STATS FINAL EXAM MULTIPLE CHOICE QUIZ 2015

Question

STATS FINAL EXAM MULTIPLE CHOICE QUIZ 2015

Question # 00100858 Posted By: expert-mustang Updated on: 09/05/2015 02:13 AM Due on: 09/16/2015

Subject Statistics Topic General Statistics Tutorials:

Question

QUESTION 1

1. Which of the following statements is true about EVPI?

		EVPI is zero if one follows the aggressive strategy.
		EVPI is negative if one follows the conservative strategy.
		It is the maximum improvement in the objective if all the information is perfectly known.
		EVPI can be negative or positive depending on the type of objective.

5 points

QUESTION 2

1. One of the following is true about Linear Programming

		The objective function must be linear but the constraints can be non-linear
		Each constraint should have the "Max" function.
		All the constraints must be linear in the decision variable.
		All problems will have at least one feasible solution.

5 points

QUESTION 3

1. Use the data in the attached excel file to determine the slope coefficients in a multiple variable regression with Sales as the dependent variable and AdExp and ShelfSpc as independent variables. (We are trying to predict the sales of a product based on how much was the advertising expense and how much was the shelf space allocated).
Canveg.xls
The slope coefficient for AdExp is and the slope coefficient for ShelfSpcis . (Provide at least two decimal points)

5 points

QUESTION 4

1. Which of the following report is NOT generated by Solver?

		Answer report
		Optimal report
		Limits Report
		Sensitivity report

5 points

QUESTION 5

1. Which of the following is False?

		You work from right to left to find the optimal decision.
		Decision trees cannot be used to model uncertainty.
		Decision trees can be used to model uncertainty.
		Decision trees consist of nodes and branches

5 points

QUESTION 6

1. Starbucks needs to decide how many muffins and how many croissants to produce each day. The profit per muffin is $2 and the profit per croissant is $1.5. On an average, each muffin takes 3 minutes of labor time and 3 minutes of oven time (of course they are produced in batches. For simplification I have given you the time per piece). Croissants take 10 minutes of labor time and 1 minute of oven time. Starbucks can have its labor dedicated for a maximum of 2 hours every day. The oven time is limited to 6 hours during the night.

Let m be the number of muffins and c be the number of croissants produced in a day. The correct algebraic form for the constraint on oven time available is:



3m+c <=360 (correct)

5 points

QUESTION 7

1. The demand for a product is Normally distributed with mean 2000 and standard deviation 150. What is the probability that demand is between 1800 and 2250, that is P(1800<X<2250)? Choose the best possibleanswer (just ONE answer).

		0.139
		None of the above or below
		-0.0004
		0.0912
		0.861

5 points

QUESTION 8

1. Which of the following is true for Binomial distribution?

		Can be used to approximate many other distributions.
		There are only two possible outcomes - Success and Failure
		Is a continuous distribution.
		All outcomes are equi-probable (Probability is the same for all outcomes)

5 points

QUESTION 9

1. Refer to the pay-off matrix consisting of profit information below. Calculate the Opportunity loss if you choose Investment B and Scenario B occurs.

	Scenario A	Scenario B	Scenario C
Investment A	5000	10000	-2000
Investment B	6000	-1000	3000
Investment C	0	2000	5000

2.

5 points

QUESTION 10

1. Given the following output from solver, which of the following statements are true? (Choose ALL the true statements. Choosing False statements will incur negative marking)

Option 2 and 3

5 points

QUESTION 11

1. Use Exponential smoothing with alpha=0.3 to forecast the sales for 2015 using the data given below (Use two decimal points):

2012	187
2013	191
2014	150

2.

5 points

QUESTION 12

1. Refer to the pay-off matrix consisting of profit information below. Based on Average pay-off strategy, the investment to be chosen is (mention the investment letter) and the corresponding average pay-off is (keep two decimals).

	Scenario A	Scenario B	Scenario C
Investment A	5000	8000	-2000
Investment B	7600	-1000	6500
Investment C	0	2000	10500

5 points

QUESTION 13

1. Sales for the past eight quarters is given in the table below. Calculate the Seasonality Index for the second quarter. (Keep two decimals)

Period	Sales
2013 Q1	27
2013 Q2	32
2013 Q3	45
2013 Q4	54
2014 Q1	20
2014 Q2	41
2014 Q3	62
2014 Q4	68

2.

5 points

QUESTION 14

1. Refer to the decision tree attached. The pay-offs are profit values under each scenario. The best decision is (type "A" for Invest and "B" for Do not Invest) and the expected pay-off is .

