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Strayer MAT540 midterm sets

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Question;Question 1;Deterministic techniques assume that no uncertainty exists in model;parameters.;Answer;True;False;Question 2;A joint probability is the probability that two or more;events that are mutually exclusive can occur simultaneously.;Answer;True;False;Question 3;An inspector correctly identifies defective products 90% of;the time. For the next 10 products, the probability that he makes fewer than 2;incorrect inspections is 0.736.;Answer;True;False;Question 4;A decision tree is a diagram consisting of circles decision;nodes, square probability nodes, and branches.;Answer;True;False;Question 5;Starting conditions have no impact on the validity of a;simulation model.;Answer;True;False;Question 6;A table of random numbers must be normally distributed and;efficiently generated.;Answer;True;False;Question 7;Qualitative methods are the least common type of forecasting;method for the long-term strategic planning process.;Answer;True;False;5 points;Question 8;The Delphi develops a consensus forecast about what will;occur in the future.;Answer;True;False;Question 9;A company markets educational software products, and is;ready to place three new products on the market. Past experience has shown that;for this particular software, the chance of "success" is 80%. Assume;that the probability of success is independent for each product. What is the;probability that exactly 1 of the 3 products is successful?;Answer;0.80;0.032;0.24;0.096;Question 10;In Bayesian analysis, additional information is used to;alter the __________ probability of the occurrence of an event.;Answer;marginal;conditional;binomial;revised;Question 11;The __________ is the maximum amount a decision maker would;pay for additional information.;Answer;expected opportunity loss;expected value;expected;value of perfect information;none of the above;Question 12;Pseudorandom numbers exhibit __________ in order to be;considered truly random.;Answer;a limited number of possible outcomes;a;uniform distribution;a detectable pattern;a detectable run of certain numbers;Question 13;A seed value is a(n);Answer;steady state solution of a simulation experiment;number;used to start a stream of random numbers;first run of a simulation model;analytic solution of a simulation experiment;Question 14;Two hundred simulation runs were completed using the probability of a;machine breakdown from the table below. The average number of breakdowns;from the simulation trials was 1.93 with a standard deviation of 0.20.;No. of breakdowns per week;Probability;Cumulative probability;0;.10;.10;1;.25;.35;2;.36;.71;3;.22;.93;4;.07;1.00;What is the probability of 2 or fewer breakdowns?;Answer;.10;.25;.35;.71;Question 15;In the Monte Carlo process, values for a random variable are;generated by __________ a probability distribution.;Answer;sampling;from;running;integrating;implementing;Question 16;Consider the following graph of sales.;Which of the following characteristics is exhibited by the data?;Answer;Trend only;Trend plus seasonal;Cyclical only;None of;the above;Question 17;Given the following data on the number of pints of ice cream sold at a;local ice cream store for a 6-period time frame;If the forecast for period 5 is equal to 275, use exponential smoothing;with? =.40 to compute a forecast for period 7.;Answer;273;277;267.8;286.2;Question 18;__________ is absolute error as a percentage of demand.;Answer;Cumulative error;MAD;MAPD;Average error;Question 19;The U.S. Department of Agriculture estimates that the yearly yield of;limes per acre is distributed as follows;Yield, bushels per acre;Probability;350;.10;400;.18;450;.50;500;.22;The estimated average price per bushel is $16.80.;What is the expected yield of the crop?;Answer;425;442;440;475;Question 20;__________ is a category of statistical techniques that uses;historical data to predict future behavior.;Answer;Qualitative methods;Regression;Time;series;Quantitative methods;Question 21;__________ is a linear regression model relating demand to;time.;Answer;Linear;trend;Linear regression;Forecast demand;Linear equation;Question 22;Coefficient of determination is the percentage of the;variation in the __________ variable that results from the __________ variable.;Answer;dependent, dependent;independent, dependent;dependent;independent;independent, independent;Question 23;__________ is a measure