If Z is a standard normal random variable, the area between z = 0.0 and z =1.30 is 0.4032, while the area between z = 0.0 and z = 1.50 is 0.4332. What is the area between z = -1.30 and z = 1.50?

Question 4 options:

	0.8364
	0.0300
	0.0968
	0.0668

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Question 5 (2 points)

Given that Z is a standard normal variable, the value z for which P(Z z) = 0.2580 is

Question 5 options:

	-0.65
	0.758
	0.242
	0.70

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Question 6 (2 points)

Which of the following statements are true?

Question 6 options:

	Probabilities must be nonnegative.
	Probabilities must be negative.
	Probabilities can be any positive value.
	Probabilities can either be positive or negative.

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Question 7 (2 points)

There are two types of random variables, they are

Question 7 options:

	real and unreal
	exhaustive and mutually exclusive
	complementary and cumulative
	discrete and continuous

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Question 8 (2 points)

If Z is a standard normal random variable, then the value z for which P(-z Z z) equals 0.8764 is

Question 8 options:

	1.16
	3.08
	0.3764
	1.54

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Question 9 (3 points)

Assume that a company makes wooden picture frames. Frame style 1 takes 2 hours of skilled labor and 3 linear feet of wood. If the company had 40 hours of skilled labor and 48 linear feet of wood that can be used each week, what is the largest quantity of this item that the company will be able to produce given these resource constraints?

Question 9 options:

	19
	16
	22
	13

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Question 10 (2 points)

Related to sensitivity analysis in linear programming, when the profit increases with a unit increase in a resource, this change in profit is referred to as the:

Question 10 options:

	sensitivity price
	add-in price
	shadow price
	additional profit

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Question 11 (3 points)

Consider the following linear programming problem:

Minimize 5x1 + 6x2 Subject to x1 + 2x2 > 12 3x1 + 2x2 > 24 3x1 + x2 > 15

x1, x2 > 0

What are the optimal decision variables values?

Question 11 options:

	(5,4)
	(4,5)
	(6,3)
	(5,3)

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Question 12 (3 points)

In using a spreadsheet to solve linear programming problems, the changing cells represent the:

Question 12 options:

	total cost of the model
	constraints
	value of the objective function
	decision variables

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Question 13 (3 points)

In using a spreadsheet to solve linear programming problems, the target cell represents the:

Question 13 options:

	total cost of the model
	constraints
	decision variables
	value of the objective function

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Question 14 (3 points)

When formulating an LP spreadsheet model, the changing cells play the role of the decision variables, and the values in these cells can be changed to optimize the objective function.

Question 14 options:

	True
	False

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Question 15 (3 points)

When formulating an LP spreadsheet model, there is a set of designated cells that play the role of the decision variables. These are called the objective cells.

Question 15 options:

	True
	False

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Question 16 (3 points)

If a solution to an LP problem satisfies all of the constraints, we say that it is feasible.

Question 16 options:

	True
	False

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Question 17 (3 points)

Use the data below to determine the relationship between x and y. Choose the best description of the relationship below.

x y 9.5 370 10.0 360 10.0 400 10.0 400 10.3 420 9.1 350 8.6 310

Question 17 options:

	Positive Linear
	Negative Linear
	No Relationship Exists
	Do Not Know

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Question 18 (3 points)

For the data set below, use Excel to determine the slope, the rate of change of y for a one-unit change in x.

Question 18 options:

Spell check

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Question 19 (3 points)

Given the following linear programming model: minimize C = 5x1 + 4x2 subject to 6x1 + 10x2 300 10x1 + 4x2 200 x1, x2 0 Using the Excel Solver tool, its solution as correctly rounded is:

Question 19 options:

	x1 = 20, x2 = 0
	x1 = 1, x2 = 30
	x1 = 56, x2 = 0
	x1 = 10.53, x2 = 23.68

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Question 20 (3 points)

S&V Industries manufactures book cases. Different sizes of cases are kept in inventory. The company has 80 man-hours and 36 pounds of wood available each day. 2 pounds of wood are used to produce case x1 while 6 pounds of woods are used for case x2. Given that the optimal solution is x1 = 6 and x2 = 3.2, how much wood will be unused if the optimal number of bookcases are produced?

