Questions from General Business Management

Q: List the assumptions that are made in Markov analysis.

List the assumptions that are made in Markov analysis.

Q: What are the vector of state probabilities and the matrix of transition

What are the vector of state probabilities and the matrix of transition probabilities, and how can they be determined?

Q: Describe how we can use Markov analysis to make future predictions.

Describe how we can use Markov analysis to make future predictions.

Q: What is an equilibrium condition? How do we know that we

What is an equilibrium condition? How do we know that we have an equilibrium condition, and how can we compute equilibrium conditions given the matrix of transition probabilities?

Q: What is an absorbing state? Give several examples of absorbing states

What is an absorbing state? Give several examples of absorbing states.

Q: Explain the difference between control charts for variables and control charts for

Explain the difference between control charts for variables and control charts for attributes.

Q: With the company expanding into several new markets in the coming months

With the company expanding into several new markets in the coming months, Cable & Moore was anticipating a large increase in sales revenue. The future looked bright for this provider of television...

Q: Explain the difference between c-charts and p-charts.

Explain the difference between c-charts and p-charts.

Q: When using a control chart, what are some patterns that would

When using a control chart, what are some patterns that would indicate that the process is out of control?

Q: Explain why a process can be out of control even though all

Explain why a process can be out of control even though all the samples fall within the upper and lower control limits.