of the strength of the relationship;between independent and dependent variables.;Answer;Correlation;Linear regression;Coefficient of determination;Regression;Question 24;__________ methods are the most common type of forecasting;method for the long-term strategic planning process.;Answer;Regression;Qualitative;Time series;all of the above;Question 25;The drying rate in an industrial process is dependent on many factors;and varies according to the following distribution.;Compute the mean drying time. Use two places after the decimal.;Answer;Question 26;An online sweepstakes has the following payoffs and probabilities.;Each person is limited to one entry.;The probability of winning at least $1,000.00 is;Question 27;An automotive center keeps tracks of customer complaints received each;week. The probability distribution for complaints can be represented as a;table or a graph, both shown below. The random variable xi represents;the number of complaints, and p(xi) is the probability of receiving;xi complaints.;xi;0;1;2;3;4;5;6;p(xi);.10;.15;.18;.20;.20;.10;.07;What is the average number of complaints received per week? Round your answer;to two places after the decimal.;Answer;Question 28;A life insurance company wants to estimate their annual payouts. Assume;that the probability distribution of the lifetimes of the participants is;approximately a normal distribution with a mean of 68 years and a standard;deviation of 4 years. What proportion of the plan recipients would receive;payments beyond age 75? Round your answer to four places after the;decimal.;Answer;Question 29;An investor is considering 4 different opportunities, A, B, C, or;D. The payoff for each opportunity will depend on the economic;conditions, represented in the payoff table below.;Economic Condition;Poor;Average Good;ExcellentInvestment (S1);(S2);(S3) (S4);A;50;75 20;30;B;80;15;40 50;C;-100;300;-50;10;D;25;25;25;25;If the probabilities of each economic condition are 0.5, 0.1, 0.35, and 0.05;respectively, what is the highest expected payoff?;Answer;Question 30;The local operations manager for the IRS must decide whether to hire 1;2, or 3 temporary workers. He estimates that net revenues will vary with how;well taxpayers comply with the new tax code. The following payoff table is;given in thousands of dollars (e.g. 50 = $50,000).;If he uses the maximin criterion, how many new workers will he hire?;Answer;Question 31;Consider;the following probability distribution;Demand;Probability;0;0.15;1;0.30;2;0.25;3;0.15;4;0.15;Partition;100 numbers from 0 to 99 according to the probability of each demand value;starting with 0. A number from the 100 numbers is going to be selected. What is;the corresponding demand value if 62 is selected?;Solution;Question 32;Robert wants to know if there is a relation between money spent on;gambling and winnings.;What is the coefficient of determination? Note: please report your answer;with 2 places after the decimal point.;Answer;Question 33;Daily highs in Sacramento for the past week (from least to most recent);were: 95, 102, 101, 96, 95, 90 and 92. Develop a forecast for today;using a weighted moving average, with weights of.6,.3 and.1, where the;highest weights are applied to the most recent data.;Answer;Question 34;Given the following data on the number of pints of ice cream sold at a;local ice cream store for a 6-period time frame;Compute a 3-period moving average for period 6. Use two places after the;decimal.;Answer;Question 35;The following sales data are available for 2003-2008;Year;Sales;Forecast;2003;7;9;2004;12;10;2005;14;15;2006;20;22;2007;16;18;2008;25;21;Calculate the absolute value of the average error. Use three significant digits;after the decimal;Question 36;The following data summarizes the historical demand for a product.;Month;Actual Demand;March;20;April;25;May;40;June;35;July;30;August;45;Use exponential smoothing with? =.2 and the smoothed forecast for July;is 32. Determine the smoothed forecast for August.;Answer;Question 37;The following data summarizes the historical demand for a product;Month;Actual Demand;March;20;April;25;May;40;June;35;July;30;August;45;If the forecasted demand for June, July and August is 32, 38 and 42;respectively, what is MAPD? Write your answer in decimal form and not in;percentages. For example, 15% should be written as 0.15. Use three significant;digits after the decimal.;Answer;Question 38;Consider the following annual sales data for 