The relative size of errors is shown by: Residuals O MSE O Bias O MAD O MAPE
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- A manager wanted to predict how much rework time would result from taking a manufacturing line from producing 8 hours a day to 24 hours a day. The manager carefully analyzed three years of performance from manufacturing lines that operated 8 hours a day to make the prediction. The manager is at risk of making what type of error? a Data overfitting error. b Extrapolation beyond the range error. c Outlier error. d Either a type I or type II error.Which of the following statements is NOT true about the process capability ratio? a. The process capability ratio is a ratio for determining whether a process meets design specifications. b. The process capability ratio is computed as the difference of the upper and lower specification limits divided by six standard deviations. c. The process capability ratio is a ratio of the specification to the process variation. d. A capable process has a process capability ratio less than one.Explain or define each of these terms:a. Laplace criterionb. Minimax regretc. Expected valued. Expected value of perfect information
- (c) Based on what we know about Observation B, if the cutoff value is lowered to 0.2, what happens to the values of sensitivity and specificity? Explain. Use the ROC curve to estimate the values of sensitivity and specificity for a cutoff value of 0.2. If required, round your answers to three decimal places. Do not round intermediate calculations. Answer Part C, there are no other parts here. I have the sensitivity already and is equal to 1. What is the specificity??If you are not 100% sure you are right, do not attempt this is frustrating. The cutoff value has changed from 0.5 to 0.2. The sensitivity is 1 which is correct. I need help with the specificity. Sensitivity does not equal 1/14 and specificity does not equal 1/31 so don't answer that and do not answer any other parts just answer part C.A. Identify the Level of Measurement for each of the following variables Product satisfaction as “Very Unsatisfied, Fairly unsatisfied, until Very satisfied” Types of investments (Stocks, Bonds, others) Standardized exam score (e.g. Board exam score) Time (in minutes) it takes students to complete a statistics test Time to execute a command in a computer programFollowing the announcement of a major quality problem, the share price of a companyfalls substantially. This decrease is a result of assignable cause variation. True or false?a. Trueb. False
- Since each process capability index relies on the estimate of process standard deviation, which in turns relies on sampling, therefore which following statement is INCORRECT? a. Confidence interval of each capability index should be found, instead of computing only a point estimate. b. Each process capability index follows some distribution. c. Each process capability index is a random variable. d. The distribution of Cpk is approximately normal. e. none of the aboveYour MD called you in his office today and said that, “I have observed that most of the performance appraisers are not doing justice to their role as appraisers. Mostly, they are committing following errors: a) Halo Error. - b) Central Tendency Error. c) Spillover Error. MD wants you to write down a clear example for each error.When it first debuted, Telsa was selling its Model 3 sedan for $35,000. The Model 3 was priced substantially less than Tesla’s other models at the time, however, it had similar quality and input costs. In charging such a low price, it is most likely that Tesla is trying to: A. Create more value without capturing more value B. Capture more value without creating more value C. Create and capture more value D. None of the above
- An Annotated/labeled data pool is an important asset for a data scientist. The more annotated data you can gather, the better your model estimations become towards the unknown variables. A team of data scientists is going to label a new dataset for both future use and the improvement of your current model estimates. They started by recording the amount of time it takes to label one record of data, and found that it took on average 5 minutes for them to do so. They also noted that there is a standard deviation of 5 minutes for the recording time as well. They are allowed to spend 4 hours per day this week (only Monday to Friday) to perform this annotation task. Please find out at most how many records would be labelled by the team in a single week with a probability of at least 97.5%?The Empirical Rule tells us that … a) __________ of the data lies within 1 standard deviation of the mean b) __________ of the data lies within 2 standard deviation of the mean c) __________ of the data lies within 3 standard deviation of the meanWhich of the following is a distinguishing characteristic of using goalpost conformance for settingquality expectations?a. The use of Six Sigma performance standardsb. The use of the DMAIC (define, measure, analyze, improve, and control) problem-solving methodc. The use of Taguchi quality loss functions for control purposesd. The use of quality expectations expressed as a specified range around a targeted qualityperformance level