Questions from General Business Management

Q: How is the efficiency of sample information computed?

How is the efficiency of sample information computed?

Q: C. W. Churchman once said that “mathematics … tends

C. W. Churchman once said that “mathematics … tends to lull the unsuspecting into believing that he who thinks elaborately thinks well.” Do you think that the best QA models are the ones that are most...

Q: What is the break-even point? What parameters are necessary

What is the break-even point? What parameters are necessary to find it?

Q: What is the overall purpose of utility theory?

What is the overall purpose of utility theory?

Q: What information should be placed on a decision tree?

What information should be placed on a decision tree?

Q: What is the difference between prior and posterior probabilities?

What is the difference between prior and posterior probabilities?

Q: What is the SSE? How is this related to the SST

What is the SSE? How is this related to the SST and the SSR?

Q: Explain how a plot of the residuals can be used in developing

Explain how a plot of the residuals can be used in developing a regression model.

Q: Discuss the use of dummy variables in regression analysis.

Discuss the use of dummy variables in regression analysis.

Q: A seasonal index may be less than one, equal to one

A seasonal index may be less than one, equal to one, or greater than one. Explain what each of these values would mean.