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**Question 1**

Identify the steps of the quantitative analysis approach.

**Question 2 **

Describe three categories of business analytics.

**Question 3**

Where is data usually collected at a firm and what problem arises from this for business analysts?

**Question 4 **

What are some issues with an analyst’s use of mathematical models in an organization?

**Question 5 **

Once a quantitative solution has been found to a business problem, what are the considerations in implementing it?

**SECTION B**

**Question 1**

Arrivals in a university advising office during the week of registration are known to follow a Poisson distribution with an average of 4 people arriving each hour.

What is the probability that exactly 4 people will arrive in the next hour?

What is the probability that exactly 5 people will arrive in the next hour?

A call center receives calls from customers at a rate of 2 per min. The time between customer calls follows an exponential distribution.

What is the probability that it takes 1/3 of a minute or less between consecutive customer calls?

What is the probability that it takes 1/2 of a minute or more between consecutive customer calls?

Compute the F value based on the following:

df1 = 2, df2 = 4, α = 0.01

df1 = 3 df2 = 6, α = 0.05

**Question 2 **

An urn contains 7 blue and 3 yellow chips. If the drawing of chips is done with replacement, determine the probability of: drawing three yellow chips.

drawing a blue chip on the first draw and a yellow chip on the second draw.

drawing a blue chip on the second draw given that a yellow chip was drawn on the first draw.

drawing a yellow chip on the second draw given that a blue chip was drawn on the first draw.

drawing a yellow chip on the second draw given that a yellow chip was drawn on the first draw.

**Question 3**

Fast Service Store has maintained daily sales records on the various size “Cool Drink” sales.

“Cool Drink” Price | Number Sold |

$0.50 | 75 |

$0.75 | 120 |

$1.00 | 125 |

$1.25 | 80 |

Total | 400 |

Assuming that past performance is a good indicator of future sales,

What is the probability of a customer purchasing a $1.00 “Cool Drink”?

What is the probability of a customer purchasing a $1.25 “Cool Drink”?

What is the probability of a customer purchasing a “Cool Drink” that costs greater than or equal to $1.00?

What is the expected value of a “Cool Drink”?

What is the variance of a “Cool Drink”?

What is the standard deviation of a “Cool Drink”?

**Question 4 **

In a given office, the color printer breaks down with a probability of 20% in any month. A binomial process is assumed for a period of 10 months.

What is the probability that the printer breaks down exactly 2 times?

What is the probability that the printer breaks down at most 1 time?

What is the probability that the printer breaks down more than once?

**Question 5**

“It’s 75 °F and sunny here in San Diego this afternoon…,” the weatherman droned on, repeating a phrase that probably should have been recorded and played on an endless loop. Tim looked at the previous year’s high temperatures and noted that the average was 75 degrees with a standard deviation of 2.5 degrees and approximated a normal distribution. Armed with this evidence, determine

the probability of a daily temperature between 79 °F and 85 °F.

the probability that the daily temperature exceeds 80 °F.

the probability that the daily temperature is below 74 °F.

**Question 6**

An MBA director has decided to improve the profile of her program by admitting only the finest students. After an exhaustive search on the internet, she learns that combined GMAT scores are distributed normally with an average of 550 with a standard deviation of 130.

What cutoff score should she establish if she wants to consider only applicants scoring in the top 5%?

If she uses 700 as her minimum score, what percentile can she claim for her incoming class’s performance on the GMAT?

If 1000 test takers apply, would she get more students with scores between 500 to 600 than students with scores between 50 to 450?

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