Strayer MAT510 Full Course Latest 2020 January

MAT510 Business Statistics

Week 1 Discussion

Need for Business Improvement

Select one project from the working or educational environment of your choice and specify the main work process (for example, suppliers and customers involved, work flow, et cetera) of the project that you have selected.

Next, suggest at least two actions that a manager can take in order to improve the work process of the project in question.

Provide a rationale for your response.

 

MAT510 Business Statistics

Week 2 Discussion

Business Processes

Per Hoerl and Snee (2012), to eliminate or reduce non-value-added work is a core step in improving profitability or efficiency of the business process.

Give your opinion on whether you agree or disagree with this statement and include one example of a business process which supports or criticizes the aforementioned statement to support your position.

 

MAT510 Business Statistics

Week 3 Discussion

Variation and Statistical Thinking Strategy

Select one project from the working or educational environment of your choice and specify the variation nature of the project in question. Next, propose the overall manner in which you would apply statistical thinking strategy to improve the end result of the selected project. Provide a rationale to support your response.

 

MAT510 Business Statistics

Week 4 Discussion

Statistical Engineering Frameworks

Compare and contrast the fundamental differences between process improvement framework and problem-solving framework. Provide one example of business management applying each framework to support your response.

 

 

 

MAT510 Business Statistics

Week 5 Discussion

Reflection to Date

In the second half of the quarter, we will extend our statistical thinking concepts to practical applications. We will discuss using tools (such as, Excel) for the execution.

Watch Descriptive Statistics Using “Data Analysis” Tool in Excel.

Next, speculate on the overall manner in which you would use tools, such as Excel, to apply a business-critical thinking strategy. Include one example of such application to support your response.

 

MAT510 Business Statistics

Week 6 Discussion

Process Improvement and Problem-Solving Tools

Among the tools (such as graphics tools, knowledge-based tools, et cetera) that the author discussed in the textbook, determine the type of tool that you would use for a process improvement framework. Next, determine the type of tool you would use for a problem-solving framework. Justify your response.

 

MAT510 Business Statistics

Week 7 Discussion

Building and Using Models

Per the textbook, in order to understand the causal relationship in business process, a manager will often ask “whys” as a way to drill down to the root cause of failures. Select one project from your working or educational environment and propose at least three “why” questions that you would ask in order to identify root cause of problem. Justify your responses.

 

MAT510 Business Statistics

Week 8 Discussion

One-Factor-at-a-Time (OFAAT) and Design of Experiment (DOE)

 

MAT510 Business Statistics

Week 9 Discussion

Confidence Interval

Use the Internet or Basic Search: Strayer University Online Library to research articles on confidence interval and its application in business. Select one company or organization which utilized confidence interval technique to measure its performance parameters (for example, mean, variance, mean differences between two processes, et cetera). Give your opinion as to whether or not the utilization of such a technique would improve business processes for the company or organization that you selected. Justify your response.

Select one project from your working or educational environment in which you would use the confidence interval technique for the process. Next, speculate on one or two challenges of utilizing such a technique in the process and suggest your strategy to mitigate the challenges in question.

 

MAT510 Business Statistics

Week 10 Discussion

Hypothesis Test

Use the Internet or Basic Search: Strayer University Online Library to research articles on hypothesis testing and its application in business. Select one company or organization which utilized a hypothesis testing technique for its business process (for example, whether providing flexible work hours improve employee productivity.) Give your opinion as to whether the utilization of such a technique improved business process for the selected company or organization. Justify your response.

 

MAT510 Business Statistics

Week 11 Discussion

Top-Three Concepts or Skills

Determine the top three concepts or skills you learned in this course that you believe will be the most useful to you in your present or future professional career or education. Provide at least one specific example to support your response.

Provide a rationale as to why the three aforementioned concepts or skills are important to someone in the field of business statistics.

 

MAT510 Business Statistics

Week 1 Homework Assignment 1

Due in Week 1 and worth 30 points DOWNLOAD A COPY CLICK HERE ASSIGNMENT 1

Describe a work task, a hobby, or another activity that you regularly do, and sequentially list the various actions you take in order to complete this activity. You will need to repeat this activity at least two times to see if the changes you engage in will assist in reducing the amount of time. Consider the complexity of your list and the number of steps required to complete the activity. Choose an activity that you complete on a daily basis.

Please consider the choices below or select one task from personal experience:

Preparing for a jog, workout, or other sports-related activities.

Cooking a meal or preparing a sandwich.

Making coffee in the morning.

Cleaning the house.

Washing the car.

Bathing/grooming your dog or cat.

Setting up a grill to BBQ.

Answer the following questions in the space provided below:

How many steps did it take you to complete the activity?

What time did each step take and how much time was delayed between steps?

What was the average time each attempt took? Calculate the average of each repetition. Include your data following the assignment one example provided under Instructor Insights – My Professor Tab.

