99,
$2.76, $3.50, $3.20, $2.85, $3.75, $3.85

Test
the hypothesis that the average price is higher than $2.87. Use level of
significance a
= 0.05.

Problem
3
A store wishes to predict net profit as
a function of sales for the next year. The following table gives the years 1998
to 2005.

Year

Sales
(thousands
of dollars)

Net
Profit

1998

51

5

1999

55

10.2

2000

65

9.6

2001

82

-3

2002

75

2.8

2003

71

3.2

2004

82

-2.3

2005

81

-2.6

(a) Graph
the points from 1998 through 2005 on a scatter diagram using Sales as the
independent variable and Net Profit as the dependent variable.

(b) Draw
the regression line on the graph you constructed in Part (a).
(c) What
is the value of the coefficient of determination for this regression model?
Comment on the strength of the regression line for this model.
(d) What
is the predicted net profit for 2006 if sales are expected to be 125?

Problem 4

Last
week’s sales of iMac computers at an Apple Store in Oklahoma City, OK, are
shown in the following table:

Day

Sales
(Dollars)

1

180

2

150

3

210

4

225

5

195

6

190

7

230

Use the 3-day moving average method for
forecasting days 4–7..25in;’=”” list=”” lfo1;=””>Use
the 3-day weighted moving average method for forecasting days 4–7. Use Weight 1
day ago = 2, Weight 2 days ago = 4, and Weight 3 days ago = 3..25in;’=”” list=”” lfo1;=””>Compare
the techniques using the mean absolute deviation (MAD).Problem
5
The following table shows six years of average annual cost-of-living
index data:

Year

Annual Cost of Living Index

2005

98.2

2006

101.3

2007

103.7

2008

105.8

2009

111.4

2010

121.9

2011

134.3

2012

128.6

2013

125.2

Forecast the average annual cost
of living index for all years from 2008 to 2013. Use a 3-year weighted moving
average with weights of 0.5, 0.3, and 0.2. Use the largest weight with the most
recent data.Forecast the average annual cost
of living index using exponential smoothing with ? = 0.7 for all years
from 2008 to 2014. Use the rate for 2008 as the starting forecast for 2008.Here,Which of the methods in
parts (a) and (b) produces better forecasts for the 3 years from 2011 to 2013?
Answer on the basis of mean square error (MAD).

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more