Needed Review Areas

Question 1

R-squared

Answer 1

range from 0 to 1

CLOSE To ZERO - data not aligned (r-squared is HIGH).. graph spread out

CLOSE TO 1 - error is SMALL, data close alignment to regression line

one of each variable I and D = correlation coefficient

Question 2

Time-Series

Answer 2

Time is INDEPENDENT variable to assess influence may have on output

Question 3

More then ONE independent variable

Answer 3

multiple regression

Question 4

5 Data PATTERNS

Answer 4

Trend
Cyclicality
Seasonality
Irregularity 
Random Variation

Question 5

General slope Upward or Downward over a LONG period of time

Answer 5

Trend

Question 6

Repetition of up (peaks) or down movements (troughs) that follow or counteract a business cycle that can last several years.

Answer 6

Cyclicality

Question 7

Regular pattern of volatility, usually within a single year.

Answer 7

Seasonality

Question 8

ONE-TIME deviation from unforeseen circumstances (war, pandemic, etc)

Answer 8

Irregularity

Question 9

variability of a process which might be caused by irregular fluctuations due to chance that cannot be anticipated,
detected, or eliminated.

Answer 9

random variation

Question 10

can be applied when the dependent variable is a categorical, binary variable, such as male/female,
dead/living, gas/electric, etc

Answer 10

logistic regression

Question 11

occurs when a given data point on a time series analysis is affected by a previous data point for that time
series

Answer 11

autocorrelation
(durbin watson statistic)

check for this when under Time Series

Question 12

occurs when all of the random variables have the same general finite variance..
data
points in a scatterplot stay approximately the same distance away from the regression line throughout the entire dataset.

Answer 12

Homerscedasticity

OLS regression (ordinary least squares)

Question 13

Useful in Marketing, Medicine, Soc Media, Education

Answer 13

Cluster Analysis

Question 14

is designed to establish a logical
sequence for decisions, to consider the decision alternatives available, and to evaluate the results they will produce… limted # potential outcomes possible

Answer 14

Decision Tree

Question 15

Focus on customers

Answer 15

Lean processes - eliminate anything not adding value to customers

PDCA Cycle - work with customer to create best possible product

Question 16

Tools for Strong Leadership

Answer 16

Tree Diagrams

Process Decision Program Charts

Question 17

Focus on the process.. useful when focus on the process of managing resources

Answer 17

SIPOC - Supplier Input Process Output Customer

Question 18

Continuous improvement

Answer 18

PDCA - to create best possible process or product

ISO Certification

Question 19

can useful making fact-based decisions when looking at quality because it measures the
performance and determines areas that need improvement.

Answer 19

Six Sigma

Question 20

four-step method for testing hypotheses and solving

problems. The cycle is based on the scientific method

Answer 20

PDCA
Plan - identify prob, develop plan

Do - run Experiment to see if plans will work on small scale

Check - analyze results; can be improved?

Act - enact change on larger scale; part of normal operations

Question 21

uses OBSERVED data to determine the changes that have to be made to a process or procedure

Answer 21

Quality CONTROL

Question 22

uses PROJECTED data to make the best possible model or procedure before that model or procedure is applied
rEFINE PROCESSES

Answer 22

quality ASSURANCE

Question 23

Uncover defects; Assess performance and recommend corrective action; recognize prob so can fix; Inspection and Repair; REACTIVE

Answer 23

Quality Control

Question 24

PREVENT defects from occuring; assess Capability; understand intricacies of system and predict outcomes; PROACTIVE

Answer 24

quality ASSURANCE

Question 25

allows you to see all of the elements that could influence the
process before work is begun. It helps you define the
boundaries of your operations by providing a high-level view
of the complete process, from supplier to customer

Answer 25

SIPOC Diagram

Question 26

combines the
streamlining and waste-elimination concepts of Lean practices with the variation- and quality-control ideas of Six Sigma.

Answer 26

Lean Six Sigma

Question 27

Lean Systems (problem-solving, delivering value, free up resources)

Answer 27

work continuously to eliminate the defects and rework in their systems

Value-added work is enhanced and non-value-added work is minimized

Inventory is minimized and delivered just-in-time

Question 28

a highly disciplined, data-driven approach for improving quality… focuses intently on
facts and statistics

Answer 28

six sigma

Question 29

places six standard deviations between the mean (or average) value for quality outputs
and allowed limits on a histogram used to measure results

Answer 29

six sigma

Question 30

USES 5 step Framework (DMAIC)

Answer 30

six sigma