5 out of 5 points


.gif" alt="Correct">

Deterministic techniques assume that no
uncertainty exists in model parameters.
Answer








Question 2
5 out of 5 points


.gif" alt="Correct">

A joint probability is the probability
that two or more events that are mutually exclusive can occur simultaneously.
Answer








Question 3
5 out of 5 points


.gif" alt="Correct">

A continuous random variable may assume
only integer values within a given interval.
Answer








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 4
5 out of 5 points


.gif" alt="Correct">

A decision tree is a diagram consisting
of circles decision nodes, square probability nodes, and branches.
Answer








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 5
5 out of 5 points


.gif" alt="Correct">

Starting conditions have no impact on the
validity of a simulation model.
Answer








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 6
5 out of 5 points


.gif" alt="Correct">

Excel can only be used to simulate
systems that can be represented by continuous random variables.
Answer








Question 7
5 out of 5 points


.gif" alt="Correct">

The Delphi develops a consensus forecast
about what will occur in the future.
Answer








Question 8
5 out of 5 points


.gif" alt="Correct">

Data cannot exhibit both trend and
cyclical patterns.
Answer








Question 9
5 out of 5 points


.gif" alt="Correct">

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








Question 10
5 out of 5 points


.gif" alt="Correct">

__________ is a measure of dispersion of
random variable values about the expected value.
Answer








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 11
5 out of 5 points


.gif" alt="Correct">

The __________ is the maximum amount a
decision maker would pay for additional information.
Answer








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 12
5 out of 5 points


.gif" alt="Correct">

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








Question 13
5 out of 5 points


.gif" alt="Correct">

In the Monte Carlo process, values for a
random variable are generated by __________ a probability distribution.
Answer








Question 14
5 out of 5 points


.gif" alt="Correct">

Developing the cumulative probability
distribution helps to determine
Answer








Question 15
5 out of 5 points


.gif" alt="Correct">

A seed value is a(n)
Answer




5 out of 5 points


.gif" alt="Correct">

__________ is a linear regression model
relating demand to time.
Answer








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 17
5 out of 5 points


.gif" alt="Correct">

__________ methods are the most common
type of forecasting method for the longterm strategic planning process.
Answer








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 18
5 out of 5 points


.gif" alt="Correct">

__________ is absolute error as a percentage
of demand.
Answer








Question 19
5 out of 5 points


.gif" alt="Correct">

Coefficient of determination is the
percentage of the variation in the __________ variable that results from the
__________ variable.
Answer








Question 20
0 out of 5 points


.gif" alt="Incorrect">

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 21
0 out of 5 points


.gif" alt="Incorrect">

Consider the following graph of sales.
.jpg" alt="https://blackboard.strayer.edu/courses/1/MAT540155VA0151134001/ppg/respondus/exam_Midterm_Exam/image003503a7ec5.jpg">
Which of the following characteristics is exhibited by the data?
Answer








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 22
5 out of 5 points


.gif" alt="Correct">

Which of the following possible values of
alpha would cause exponential smoothing to respond the most slowly to sudden
changes in forecast errors?
Answer








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 23
5 out of 5 points


.gif" alt="Correct">

__________ is the difference between the
forecast and actual demand.
Answer








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 24
5 out of 5 points


.gif" alt="Correct">

__________ is a category of statistical
techniques that uses historical data to predict future behavior.
Answer








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 25
5 out of 5 points


.gif" alt="Correct">

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








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 26
5 out of 5 points


.gif" alt="Correct">

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








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 27
5 out of 5 points


.gif" alt="Correct">

An online sweepstakes has the following
payoffs and probabilities. Each person is limited to one entry.
.jpg" alt="https://blackboard.strayer.edu/courses/1/MAT540155VA0151134001/ppg/respondus/exam_Midterm_Exam/image005503a7ec5.jpg">
The probability of winning at least $1,000.00 is ________.
Answer








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 28
5 out of 5 points


.gif" alt="Correct">

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








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 29
0 out of 5 points


.gif" alt="Incorrect">

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).
.jpg" alt="https://blackboard.strayer.edu/courses/1/MAT540155VA0151134001/ppg/respondus/exam_Midterm_Exam/image007503a7ec5.jpg">
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?
Note: Please express your answer as a whole number in thousands
of dollars (e.g. 50 = $50,000). Round to the nearest whole number, if
necessary.
Answer








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 30
5 out of 5 points


.gif" alt="Correct">

Consider the following decision tree.
.jpg" alt="https://blackboard.strayer.edu/courses/1/MAT540155VA0151134001/ppg/respondus/exam_Midterm_Exam/image008503a7ec5.jpg">
What is the expected value at node 4? Round your answer to the nearest whole
number. Do not include the dollar sign “$” in your answer.
Answer








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 31
0 out of 5 points


.gif" alt="Incorrect">

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








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 32
5 out of 5 points


.gif" alt="Correct">

Given the following data on the number of
pints of ice cream sold at a local ice cream store for a 6period time frame:
.jpg" alt="https://blackboard.strayer.edu/courses/1/MAT540155VA0151134001/ppg/respondus/exam_Midterm_Exam/image004503a7ec5.jpg">
Compute a 3period moving average for period 6. Use two places after the
decimal.
Answer








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 33
5 out of 5 points


.gif" alt="Correct">

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




.gif" alt="https://blackboard.strayer.edu/images/ci/icons/check.gif">

31.6






.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 34
5 out of 5 points


.gif" alt="Correct">

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








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 35
0 out of 5 points


.gif" alt="Incorrect">

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








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 36
5 out of 5 points


.gif" alt="Correct">

Given the following data on the number of
pints of ice cream sold at a local ice cream store for a 6period time frame:
.jpg" alt="https://blackboard.strayer.edu/courses/1/MAT540155VA0151134001/ppg/respondus/exam_Midterm_Exam/image010503a7ec5.jpg">
Compute a 3period moving average for period 4. Use two places after the
decimal.
Answer








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 37
5 out of 5 points


.gif" alt="Correct">

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








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 38
5 out of 5 points


.gif" alt="Correct">

Consider the following annual sales data
for 20012008.
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








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 39
5 out of 5 points


.gif" alt="Correct">

This is the data from the last 4 weeks:
.jpg" alt="https://blackboard.strayer.edu/courses/1/MAT540155VA0151134001/ppg/respondus/exam_Midterm_Exam/image013503a7ec5.jpg">
Use the equation of the regression line to forecast the increased sales for
when the number of ads is 10.
Answer








.gif" alt="https://blackboard.strayer.edu/images/ci/icons/generic_updown.gif">Question 40
0 out of 5 points


.gif" alt="Incorrect">

Robert wants to know if there is a
relation between money spent on gambling and winnings.
.jpg" alt="https://blackboard.strayer.edu/courses/1/MAT540155VA0151134001/ppg/respondus/exam_Midterm_Exam/image012503a7ec5.jpg">
What is the coefficient of determination? Note: please report your
answer with 2 places after the decimal point.
Answer








Thursday, May 9, 2013 8:14:33 PM EDT