Differentiate the main actions between doing and improving your activities. Use the textbook to support your explanation. See page 7-9.

Determine the overall manner in which variation has affected your activities. Explain what is variation and the importance of the standard deviation in a process? You will need to calculate the standard deviation of each attempt. Include your data and calculation. See page 13-14 to support your answer.

Overall, how much time were you able to cut down on when engaging in the same activity while implementing the new changes?

 

MAT510 Business Statistics

Week 2 Homework Assignment 2

Explain the importance of variation to health care organizations and answer the following questions in the space provided below.

What might be the key processes for health care organizations?

What are the potential common causes of variation that would have an impact on the key processes of health care organizations?

What special causes might be more important than the others?

How might health care organizations’ business environment be dynamic and change over time?

 

MAT510 Business Statistics

Week 3 Homework Assignment 3

Touring a Process. Select a place of your choice (for example, a supermarket, doctor’s office, library, post office, department store, et cetera) and observe one or more key processes, the associated suppliers, inputs, process steps, outputs, customers, the measurement systems, and how the measurements are used to manage and improve the process. Include these items:

Company visited.

Process observed.

SIPOC elements.

Process measurements.

Process management systems used.

 

MAT510 Business Statistics

Week 4 Case Study

Case Study 1: Understanding Process Measurement Variation

For this assignment, you will need to conduct an experiment then create visuals that will be placed within a PowerPoint presentation to present your findings. Your presentation should be easy to read and have a consistent design theme throughout. Please view the first four chapters in the following LinkedIn Learning course on PowerPoint Essentials before creating your presentation:

PowerPoint2019 Essential Training.

Read the following experimental variation scenario:

To help you learn about measurement variation, try this experiential learning exercise. (We are indebted to Alan Goodman, DuPont Company, Wilmington, Delaware, for bringing this exercise to our attention.)

You have started a new business providing height measurements of humans. Your customers expect accurate and precise measurements. You offer two methods of measurement: a yardstick or a meter stick, and a tape measure. You need to test the two methods to evaluate their performance and provide the results to your customers.

For this experiment you will need the following tools:

A yardstick or meterstick.

A tape measure.

Access to an entrance door that is 6 feet or taller.

A group of 20 or more people (they do not have to be gathered at the same time, but it should be 20 different people that participate).

You will test Method 1 in this way:

Identify a group of 20 or more people.

Ask the group of 20 or more people to measure the height of the entrance door that is approximately 6 feet or taller. Be sure that the entrance door is the same for each member of the group.

Each person will measure the height of the door using the yardstick or the meterstick and will silently report the measurement to you or to someone you have designated as the data collector.

You will then tabulate the data and plot each measurement on a run or sequence chart. No deviation from the prescribed method is allowed.

In Method 2, you may use the same, or a different, group of 20 or more people and the same or a different entrance door.

This time, the group will use the tape measure in any way the group members desire.

Again, each person silently reports the measurement of the entrance door to you or a designated data collector, and you will tabulate and plot each data point.

You will then create a PowerPoint presentation that includes each of the following items:

Compare the accuracy and precision of the two methods using graphical and analytical methods. Which method was more accurate? Develop a flow chart for each method in which you specify the key problems that might be present. Develop the supplier, input, process steps, output, and customer (SIPOC) model to analyze the process of both methods. This can also be done in the flow chart. (Please reference these instructions on how to create a flow chart in Microsoft Word.)

Analyze the flow chart and SIPOC model to identify opportunity for improvement (OFI). Next, categorize whether the OFI are caused by special causes or common causes variations. Provide a rationale for your response. Which method of measurement would you recommend? Why? Should different methods be used under different circumstances? Consider the role of different customer segments.

Discuss the feelings the group(s) had when using the two methods. What were the differences between the two sets of feelings? Are these differences important?

Use Basic Search: Strayer University Online Library to identify at least two quality references to support your discussion.

Your assignment must follow these formatting requirements:

A PPT presentation with at least 8 slides that include the responses to numbers 1 through 3 above.

A references slide which follows APA format. Check with your professor for any additional instructions.

Formatting of the slides should be consistent and easy to read.

Cover slide containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date.

Note: The cover and the reference slides are not included in the required assignment slides length.

The specific course learning outcome associated with this assignment is:

Design strategies to enhance organizational performance that are informed by the principals of statistical thinking.

 

MAT510 Business Statistics

Week 6 Homework Assignment 4

The data in the table below lists country code and the order to remittance (OTR) time for hardware/software installations for the last 76 installations (from first to last). OTR is the time it takes from an order being placed until the system is installed and we receive payment (remittance). Because this company does business internationally, it also notes the country of installation using a country code. This code is listed in the first column.

