Stat Mcqs

  Question 1

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Following data is for a Soda Canning Firm.

One of the bottles in a sample has 11.77 ounces of Soda. Would you say that this process is:

  Question 2

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Make or Buy (Outsource) Decision Problem has come to your attention as a New Hire with a Manufacturing Firm that has collected the following information:

In a High Level meeting everybody agreed that the Firm will definitely save about $13.5 million (15-1.5) in Fixed Cost if they outsource Cell Phone Deal, but you have requested additional time to analyze and recommend appropriate action. Based on your analysis, your recommendations are:

  Question 3

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ABC Corporation works 250 days in a year and is known for producing fine widgets along with other items. Annual demand for ABC's widget is estimated to be 600,000. ABC can produce 4,000 widgets a day. Each time ABC decides to make widgets, it costs $ 20,000 in set up cost. The cost of holding per widget per year is $ 15. Which one of the following is the right Production Order Quantity?

  Question 4

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Run a regression in order to develop a Forecasting Sales Model for the Disco. According to the model, if there are 1100 dancers, then the Sales would be about:

  Question 5

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There are a number of statistical distribution curves as listed below:

Central Limit theorem says that if a sample is taken out of the population that has any of the 21 distributions, the sample would have a:

  Question 6

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This is a Linear Programming Problem. You can solve it using either Excel Solver or Graphical method.  A High-Tech firm assembles two types of I-Pods: 1, I Pod X and 2. I Pod-Y. Each of these I-Pods go through assembly and testing program.

The Maximum possible monthly Profit of $ 300  is realized when the Firm produces X and Y I Pods in the following Combination:   

  Question 7

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Which one of the following statement is true about Mean Absolute Deviation (MAD) and Standard Deviation (SD)?

  Question 8

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In a Production Process, the Quality Control Engineer uses both X-bar chart  and R- chart in order to ensure the Quality of manufactured goods. When asked why the Engineer uses two measures of quality his answer was:

  Question 9

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Out of the following forecasting models listed in the text, one can say thatthe best model is:

  Question 10

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Match the name of the Quality Guru (Question) with Guru’s Achievement (Answer)

  Question 11

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Six- Sigma Quality Control requires that there may not be more than X number of defective items out of a million items produced. In this case X is equal to:

  Question 12

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Assuming you got a job as a Forecasting Manager with a brand new firm that has no historical data. In a high level meeting it was decided that you will develop a Weekly Exponential Smoothing Forecasting model that would go back at least 4 weeks to make a Forecast. You have decided to use a Smoothing Constant of:

  Question 13

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A maintenance activity took 90 minutes for first repair. Historical record suggests that these activities follow 70% Learning Curve. How long will it take for the repair of the 23^rdactivity?

  Question 14

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In a Cotton mill of China there are 500 employees that produce 10,000 bales of cotton in a week. Recently the cotton mill has decided  to mechanized their mill as a result it is projected that the weekly production of cotton bales will increase from 10,000 to 50,000 and at the same time number of employees will go down from 500 to 400. The change in productivity due to mechanization is:

  Question 15

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Click on the CPM File to open the diagram of a Critical Path Network. Examine the network and the cost table carefully in order to determine the activity that must be crashed in order to reduce the project duration by a week.

CPM Crash.xlsx

  Question 16

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A PERT project has a duration of 40 ± 5 weeks. The probability that this project would be completed on or before 38 days is close to:

  Question 17

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Click on the CPM File to open the diagram of a Critical Path Network. Examine the network carefully in order to figure out the Critical Path or project duration in week.

CPM Problem.xlsx

  Question 18

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Click on Decision Tree to open the Problem. The Firm is looking at a one year Business deal. The Payoffs in $-Amount and Probabilities (P) of each Payoff is listed on the branches of the tree. Based on your calculation, Your recommend is to select the the Business Deal #:

Decision Tree.xlsx

  Question 19

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Which one of the following statement best describes the difference between a CPM and a PERT Projects:

  Question 20

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A Chemical firm uses 800 lbs per month of an unstable chemical compound in its manufacturing process. This compound must be stored in an environmentally safe place as a result holding cost is 50% of the price of this compound and the estimated ordering cost is $ 50.00 per order. As a Purchasing Officer of the Firm, your assignment is to buy this chemical in a Quantity that would minimize the Total Cost. The supplier has provided you with following discount schedule:

According to your calculations the Discount that would minimize the Total cost is: