GBA334 midterm

The normal distribution is the most important distribution in statistics. It is
also used in many business processes. Provide examples of two business
processes that can be described by the normal distribution. Demonstrate the use
of the normal distribution by providing two practical examples showing how the
normal distribution was used to solve a real world problem. Show your work in
detail along with the results and decisions made.

There are several techniques used to solve decision – making problems. Describe
the techniques used to solve problems under uncertainty. Which techniques
results in an optimistic decision? Which techniques results in a pessimistic
decision? Provide a detailed real world example of each.

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A. Regression analysis is an extremely valuable quantitative tool. Briefly
discuss the following using a real world example:

B. How the coefficient of determination and the correlation coefficient
are related and how they are used in regression analysis.
How scatter diagrams can be used to identify the type of regression to use.

D. The methods used to determine if the regression model is a good model
for the presented dependent and independent variable(s).

No forecasting method is perfect under all conditions. Briefly describe the
steps used to develop a forecasting system. What is the difference between a
casual model and a time-series model. What is a qualitative forecasting model,
and when is it appropriate. Provide a real world example of each type of model.

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