Country Code and OTR Cycle Time for Software Systems Installation

Country Code     Cycle Time         Country Code     Cycle Time

1           20         5           29

1           24         6           40

1           46         7           157

1           26         8           19

14         38         5           24

1           15         1           81

1           15         7           53

17         23         7           26

1           31         1           28

1           31         1           34

6           64         1           34

5           29         7           50

5           44         1           52

1           32         1           19

1           15         1           44

7           11         14         150

7           14         7           29

1           89         17         23

17         41         6           79

7           41         17         13

1           36         6           32

8           43         7           61

17         21         8           42

8           28         8           46

7           18         7           88

8           47         14         24

6           26         7           7

6           47         1           33

5           9           5           129

7           42         17         41

5           5           17         43

6           27         14         42

6           27         14         42

1           33         7           53

7           44         7           53

1           21         7           48

1           22         5           21

1           50         1           19

Use the date in table above and answer the following questions in the space provided below:

Does the OTR time appear to be stable? Why or why not?

If you were to use a control chart to evaluate stability, which chart would you use? Why?

What can you learn about the distribution of the installation process?

Does it appear that the country has an impact on installation time? Why or why not?

 

MAT510 Business Statistics

Homework 7 Assignment 5

The data in the table below is from a study conducted by an insurance company to determine the effect of changing the process by which insurance claims are approved. The goal was to improve policyholder satisfaction by speeding up the process and eliminating some non-value-added approval steps in the process. The response measured was the average time required to approve and mail all claims initiated in a week. The new procedure was tested for 12 weeks, and the results were compared to the process performance for the 12 weeks prior to instituting the change.

             Table: Insurance Claim Approval Times (days)

    Old Process                              New Process

Week   Elapsed Time               

Week   Elapsed Time

1           31.7                   13         24

2           27                      14         25.8

3           33.8                   15         31

4           30                      16         23.5

5           32.5                   17         28.5

6           33.5                   18         25.6

7           38.2                   19         28.7

8           37.5                   20         27.4

9           29                      21         28.5

10         31.3                   22         25.2

11         38.6                   23         24.5

12         39.3                   24         23.5

Use the date in table above and answer the following questions in the space provided below:

1.          What was the average effect of the process change? Did the process average increase or decrease and by how much?

2.          Analyze the data using the regression model y = b0 + b1x, where y = time to approve and mail a claim (weekly average), x = 0 for the old process, and x = 1 for the new process.

3.          How does this model measure the effect of the process change?

4.          How much did the process performance change on the average? (Hint: Compare the values of b1 and the average of new process performance minus the average of the performance of the old process.)

 

MAT510 Business Statistics

Week 8 Case Study 2

Case Study 2: Mortgage Approval Time Study

Read the following case study:

A major financial services company wishes to better understand its mortgage approval process. In particular, the company is interested in learning about the effects of credit history (good versus fair), the size of the mortgage (<$500,000 versus >$500,000), and the region of the United States (western versus eastern) on the amount of time it takes to get a mortgage approved. The database of mortgages approved in the last year is accessed, and a random sample of five approved mortgages is selected for each of the eight combinations of the three variables. The data are shown in the table

Mortgage Approval Time Study

Credit History	Mortgage Size	Region	Approval Times (days)	Approval Times (days)	Approval Times (days)	Approval Times (days)	Approval Times (days)
Good	<$500,000	Western	59	50	64	62	47
Fair	<$500,000	Western	81	58	69	65	74
Good	>$500,000	Western	38	52	58	60	65
Fair	>$500,000	Western	146	159	133	143	129
Good	<$500,000	Eastern	28	26	38	41	21
Fair	<$500,000	Eastern	42	53	40	50	64
Good	>$500,000	Eastern	49	31	49	42	38
Fair	>$500,000	Eastern	106	115	126	118	138

 

First, conduct an analysis using the following steps:

Use the data shown in the table to conduct a design of experiment (DOE) in Microsoft Excel in order determine the nature and magnitude of the effects of the three variables on mortgage approval times. What are the key drivers of this process?

Determine the graphical display tool (e.g., Interaction Effects Chart, Scatter Chart, et cetera) that you would use to present the results of the DOE that you conducted in Question 1. Provide a rationale for your response.

Assess the data sampling method. Our sample contained only five mortgages per combination. Under what circumstances would it have been appropriate to select a larger sample? Is a sample of five mortgages adequate to access the relative magnitudes of the effects of the variables? What sample size would you recommend? What could you learn from a larger sample size? (Hint: Look back at chapter 2, 3, 5, and 6 for discussion of sampling.)

Provide other variable responses that might be of interest to measure and study. (Hint: If you were getting a mortgage or a loan, what are the two most important measures of the process you would have to go through?)

Propose one overall recommendation to the financial services company, based on the DOE, that could help reduce mortgage approval times.

Use Basic Search: Strayer University Online Library to identify at least two quality references to support your discussion. Note: Wikipedia and other websites do not qualify as academic resources.

Second, create a PPT presentation to communicate the data analysis you completed. Your presentation must follow these formatting require