quantitive methods and lean manufacturing

1. Explain the concept of Big Data and pitfalls associated with it?

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2. What does it mean to say factories of the future will be event triggered controlled?

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3. Quantitative analysis involves 7 steps. What are they?

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4. What is the difference between variables and parameters?

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5. What is data visualization and why is it important?

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6. There are 4 advantages to mathematical modeling. What are they?

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Use Excel to Solve

7. You sell filters for $10 apiece. The fixed cost to make filters is $3,000. The variable cost per filter is $7. At quantities of 100, 300, 500, 800 and 1,300 your manager would like to know the equation showing how profits increase with sales and at what sales level the business breaks even (please show an X/Y graph with equation trendline).

8. Create a Python program to solve for profit (using your equation in Question #7) at a quantity of 600 units sold.

9. Complete the following graphs using data from VizdataEffectely Excel file: Good Donut (Ch 2 Effective Data Visualization), BarGraph (Ch 2 Effective Data Visualization), ErrorBars (Ch 2 Effective Data Visualization)