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32 Cards in this Set
- Front
- Back
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188/1692 = 0.11
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An item is selected at random from the fastner cabinet. Find the approximate probability it is 3/4.
Size 0.5 0.625 0.75 0.875 Nut 146 300 74 41 Washer 280 276 29 32 Bolt 160 214 85 55 |
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514/1692 = 0.30
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An item is selected at random from the fastner cabinet. Find the approximate probability it is a bolt.
Size 0.5 0.625 0.75 0.875 Nut 146 300 74 41 Washer 280 276 29 32 Bolt 160 214 85 55 |
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55/514 = 0.11
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A bolt is selected at random from the fastner cabinet. Find the approximate probability it is 7/8.
Size 0.5 0.625 0.75 0.875 Nut 146 300 74 41 Washer 280 276 29 32 Bolt 160 214 85 55 |
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160/1692 = 0.09
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An item is selected at random from the fastner cabinet. Find the approximate probability it is a 1/2 inch bolt.
Size 0.5 0.625 0.75 0.875 Nut 146 300 74 41 Washer 280 276 29 32 Bolt 160 214 85 55 |
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5! / 0! (5-0)! 0.52 (1-0.52)
120/24 = 0.52 (0.48)^5 = 0.025 1 - 0.025 = 0.975 |
A medicine with efficacy of 0.52 is given to five patients. Find the approximate probability that at least one of the patients is cured.
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√12 = 3.46
3.46 / √36 = 3.46 / 6 = 0.577 |
Samples of size n = 36 are randomly selected from a population with mean μ = 125 and standard deviation 12. Find the variance of the distribution of sample means.
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6 / √15
6 / 3.87 = 1.5 |
A population of size 1,000,000 has mean 42 and standard deviation 6. Sixty random samples, each of size 15, are selected. According to the central limit theorem, the distribution of the 60 sample means has a standard deviation of approximately:
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100-83 = 17
17% |
If the probability that an event will occur is .83, then the probability that the event will not occur is:
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Mean is 42
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A population of size 1,000,000 has mean 42 and standard deviation 6. Sixty random samples, each of size 15, are selected. According to the central limit theorem, the distribution of the 60 sample means has a mean of approximately:
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Measures the strength and the direction of a linear relationship between 2 variables.
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Explain what the correlation coefficient does?
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Each group from which a sample is taken is nomal.
Each group is randomly selected and independent. The variables from each group come from distribution with approximately equal standard deviations. |
To perform an Anova test 3 basic assumptions must be fulfilled.
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N or n
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What is the symbol for Sample size?
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μ or X with line on top
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What is the symbol for mean?
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σ or S
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What is the symbol for standard deviation?
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The purpose of an Anova test is to determine the existence or absence of a statistically difference amongst several group means.
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Explain what Anova is used to do.
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The population parameter can be defined as a quantity or statistical measure which, for any provided population, is every time fixed and which is used as the value of a variable in any of the general distribution or frequency function in order to make a descriptive of the given population.
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Explain the population parameter formula?
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DPMO = (# of defects x 1,000,000) ÷ (total number of opportunities for defects)
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What is defects per million opportunities?
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.44
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A population is bimodal with a variance of 5.77. One hundred samples of size 30 are randomly collected and the 100 sample means are calculatd. The standard deviation of these sample means is approximately.
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DPU = Total # of defects ÷ Total Units
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What is the equation Defects per unit (DPU)?
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Income + Cost = ROI
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What is the formula for ROI?
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Takt time = time available ÷ # of units to be processed
Takt time = 480 min ÷ 48 widget = 10 minutes per widget |
What is the formula for Takt time?
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# of favorable outcomes ÷ total # of possible outcomes
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What is the basic probability formula?
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Parts Per Million = DPU x 1,000,000
3 ÷ 2500 x 1,000,000 = 1200 |
A random sample of 2500 printed brochures is found to have a total of three ink splotches. The rate of ink splotches in PPM is:
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# of Defects ÷ # of units =
87 ÷ 328 = 0.26 |
There are 14 different defects that can occur on a completed time card. The payroll department collects 328 cards and finds a total of 87 defects. What is the Defects Per Unit?
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(# of defects) (1,000,000) ÷ total # of opportunities
87 x 1,000,000 ÷ (14 x 328) 87,000,000 ÷ 4592 = 18,945.99 |
There are 14 different defects that can occur on a completed time card. The payroll department collects 328 cards and finds a total of 87 defects. What is the Defects Per Million?
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(790+188+128) ÷ 1692 = 0.65
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An item is selected at random from the fastner cabinet. Find the approximate probability it is larger than 1/2.
Size 0.5 0.625 0.75 0.875 Nut 146 300 74 41 Washer 280 276 29 32 Bolt 160 214 85 55 |
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Year Cashflow Present Value
0 $500,000 $500,000 1 $200,000 $181,818.18 2 $300,000 $247,933.88 3 $200,000 $150,262.96 NPV= $500,000 + $200,000 ÷ 1.10 +$300,000 ÷ 1.10^2 + $200,000 ÷ 1.10^3 = $80,015.02 |
Explain a Net Present Value using an expected return of 10% as the discount rate.
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RTY is calculated by multiplying yields.
For example 84% x 75% x 91% = 57% The DPU is 0.022 = 2.2% 100 - 2.2 = 98% 0r .98 |
If Defects Per Unit = 0.022, the Rolled Throughput Yield is approximately
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(340,000 x .25) + (120,000 x .40) - (40,000 x .10) + (100,000 x .25) = $154,000
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Perform a risk analysis to determine the expected profit or loss from a project which has four possible disjoint outcomes: Outcome A shows a profit of $340,000 and has probability of .25; Outcome B shows a profit of $120,000 and has a probability of .40; Outcome C shows a loss of $40,000 and has a probability of .10; Outcome D shows a profit of $100,000 and has a probability of .25
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P(A or B) = P(A) + P(B) - P(A∩B)=
0.42 + 0.58 - 0.10 = 0.90 |
P(A) = 0.42, P(B) = 0.58, P(A∩B) = 0.10
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Answer No:
If A & B were independent, P(A∩B) = P(A) + P(B) = (0.42)(0.58) = 0.2436 |
P(A) = 0.42, P(B) = 0.58, P(A∩B) = 0.10
Are A and B independent? |
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Answer No
If A & B were mutually exclusive P(A∩B) = 0 |
P(A) = 0.42, P (B) = 0.58, P(A∩B)= 0.10
Are A & B mutually exclusive or disjoint? |
