# MAT 540 Week 5 MIDTERM EXAM

**RSaleem**

**MAT 540 Week 5 MIDTERM EXAM**

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**·**** 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

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 3 **

5 out of 5 points

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

Simulation results will always equal analytical results if 30 trials of the simulation have been conducted. Answer | ||||

**·**** Question 6 **

5 out of 5 points

A table of random numbers must be normally distributed and efficiently generated. Answer | ||||

**·**** Question 7 **

5 out of 5 points

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

**·**** Question 8 **

5 out of 5 points

Data cannot exhibit both trend and cyclical patterns. Answer | ||||

**·**** 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 | ||||

**·**** 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 | ||||

**·**** Question 11 **

5 out of 5 points

The __________ is the expected value of the regret for each decision. Answer | ||||

**·**** Question 12 **

5 out of 5 points

Consider the following frequency of demand: Answer | ||||

**·**** Question 13 **

5 out of 5 points

Pseudorandom numbers exhibit __________ in order to be considered truly random. Answer | ||||

**·**** Question 14 **

5 out of 5 points

Developing the cumulative probability distribution helps to determine Answer | ||||

**·**** Question 15 **

5 out of 5 points

A seed value is a(n) Answer | ||||

**·**** Question 16 **

5 out of 5 points

__________ is a measure of the strength of the relationship between independent and dependent variables. Answer | ||||

**·**** Question 17 **

5 out of 5 points

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

**·**** Question 18 **

5 out of 5 points

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

**·**** Question 19 **

5 out of 5 points

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

**·**** Question 20 **

5 out of 5 points

Consider the following graph of sales. Answer | ||||

**·**** Question 21 **

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: Answer | ||||

**·**** Question 22 **

5 out of 5 points

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Answer | ||||||||||||||

**·**** Question 23 **

5 out of 5 points

__________ methods are the most common type of forecasting method for the long-term strategic planning process. Answer | ||||

**·**** Question 24 **

5 out of 5 points

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

**·**** Question 25 **

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 26 **

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 27 **

5 out of 5 points

The drying rate in an industrial process is dependent on many factors and varies according to the following distribution. Answer | ||||

**·**** Question 28 **

5 out of 5 points

An online sweepstakes has the following payoffs and probabilities. Each person is limited to one entry. Answer | ||||

**·**** Question 29 **

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. Answer |

**·**** Question 30 **

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. Answer | ||||

**·**** Question 31 **

5 out of 5 points

Consider the following distribution and random numbers: Answer | ||||

**·**** Question 32 **

5 out of 5 points

This is the data from the last 4 weeks: Answer | ||||

**·**** Question 33 **

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: Answer | ||||

**·**** Question 34 **

5 out of 5 points

Given the following data, compute the MAD for the forecast.
Answer | |||||||||||||

**·**** Question 35 **

5 out of 5 points

Consider the following annual sales data for 2001-2008.
Answer | ||||||||||||||||||||||

**·**** Question 36 **

5 out of 5 points

Robert wants to know if there is a relation between money spent on gambling and winnings. Answer | ||||

**·**** Question 37 **

5 out of 5 points

The following data summarizes the historical demand for a product
Answer | ||||||||||||||||||

**·**** Question 38 **

5 out of 5 points

The following sales data are available for 2003-2008. Answer | ||||

**·**** Question 39 **

5 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 sales data are available for 2003-2008 :
Answer |

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