5 points

QUESTION 15

1. Refer to the image below. As you can see the minimum number of first class tickets to be sold is currently 12. The minimum number of first class tickets has been increased to 17 (plus five). Profit will then increase or decrease by (use two decimals. Use + sign for increase in profit and - sign for decrease in profit. For example type "+100" for an increase of 100 in profit and type "-100" for a decrease of 100 in profit)

5 points

QUESTION 16

1. After I ran a regression between Exercise Time in minutes (X) and calories burnt (Y), I got the coefficient for the Intercept as 50 and the coefficient for Exercise time as 5. Then the expected calories burnt after exercising for 30 minutes is [x]

5 points

QUESTION 17

1. The frequency distribution of height of basketball players are given below. Find the two missing numbers based on the information given below:

Height (Upper limit)	Frequency	Cumulative Frequency
60	22	22
65		39
70	14	53
75	6	59
80	24
85	25	108

2.
The missing number in the Frequency column is and the missing number in the Cumulative Frequency column is .

5 points

QUESTION 18

1.

The Ranger group of industries has a factory that produces action figures based on the estimated demand. The key decision facing the manager is how to allocate the load on each of its two machines to process the action figures during the coming quarter (13 weeks). Two types of machines can be used: Captain and Regular. Captain machine takes 7 minutes (machine time) to produce figures and Regular machine takes 6 minutes (machine time) to produce figures. It costs 1.3 $ per figure at the Captain machine and 1.35$ at the Regular machine. It takes on an average 5 minutes of labor time at the Captain machine and 2 minutes of labor time at the Regular machine.

The factory has 30 regular machines and 6 captain machines. The machines operate five days a week for 9 hours each day. The factory also has 7000 hours of labor time available for this quarter dedicated to this process. Any action figure that cannot be manufactured in the factory because of limited capacity will be purchased from an external supplier at a cost of 1.7$ per figure. The expected demand for the next quarter is 200,000. The Ranger Group would like to meet this demand at the lowest cost possible.

2. Use Solver to find the optimal solution. The optimal number of figures to outsource to an external supplier in that quarter is (keep two decimals) and the optimal cost in the quarter is (keep two decimals).

3. Hint: It might helpful to setup three decision variables for this model (one for each type of machine and the third for number outsourced). Also convert all time units to hours to maintain consistency.

5 points

QUESTION 19

1. Refer to the sensitivity output below. Which of the following statement is false?

		It is beneficial to decrease the minimum number of first class passengers carried (relax the constraint)
		It is beneficial to increase the minimum number of tourists carried (relax the constraint)
		The optimal solution does not change if the profit per first class ticket increases by $1.
		It is beneficial to increase the total number of passengers carried (relax the constraint).

5 points

QUESTION 20

1. Given the frequency table below, what is the probability that a respondent prefers Brand 2 given that it is a child

	Brand 1	Brand 2
Children	25	75	100
Adults	30	70	100
Total	55	145	200
		75/200
		75/100
		75/145
		None of the above/below

Question 21

1.

Which of the following is true for Binomial distribution?

		Can be used to approximate many other distributions.
		There are only two possible outcomes - Success and Failure
		Is a continuous distribution.
		All outcomes are equi-probable (Probability is the same for all outcomes)

5 points

Question 22

1.

The frequency distribution of height of basketball players are given below. Find the two missing numbers based on the information given below:

Height (Upper limit)	Frequency	Cumulative Frequency
60	20	20
65	8	28
70		54
75	16
80	4	74
85	24	98

The missing number in the Frequency column is Blank 1 and the missing number in the Cumulative Frequency column is Blank 2 .

5 points

Question 23

1.

Refer to the image below. As you can see the minimum number of first class tickets to be sold is currently 12. The minimum number of first class tickets has been increased to 14 (plus two). Profit will then increase or decrease by (use two decimals. Use + sign for increase in profit and - sign for decrease in profit. For example type "+100" for an increase of 100 in profit and type "-100" for a decrease of 100 in profit)

5 points

Question 24

1.

Use the data in the attached excel file to determine the slope coefficients in a multiple variable regression with Sales as the dependent variable and AdExp and ShelfSpc as independent variables. (We are trying to predict the sales of a product based on how much was the advertising expense and how much was the shelf space allocated).
Canveg.xls
The slope coefficient for AdExp is Blank 1 and the slope coefficient for ShelfSpc is Blank 2 . (Provide at least two decimal points)

5 points

Question 25

1.

Given the following output from solver, which of the following statements are true? (Choose ALL the true statements. Choosing False statements will incur negative marking)

		The constraint regarding the minimum number of tourist passengers is binding
		None of the constraints are binding.
		The constraint regarding the minimum number of first class passengers is binding
		The constraint regarding the maximum number of passengers that can be carried is binding.

5 points

Question 26

1.

Which of the following is False?

		Decision trees can be used to model uncertainty.
		Decision trees consist of nodes and branches
		You work from right to left to find the optimal decision.
		Decision trees cannot be used to model uncertainty.

5 points

Question 27

1.

Refer to the sensitivity output below. Which of the following statement is false?

		It is beneficial to decrease the minimum number of first class passengers carried (relax the constraint)
		The optimal solution does not change if the profit per first class ticket increases by $1.
		It is beneficial to increase the minimum number of tourists carried (relax the constraint)
		It is beneficial to increase the total number of passengers carried (relax the constraint).

5 points

Question 28

1.

Refer to the pay-off matrix consisting of profit information below. Based on Average pay-off strategy, the investment to be chosen is Blank 1 (mention the investment letter) and the corresponding average pay-off is Blank 2 (keep two decimals).

