MBA624-MSF624 - Exam 1 - Spring 2017 MBA624-MSF624 (Fall 2017) - Exam 1 The test link will become visible in Assignments course area at 8:00 a.m. CST on Fri, Oct 13, 2017. Due date is: 8:00 a.m. CST on Mon, Oct. 16, 2017. The test link will disappear at that time. So, you have 3 days (72 hours) to work on the exam. Exam instructions will include a MS Word file containing the questions and an Excel data file that you must use for some of the questions. Once you are done solving and completing the exam, you must come back to the exam before the due date and click BEGIN to enter the test and enter your answers for each question, and then submit. In case of the rare event of technical difficulty, I have given you two attempts to submit. However, because this is an exam (not HW), after submission you will NOT be told which questions are wrong. If for any reason you must submit twice, be sure to enter all answers again because your second submission will be graded. The exam includes 50 questions, each worth 2 points, for a total of 100 points. This is a take-home exam. You may use your book, notes, calculator, Excel, and other resources such as videos and handouts that are provided to you in the course. Due to rounding, an answer you compute may not exactly equal any of the options provided. In all such cases, choose the option which is closest to your own answer. You must strictly observe the Honor Code. Do not give help to anyone, or receive help from anyone in completing this exam. Your answers must be original and your own. You must not discuss or share this exam, problems, solutions, or any part of it with other individuals. Q 1 2 3 4 5 6 7 8 9 10 Answe r Q 11 1 12 31 14 15 16 17 81 29 0 Answe r Q Answe r 2 21 2 32 24 25 26 27 82 39 0 Q 3 31 32 3 34 35 36 37 83 49 0 Data for exam one students.xlsx 1 Answe r Q 4 41 42 34 4 45 46 47 84 59 0 Answer MBA624-MSF624 - Exam 1 - Spring 2017 Using the data on \"data for test\" tab for questions 1-20 answer the following questions. This data is for the Delicious Donut company and contains information for a sample of its stores. Note, please use excel to calculate percentiles, quartiles and median. 1) What variables are quantitative? A. Review (# stars) B. Total Profit C. Dozens sold each day D. B and C are correct E. A, B and C are correct 2) What best describes the variable \"Other Featured Items\" A. Qualitive, Ordinal B. Quantitative, Ratio C. Qualitive, Nominal D. Qualitive, Interval 3) How many quantitative variables are there? A. 7 B. 8 C. 2 D. 3 4) These data are best described as: A. A timeseries B. A cross-sectional C. A cross-sectional timeseries D. None of the above describe the data 5) Consider yourself an employee of the Delicious Donut Donut company, A. This data is then primary data B. This data is then secondary data C. This data is both primary and secondary data D. This data is neither primary or secondary data 2 MBA624-MSF624 - Exam 1 - Spring 2017 6) You have decided to build the histogram for the number of employees (see below) Number of Employees 2-3 4=5 6-7 8-9 10-12 What is the frequency for 6-7 employees? A. 7 B. 23 C. 10 D. 12 7) Using the above histogram, what is the relative frequency for 8-9 employees? A. 0.1 B. 0.3 C. 0.7 D. 0.2 8) Build a scatter diagram for Total Profit and Complaints, which answer best describes the graphic? A. As the number of complaints increases total profit decreases B. As the number of complaints decreases total profit increase C. As the number of complaints increases total profit increases D. There is no apparent relationship between the number of complaints and total profit E. Both A and B are correct 9) Which Stem and Leave display is correct for variable \"Sales of featured item each day\"? A C 0 1 2 3 89 000001233344556788 12233333444669999 000 0 1 2 3 89 00001233344556788 12233333444669999 000 B 0 1 2 3 89 000001233344556788 12233333444669999 00 0 1 2 3 89 000011233344556788 12233333444669999 000 D A. B. C. D. A B C D 3 MBA624-MSF624 - Exam 1 - Spring 2017 10) Pie charts are best used when you want to A. Highlight the actual data B. Compare proportions for categorical data C. When you want to compare two variables D. All of the above are correct 11) What is the average Number of Employees? A. 5.3 B. 8.1 C. 6.4 D. 7.1 12) What is the median Review (# stars) score? A. 2.5 B. 2.79 C. 4.2 D. 1.8 13) What is the range for Profit from Featured Item Sales? A. $789 B. $715 C. $138 D. $465 14) What is the 35th percentile for Dozens sold each day? A. 6.00 B. 14.65 C. 5.65 D. 8.25 15) What is the mode for Pastry Type? A. 11 B. Gluten Free C. 10 D. Can't calculate it 16) What is the variance for Complaints? A. 13.00 B. 5.93 C. 3.34 D. 11.15 4 MBA624-MSF624 - Exam 1 - Spring 2017 17) What is the correlation between Dozens Sold Each Day and Total Profit? A. 0.97 B. 0.03 C. 0.24 D. 0.30 18) Which of the following statements is correct? A. Total Profit is less dispersed than Profit from Featured Item Sales B. Total Profit is more dispersed than Profit from Featured Item Sales C. Total Profit is more dispersed than Profit from Pastry Sales D. Both B and C are correct 19) The interquartile range for Sales of Featured Item Each Day is? A. 22 B. 11 C. 8 D. 17 20) The standard deviation for Profit From Pastry Sales is? A. 66.45 B. 196.32 C. 1198.56 D. 34.62 21) The probability that a student gets an \"A\" in a given course is 0.3. The probability that a student is female in the course is 0.6. The probability that a student gets an A or is female is 0.7. What is the probability a student is female and gets an A. A. 0.18 B. 0.33 C. 0.42 D. 0.20 5 MBA624-MSF624 - Exam 1 - Spring 2017 22) An automobile dealer has three locations. One in Lincoln, another in Omaha, and the final one in Kansas City. The dealer sells Fords and Toyotas at each location. The chart below shows the probability that a car is sold from that location. In the next column is the probability the car sold from that location is a Ford. What is the probability that a car sold from any location is a Ford? Location Omaha Lincoln Kansas City A. B. C. D. Location Probability Probability a Ford 0.35 0.5 0.25 0.6 0.4 0.3 0.350 0.445 0.555 0.467 23) A convenience store in the south has found that the probability that a soda sold in the store is a Coke is 0.6. The probability that the soda is any other brand is 0.4. The probability that the soda is a diet soda given it is a coke is 0.3. The probability that it is a diet soda given it is any other brand is 0.6. What is the probability that any given soda sold is a diet soda? A. 0.42 B. 0.24 C. 0.18 D. 0.66 24) A certain password must be 5 characters long. The first 2 characters must be letters, the second 2 characters must be numbers. The last number can be a letter or a number. How many different passwords can be created? A. 17,576,000 B. 2,433,600 C. 676,000 D. 1,757,600 25) There are 25 finalists in a drawing. First prize is a trip to Hawaii, second prize is a trip to Chicago. Third prize is a trip to Kansas City. How many different ways can the prizes be awarded? A. 2,300 B. 24,360 C. 1,140 D. 13,800 6 MBA624-MSF624 - Exam 1 - Spring 2017 26) A company has 50 employees but only 6 parking places in this location. The rest of the employees must take a shuttle into the work location. Each month the company randomly assigns the parking spots to their employees. How many different ways can these parking spots be assigned? A. B. C. D. 3,838,380 11,441,304,000 15,890,700 50,063,860 27) Event A and Event B are independent events. P(A) = 0.7 P(B) = 0.4. What is P(A|B)? A. 0.28 B. 0.7 C. 0.4 D. 0.57 28) Which of the following is not a true statement? A. The sum of all probabilities for the events in the sample space must equal 1. B. The probability of an event must be between 0 and 1. C. The compliment of an event is equal to the probability of that event. D. If the probability of an event equals 0, that event will not occur. Use the following table for questions 29 and 30 The