Solved by verified expert :Please provide
solutions/assistance in no less than 150 words with references
1.
Define probability and
explain its three perspectives. Provide an example of each.
2.
How is the standard normal
distribution used to compute normal probabilities?
3.
Explain the importance of
sampling from a managerial perspective.
4.
Explain the central limit
theorem. Why is it important in statistical analysis?
5.
Explain how a confidence
interval changes with changes in the level of confidence and sample size.
6.
Explain the difference between
the null hypothesis and alternative hypothesis. Which one can be proven in a
statistical sense?
7.
How can you determine when
to use a lower one‐tailed
test of hypothesis versus an upper one‐tailed test?
8.
Explain the purpose of the
chi‐square
test for independence. Provide some practical examples where this test might be
used in business.
9.
Explain the difference
between simple and multiple linear regression.
10.
Explain what is the
coefficient of determination, R^2 (R-squared)? What does it measure?
11.
Summarize statistical
methods used in forecasting and the types of time series to which they are
most appropriate.
12.
Summarize some of the
practical issues in using forecasting tools and approaches.
13.
Describe the steps involved
in applying statistical process control.
14.
List the principal rules for
examining a control chart to determine if the process is in control.
15.
What is process capability?
How is it measured?
16.
What is a decision model,
and what are the three types of inputs common to decision models?
17.
Describe how to use Excel
data tables, Scenario Manager, and goal seek tools to analyze decision models.
18.
Explain basic spreadsheet
approaches for implementing decision models in Excel.
19.
Explain the concept of risk
analysis and how Monte Carlo simulation can provide useful information for
making decisions.
20.
Summarize the modeling and
analysis using Solver tool available in Excel and what information it provides.
You need to discuss the steps to run optimization using Solver in excel and
produce optimization output and sensitivity reports.
21.
Describe the types of
decisions that do not involve uncertainty and risk and common approaches used
for analyzing them.
22.
Explain how payback period,
NPV, and IRR criteria are used in decision making.
23.
Explain the components of a
decision tree and how optimal decisions are computed.
24.
Describe the three elements
that all queuing systems have in common.
25.
List and define the major
types of performance measures used in queuing analysis.