2001-2008.;Year;Sales;2001;2;2002;4;2003;10;2004;8;2005;14;2006;18;2007;17;2008;20;Calculate the correlation coefficient. Use four significant digits after the;decimal.;Question 39;This is the data from the last 4 weeks;Use the equation of the regression line to forecast the increased sales for;when the number of ads is 10.;Answer;Question 40;Given the following data on the number of pints of ice cream sold at a;local ice cream store for a 6-period time frame;Compute a 3-period moving average for period 4. Use two places after the;decimal.;Answer;Midterm exam set 2;? Question;1;5 out of 5 points;Deterministic techniques assume;that no uncertainty exists in model parameters.;Answer;? Question;2;5 out of 5 points;A continuous random variable may;assume only integer values within a given interval.;Answer;? Question;3;5 out of 5 points;An inspector correctly identifies;defective products 90% of the time. For the next 10 products, the probability;that he makes fewer than 2 incorrect inspections is 0.736.;Answer;? Question;4;5 out of 5 points;A decision tree is a diagram;consisting of circles decision nodes, square probability nodes, and branches.;Answer;? Question;5;5 out of 5 points;Excel can only be used to;simulate systems that can be represented by continuous random variables.;Answer;? Question;6;0 out of 5 points;Starting conditions have no;impact on the validity of a simulation model.;Answer;? Question;7;5 out of 5 points;Data cannot exhibit both trend;and cyclical patterns.;? Question;8;5 out of 5 points;The Delphi develops a consensus;forecast about what will occur in the future.;? Question;9;5 out of 5 points;Assume that it takes a college;student an average of 5 minutes to find a parking spot in the main parking lot.;Assume also that this time is normally distributed with a standard deviation of;2 minutes. What time is exceeded by approximately 75% of the college students;when trying to find a parking spot in the main parking lot?;Answer;Selected;Answer;? Question;10;5 out of 5 points;In Bayesian analysis, additional;information is used to alter the __________ probability of the occurrence of an;event.;Answer;Selected;Answer;? Question;11;0 out of 5 points;The __________ is the maximum;amount a decision maker would pay for additional information.;Answer;? Question;12;5 out of 5 points;A seed value is a(n);Answer;Selected;Answer;? Question;13;5 out of 5 points;Consider the following frequency;of demand;If the simulation begins with 0.8102, the simulated value;for demand would be;Answer;Selected;Answer;? Question;14;5 out of 5 points;Random numbers generated by a;__________ process instead of a __________ process are pseudorandom numbers.;Answer;? Question;15;0 out of 5 points;Developing the cumulative;probability distribution helps to determine;Answer;Selected;Answer;? Question;16;5 out of 5 points;__________ is absolute error as a;percentage of demand.;Answer;Selected;Answer;? Question;17;5 out of 5 points;__________ is a category of;statistical techniques that uses historical data to predict future behavior.;Answer;? Question;18;5 out of 5 points;In exponential smoothing, the;closer alpha is to __________, the greater the reaction to the most recent;demand.;Answer;? Question;19;5 out of 5 points;Given the following data on the;number of pints of ice cream sold at a local ice cream store for a 6-period;time frame;If the forecast for period 5 is equal to 275, use;exponential smoothing with? =.40 to compute a forecast for period 7.;? Question;20;5 out of 5 points;Consider the following graph of;sales.;Which of the following characteristics is exhibited by the;data?;Answer;? Question;21;5 out of 5 points;Coefficient of determination is;the percentage of the variation in the __________ variable that results from;the __________ variable.;Answer;? Question;22;0 out of 5 points;Which of the following possible;values of alpha would cause exponential smoothing to respond the most slowly to;sudden changes in forecast errors?;Answer;? Question;23;5 out of 5 points;__________ is a linear regression;model relating demand to time.;Answer;? Question;24;0 out of 5 points;Consider the following demand and;forecast.;Period Demand Forecast;1 7 10;2 12 15;3 18 20;4 22;If MAD = 2, what is the forecast for period 4?;Answer;? Question;25;0 out of 5 points;The drying rate in an industrial;process is dependent on many factors and varies according to the following;distribution.;Compute the mean drying time. Use two places after the;decimal.;Answer;? Question;26;5 out of 5 