table details students enrolled in a course at Bellevue University. Male Femal e Total Residentia l Online Total 16 12 28 24 40 8 20 32 60 29) What is the probability that a student taking the course is male? A. 0.40 B. 0.60 C. 0.57 D. 0.47 30) What is the probability that a student is female given the course is residential? A. 0.60 B. 0.40 C. 0.47 D. 0.53 7 MBA624-MSF624 - Exam 1 - Spring 2017 31) A salesman has 30 appointments this week. The probability of making a successful sale is 0.58. What is the probability the salesman will make at least 18 sales for the week (assume Binomial distribution)? A. 0.144 B. 0.511 C. 0.346 D. 0.489 32) What is the probability the salesman will make exactly 19 sales? A. 0.780 B. 0.125 C. 0.220 D. 0.062 33) What is the probability that the salesman will make less than 12 sales? A. 0.036 B. 0.075 C. 0.015 D. 0.142 Use the following probability distribution for questions 34 and 35. It details the probabilities for number of sales at a small used car lot each day. Sales 0 1 2 3 4 5 Probability 0.14 0.19 0.23 0.2 0.14 0.1 34) What is the expected value for number of car sales each day? A. 2.72 B. 1.69 C. 2.00 D. 2.31 35) What is the standard deviation of the sales each day? A. 2.31 B. 1.52 C. 0.23 D. 2.71 8 MBA624-MSF624 - Exam 1 - Spring 2017 Use this table for question 36. This table is the relative frequency distribution of daily sales (tire repaired) at a local tire repair shop. Tire repaired Xi Relative Freq. 1 0.067 2 0.133 3 0.200 4 0.267 5 0.333 36) What is the probability of four tires repaired in a day? A. B. C. D. 0.267 0.033 0.121 0.201 37) Real estate agent has 0.40 probability of closing a deal (making a sale) with each buyer. If the agent has 15 appointments with potential buyers. What is the expected number of sales she would make from 15 appointments? (Binomial probability is applied). A. B. C. D. 5.3 6.0 4.3 3.3 38) Real estate agent has 0.40 probability of closing a deal (making a sale) with each buyer. If the agent has 15 appointments with potential buyers. What is the Standard Deviation of number of sales she would make from 15 appointments? (Binomial probability is applied). A. B. C. D. 1.897 1.002 1.661 1.032 39) A local bar keeps records of Happy Hour (5:00 P.M. to 6:00 PM), number of customers arriving. On average, 7 customers arriving during the happy hour. Let's assume these arrivals follow the Poisson distribution. On a given day, what is probability of exactly 4 customers will arrive during the Happy Hour? A. B. C. D. 0.0082 0.0351 0.0563 0.0912 9 MBA624-MSF624 - Exam 1 - Spring 2017 40) A local bar keeps records of Happy Hour (5:00 P.M. to 6:00 PM), number of customers arriving. On average, 7 customers arriving during the happy hour. Let's assume these arrivals follow the Poisson distribution. On a given day, what is probability of at most 2 customers will arrive during the Happy Hour? A. 0.0296 B. 0.0212 C. 0.0103 D. 0.0190 41) Americans watch (streaming) an average 80 minutes of Netflix per day. Let's assume daily streaming of Netflix minutes follows a normal distribution with a standard deviation of 15 minutes. What is the probability of that a randomly selected American will be streaming no more than 92 minutes of Netflix today? A. 0.7355 B. 0.7881 C. 0.8912 D. 0.9225 42) Americans watch (streaming) an average 80 minutes of Netflix per day. Let's assume daily streaming of Netflix minutes follows a normal distribution with a standard deviation of 15 minutes. How many minutes an American should watch (streaming) Netflix so that he/she is in the top 3% with respect to the minutes he/she watches Netflix? A. B. C. D. More than 101 More than 102 More than 105 More than 108 43) The number of Milk Duds in a yellow 5 oz. box of Milk Duds is normally distributed with a mean of 20 Milk Duds and a standard deviation of 3 Milk Duds. What is the probability that a box of Milk Duds will have no more than 22 Milk Duds in it? A. B. C. D. 0.7475 0.7056 0.6989 0.7018 44) The number of