Your case deals primarily with the concepts of expected value and binomial distributions. This case will be based upon the 2018 NCAA March Madness basketball tournament that will just ended last week. There typically is a lot of news coverage of the brackets and all the teams playing and who is going to win the whole tournament, or how they did with their picks. The previous president of the United States even releases his picks in probably more coverage then when the budget is rolled out. And we have been fortunate to have our own school participate in the tournament in the past couple of years. In previous years Quicken Loans and Warren Buffet offered to give a billion dollars to anyone who got a perfect bracket (picked every team correctly). On one sheet of paper, I would like you to calculate the total number of points you could receive if you got every selection right, the maximum points that are available during each round, the expected number of points that a person would get for the whole tournament, and how many different brackets you would have to pick in order to guarantee yourself getting all the points (four questions). Please show work where practical and to support your answers. Clearly label each question or answer. You can answer the questions in an executive summary format or list them in order. Please describe how you came to the answer in words and use calculations to support your answer. The descriptions can be simple and composed in one or two sentences. Guidelines: The case must be typed, have your name and class and section, and no alterations can be made with pen or pencil (all questions typed and answered and no alterations to the assignment being turned in).

Case Study 2: Mortgage Approval Time StudyDue Week 8 and worth 190 points 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 tableMortgage Approval Time Study Credit History Mortgage Size Region Approval Times (Days)Good <$500,000 Western 59 50 64 62 47Fair <$500,000 Western 81 58 69 65 74Good >$500,000 Western 38 52 58 60 65Fair >$500,000 Western 146 159 133 143 129Good <$500,000 Eastern 28 26 38 41 21Fair <$500,000 Eastern 42 53 40 50 64Good >$500,000 Eastern 49 31 49 42 38Fair >$500,000 Eastern 106 115 126 118 138First, 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, etc.) 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 and 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 http://research.strayer.edu to identify at least two (2) 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 requirements:A PPT presentation with at least 10 slides that include the answers to questions 1 through 5. A reference 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 slides and the reference slides are not included in the required assignment slides length.The specific course learning outcome associated with this assignment is:Develop recommendations to improve business processes, using statistical tools and analysis.

This is a discussion question. The answer should be one to two paragraphs.Topic:Decisions about alpha level may be different, especially as it relates from hard sciences to social sciences. For example, a medical trial for cancer treatments conducts their statistical tests at .0001 – so for every 1 out of 10,000 patients, there may be issues, sickness or even death. For social science, we use alpha .05. We are comfortable with performing research, for example, on students. So we are satisfied with losing 5 out of 100 students or having our results being incorrect 5 out of 100 times. Do you agree with these alpha levels? Why or why not? What if your child’s education and the teacher assigned to him/her would be successful 95 out of 100 times?