points;An automotive center keeps tracks;of customer complaints received each week. The probability distribution for;complaints can be represented as a table or a graph, both shown below. The;random variable xi represents the number of complaints, and p(xi) is the;probability of receiving xi complaints.;xi 0 1 2 3 4 5 6;p(xi).10.15.18.20.20.10.07;What is the average number of complaints received per week?;Round your answer to two places after the decimal.;Answer;? Question;27;5 out of 5 points;A life insurance company wants to;estimate their annual payouts. Assume that the probability distribution of the;lifetimes of the participants is approximately a normal distribution with a;mean of 68 years and a standard deviation of 4 years. What proportion of the;plan recipients would receive payments beyond age 75? Round your answer to four;places after the decimal.;Answer;? Question;28;5 out of 5 points;A loaf of bread is normally;distributed with a mean of 22 oz and a standard deviation of 0.5 oz. What is;the probability that a loaf is larger than 21 oz? Round your answer to four;places after the decimal.;Answer;? Question;29;5 out of 5 points;The local operations manager for;the IRS must decide whether to hire 1, 2, or 3 temporary workers. He estimates;that net revenues will vary with how well taxpayers comply with the new tax;code.;If he thinks the chances of low, medium, and high compliance;are 20%, 30%, and 50% respectively, what is the expected value of perfect;information? Round your answer to the nearest dollar.;Answer;? Question;30;5 out of 5 points;An investor is considering 4;different opportunities, A, B, C, or D. The payoff for each opportunity will;depend on the economic conditions, represented in the payoff table below.;Economic Condition;Poor Average Good Excellent;Investment (S1) (S2) (S3) (S4);A 50 75 20 30;B 80 15 40 50;C -100 300 -50 10;D 25 25 25 25;If the probabilities of each economic condition are 0.5;0.1, 0.35, and 0.05 respectively, what is the highest expected payoff?;? Question;31;5 out of 5 points;A normal distribution has a mean;of 500 and a standard deviation of 50. A manager wants to simulate one value;from this distribution, and has drawn the number 1.4 randomly. What is the;simulated value?;Answer;? Question;32;0 out of 5 points;Robert wants to know if there is;a relation between money spent on gambling and winnings.;What is the coefficient of determination? Use two;significant places after the decimal.;Answer;.96;? Question;33;5 out of 5 points;Given the following data, compute;the MAD for the forecast.;Year Demand Forecast;2001 16 18;2002 20 19;2003 18 24;? Question;34;0 out of 5 points;Daily highs in Sacramento for the;past week (from least to most recent) were: 95, 102, 101, 96, 95, 90 and 92.;Develop a forecast for today using a weighted moving average, with weights of;.6,.3 and.1, where the highest weights are applied to the most recent data.;Answer;? Question;35;5 out of 5 points;Given the following data on the;number of pints of ice cream sold at a local ice cream store for a 6-period;time frame;Compute a 3-period moving average for period 6. Use two;places after the decimal.;Answer;Selected;Answer: 246.67;? Question;36;5 out of 5 points;Consider the following annual;sales data for 2001-2008.;Year Sales;2001 2;2002 4;2003 10;2004 8;2005 14;2006 18;2007 17;2008 20;Calculate the correlation coefficient. Use four significant;digits after the decimal.;Answer;? Question;37;0 out of 5 points;The following sales data are;available for 2003-2008;Year Sales Forecast;2003 7 9;2004 12 10;2005 14 15;2006 20 22;2007 16 18;2008 25 21;Calculate the absolute value of the average error. Use three;significant digits after the decimal.;? Question;38;5 out of 5 points;The following sales data are;available for 2003-2008.;Determine a 4-year weighted moving average forecast for;2009, where weights are W1 = 0.1, W2 = 0.2, W3 = 0.2 and W4 = 0.5.;Answer;? Question;39;0 out of 5 points;Daily highs in Sacramento for the;past week (from least to most recent) were: 95, 102, 101, 96, 95, 90 and 92.;Develop a forecast for today using a 2 day moving average.;Answer;? Question;40;5 out of 5 points;The following data summarizes the;historical demand for a product.;Month Actual Demand;March 20;April 25;May 40;June 35;July 30;August 45;Use exponential smoothing with? =.2 and the smoothed;forecast for July is 32. Determine the smoothed forecast for August.

 

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