Milk Duds in a yellow 5 oz. box of Milk Duds is normally distributed with a mean of 20 Milk Duds and a standard deviation of 3 Milk Duds. What is the probability that a box of Milk Duds will have between 16 to 24 Milk Duds? A. B. C. D. 0.7822 0.6903 0.7902 0.8176 10 MBA624-MSF624 - Exam 1 - Spring 2017 45) The speed at which a bottle of milk is filled and sealed is uniformly distributed and takes between 120 to 145 seconds. What is the probability that a bottle of milk can be filled and sealed in exactly 126 seconds? A. 0 B. 0.33 C. 0.11 D. 0.10 46) The speed at which a bottle of milk is filled and sealed is uniformly distributed and takes between 120 to 145 seconds. What is the probability that a bottle of milk can be filled and sealed less than 126 seconds? A. 0.33 B. 0.44 C. 0.24 D. 0.22 47) The speed at which a bottle of milk is filled and sealed is uniformly distributed and takes between 120 to 145 seconds. What is the probability that a bottle of milk can be filled and sealed between 125 and 142 seconds? A. 0.68 B. 0.52 C. 0.58 D. 0.39 For problems 48-50, Suppose a truck battery runs for an average of 10,000 miles before it wears out and that battery life follows an exponential distribution. 48) What is the probability that battery runs no more than 8,000 miles before it wears out? A. 0.5507 B. 0.1212 C. 0.2103 D. 0.3190 49) What is the probability that battery runs between 8,000 miles to 12,000 miles before it wears out? A. 0.5012 B. 0.1222 C. 0.1481 D. 0.2261 50) What is the probability that battery runs at least 12,000 miles before it wears out? A. 0.3012 B. 0.4351 C. 0.5355 D. 0.2558 11 Store Number of Identifier employees A1 10 A2 2 A3 4 A4 3 A5 10 A6 7 A7 11 A8 4 A9 7 A10 10 A11 4 A12 6 A13 6 A14 12 A15 5 A16 12 A17 4 A18 11 A19 8 A20 7 A21 9 A22 9 A23 7 A24 10 A25 2 A26 2 A27 6 A28 11 A29 6 A30 6 A31 11 A32 3 A33 9 A34 5 A35 3 A36 9 A37 5 A38 7 A39 10 A40 11 Pastry type Fried Rolls Fritters Gluten Free Fried Gluten Free Baked Baked Gluten Free Gluten Free Fritters Fried Baked Rolls Gluten Free Baked Fried Fritters Gluten Free Baked Rolls Gluten Free Baked Baked Fried Gluten Free Rolls Baked Fried Fried Fried Rolls Fried Gluten Free Fritters Gluten Free Baked Fritters Baked Gluten Free Dozens sold each day 5 4 5 9 11 4 12 5 14 10 6 7 10 9 10 10 4 4 8 8 10 9 3 12 11 15 13 4 7 4 7 3 11 4 4 9 4 13 12 9 Other featured items Chocolates Coffee Coffee Bacon Bacon Tea Bacon Chocolates Tea Tea Bacon Tea Coffee Bacon Bacon Coffee Coffee Bacon Chocolates Coffee Tea Bacon Coffee Chocolates Coffee Tea Coffee Chocolates Bacon Chocolates Coffee Chocolates Tea Chocolates Chocolates Bacon Coffee Coffee Coffee Chocolates Sales of featured item each day 9 14 10 8 26 30 22 21 13 15 30 13 15 24 17 23 18 18 13 24 11 10 29 16 23 23 10 29 10 10 23 24 29 26 30 14 23 12 22 29 Profit from Profit from Featured Item Pastry Sales Sales $60.00 $245.00 $36.00 $526.00 $40.00 $550.00 $81.00 $132.00 $132.00 $438.00 $40.00 $930.00 $120.00 $342.00 $60.00 $389.00 $168.00 $639.00 $80.00 $690.00 $48.00 $550.00 $84.00 $743.00 $80.00 $460.00 $72.00 $172.00 $80.00 $287.00 $120.00 $745.00 $36.00 $454.00 $48.00 $136.00 $64.00 $382.00 $80.00 $760.00 $120.00 $710.00 $90.00 $190.00 $36.00 $661.00 $108.00 $408.00 $88.00 $492.00 $135.00 $692.00 $104.00 $510.00 $32.00 $606.00 $84.00 $240.00 $32.00 $270.00 $77.00 $699.00 $30.00 $368.00 $88.00 $658.00 $48.00 $278.00 $40.00 $470.00 $72.00 $268.00 $32.00 $584.00 $117.00 $520.00 $108.00 $444.00 $108.00 $403.00 Total Profit $305.00 $562.00 $590.00 $213.00 $570.00 $970.00 $462.00 $449.00 $807.00 $770.00 $598.00 $827.00 $540.00 $244.00 $367.00 $865.00 $490.00 $184.00 $446.00 $840.00 $830.00 $280.00 $697.00 $516.00 $580.00 $827.00 $614.00 $638.00 $324.00 $302.00 $776.00 $398.00 $746.00 $326.00 $510.00 $340.00 $616.00 $637.00 $552.00 $511.00 Complaints 9 5 7 1 7 7 9 4 0 9 4 3 5 6 6 4 2 3 8 13 10 6 1 10 8 8 9 8 10 2 10 1 8 5 8 1 9 3 0 8 Review (# stars) 2 2 1 5 4 1 2 2 3 2 4 5 2 3 3 1 2 2 1 3 2 2 2 1 5 3 3 4 5 1 5 3 4 2 5 2 2 4 4 5