	Scenario A	Scenario B	Scenario C
Investment A	8000	10000	-2000
Investment B	12000	-1000	3000
Investment C	0	2000	5000

5 points

Question 29

1.

Given the frequency table below, what is the probability that a respondent prefers Brand 1 given that it is a child

	Brand 1	Brand 2
Children	25	75	100
Adults	30	70	100
Total	55	145	200
		25/200
		25/55
		None of the above/below
		25/100

5 points

Question 30

1.

Starbucks needs to decide how many muffins and how many croissants to produce each day. The profit per muffin is $2 and the profit per croissant is $1.5. On an average, each muffin takes 3 minutes of labor time and 3 minutes of oven time (of course they are produced in batches. For simplification I have given you the time per piece). Croissants take 10 minutes of labor time and 1 minute of oven time. Starbucks can have its labor dedicated for a maximum of 2 hours every day. The oven time is limited to 6 hours during the night.

Let m be the number of muffins and c be the number of croissants produced in a day. The correct algebraic form for the constraint on oven time available is:



	3m+c <= 360

5 points

Question 11

1.

One of the following is true about Linear Programming

		Each constraint should have the "Max" function.
		All the constraints must be linear in the decision variable.
		All problems will have at least one feasible solution.
		The objective function must be linear but the constraints can be non-linear

5 points

Question 12

1.

Use Exponential smoothing with alpha=0.3 to forecast the sales for 2015 using the data given below (Use two decimal points):

2012	154
2013	207
2014	169

5 points

Question 13

1.

The Ranger group of industries has a factory that produces action figures based on the estimated demand. The key decision facing the manager is how to allocate the load on each of its two machines to process the action figures during the coming quarter (13 weeks). Two types of machines can be used: Captain and Regular. Captain machine takes 7 minutes (machine time) to produce figures and Regular machine takes 6 minutes (machine time) to produce figures. It costs 1.3 $ per figure at the Captain machine and 1.35$ at the Regular machine. It takes on an average 5 minutes of labor time at the Captain machine and 2 minutes of labor time at the Regular machine.

The factory has 32 regular machines and 6 captain machines. The machines operate five days a week for 9 hours each day. The factory also has 7000 hours of labor time available for this quarter dedicated to this process. Any action figure that cannot be manufactured in the factory because of limited capacity will be purchased from an external supplier at a cost of 1.7$ per figure. The expected demand for the next quarter is 200,000. The Ranger Group would like to meet this demand at the lowest cost possible.

2. Use Solver to find the optimal solution. The optimal number of figures to outsource to an external supplier in that quarter is Blank 1 (keep two decimals) and the optimal cost in the quarter is Blank 2 (keep two decimals).

3. Hint: It might helpful to setup three decision variables for this model (one for each type of machine and the third for number outsourced). Also convert all time units to hours to maintain consistency.

5 points

Question 14

1.

Refer to the decision tree attached. The pay-offs are profit values under each scenario. The best decision is Blank 1 (type "A" for Invest and "B" for Do not Invest) and the expected pay-off is Blank 2 .

5 points

Question 15

1.

After I ran a regression between Exercise Time in minutes (X) and calories burnt (Y), I got the coefficient for the Intercept as 50 and the coefficient for Exercise time as 5. Then the expected calories burnt after exercising for 30 minutes is [x]

5 points

Question 16

1.

Which of the following report is NOT generated by Solver?

		Sensitivity report
		Answer report
		Limits Report
		Optimal report

5 points

Question 17

1.

Which of the following statements is true about EVPI?

		EVPI can be negative or positive depending on the type of objective.
		It is the maximum improvement in the objective if all the information is perfectly known.
		EVPI is zero if one follows the aggressive strategy.
		EVPI is negative if one follows the conservative strategy.

5 points

Question 18

1.

The demand for a product is Normally distributed with mean 2000 and standard deviation 150. What is the probability that demand is between 1800 and 2250, that is P(1800<X<2250)? Choose the best possible answer (just ONE answer).

		-0.0004
		0.861
		None of the above or below
		0.0912
		0.139

5 points

Question 19

1.

Refer to the pay-off matrix consisting of profit information below. Calculate the Opportunity loss if you choose Investment A and Scenario C occurs.

	Scenario A	Scenario B	Scenario C
Investment A	5000	10000	-2000
Investment B	6000	-1000	3000
Investment C	0	12000	5000

5 points

Question 20

1.

Sales for the past eight quarters is given in the table below. Calculate the Seasonality Index for the first quarter. (Keep two decimals)

Period	Sales
2013 Q1	27
2013 Q2	32
2013 Q3	45
2013 Q4	54
2014 Q1	20
2014 Q2	41
2014 Q3	62
2014 Q4	68

5 points

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Solution: STATS FINAL EXAM MULTIPLE CHOICE QUIZ 2015 SOLUTION

Tutorial # 00095238 Posted By: expert-mustang Posted on: 09/05/2015 02:22 AM

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