Question 20 options:

	none
	4.8 pounds
	8 pounds
	cannot be determined with the information given.
	Do Not Know

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Question 21 (3 points)

Many airline flights are late for arrival. The histogram below displays the number of minutes a sample of schedules flights was late. The number above each bar is the frequency. For example, the second interval reveals that 5 flights were at least 10 minutes late but less than 20 minutes late.What percent of flights were at least 10 minutes late but less than 20 minutes late?(Enter your value in percent notation. For example, enter the value 30% as either 30 or 30%. Do not enter words, spaces, decimal point, or other marks or symbols)

Question 21 options:

Spell check

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Question 22 (3 points)

Karim's Oak Furniture Company manufactures oak tables and chairs. To manufacture the chairs and tables, the wood must be cut, glued, and finished. The labor requirements for the three steps are in the table below, as well as the profit for each table and chair. The available time for the labor requirements are 40 hours for cutting, 40 hours for gluing, and 40 hours for finishing.Karim wants to determine the number of tables and chairs to manufacture in order to maximize profit.What are the decision variables?

Question 22 options:

	x1 = the number of hours to make a table,x2 = the number of hours to make a chair
	x1 = the number of hours required to cut, x2 = the number of hours required to glue, X3 = the number of hours required to finish
	x1 = the number of tables, x2 = the number of chairs
	x1 = the profit per table, x2 = the profit per chair
	Do Not Know

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Question 23 (3 points)

In a production process, the diameter measures of manufactured o-ring gaskets are known to be normally distributed with a mean diameter of 80 mm and a standard deviation of 3 mm. Any o-ring measuring 75 mm or less in diameter is defective and cannot be used. Using Excel, determine the percent or proportion of defective o-rings that will be produced. (Enter the value in either decimal or percent notation. If using decimal notation, enter the value using 4 places to the right of the decimal. If using percent notation, go two places to the right of the decimal. For example, decimal notation might be 0.0768 and percent notation would be 7.68. Do not enter words or symbols)

Question 23 options:

Spell check

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Question 24 (3 points)

The correlation coefficient is always a value between

Question 24 options:

	- 1 and 0
	0 and +1
	0.0 and 100
	-1 and +1
	-1 and 100

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Question 25 (3 points)

Gender and State are examples of which type of data?

Question 25 options:

	Discrete data
	Continuous data
	Categorical data
	Ordinal data

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Question 26 (3 points)

Which of the following are the three most common measures of central location?

Question 26 options:

	Mean, median, and mode
	Mean, variance, and standard deviation
	Mean, median, and variance
	Mean, median, and standard deviation
	First quartile, second quartile, and third quartile

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Question 27 (3 points)

Which of the following are the two most commonly used measures of variability?

Question 27 options:

	Variance and median
	Variance and standard deviation
	Mean and variance
	Mean and range
	First quartile and third quartile

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Question 28 (3 points)

The median can also be described as:

Question 28 options:

	the middle observation when the data values are arranged in ascending order
	the second quartile
	the 50th percentile
	All of the above

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Question 29 (3 points)

A perfect straight line sloping downward would produce a correlation coefficient equal to

Question 29 options:

	+1
	-1
	0
	+2
	-2

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Question 30 (2 points)

The coefficient of determination () can be interpreted as the fraction (or percent) of variation of the

Question 30 options:

	explanatory variable explained by the independent variable
	explanatory variable explained by the regression line
	response variable explained by the regression line
	error explained by the regression line

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Question 31 (2 points)

In regression analysis, the variable we are trying to explain or predict is called the

Question 31 options:

	independent variable
	dependent variable
	regression variable
	statistical variable
	residual variable

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Question 32 (2 points)

In a multiple regression analysis, there are 25 data points and 5 independent variables. If the sum of the squared differences between observed and predicted values of y is 160, then standard error of estimate, denoted by will be:

Question 32 options:

	2.530
	3.464
	2.902
	5.657

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Question 33 (2 points)

In regression analysis, the variables used to help explain or predict the response variable are called the

Question 33 options:

	independent variables
	dependent variables
	regression variables
	statistical variables

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Question 34 (2 points)

A correlation value of zero indicates.

Question 34 options:

	a strong linear relationship
	a weak linear relationship
	no linear relationship
	a perfect linear relationship

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Question 35 (2 points)

Regression analysis asks:

Question 35 options:

	if there are differences between distinct populations
	if the sample is representative of the population
	how a single variable depends on other relevant variables
	how several variables depend on each other

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Question 36 (2 points)

Which of the following is not one of the summary measures for forecast errors that is commonly used?

Question 36 options:

	MAPE (mean absolute percentage error)
	RMSE (root mean square error)
	MAE (mean absolute error)
	MFE (mean forecast error)

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Question 37 (2 points)

Holt’s model differs from simple exponential smoothing in that it includes a term for:

Question 37 options:

	residuals
	trend
	cyclical fluctations
	seasonality

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Question 38 (2 points)

When using exponential smoothing, a smoothing constant must be used. The smoothing constant is a value that:

Question 38 options:

	ranges between 0 and 1
	equals the largest observed value in the series
	ranges between –1 and +1
	represents the strength of the association between the forecasted and observed values

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Question 39 (2 points)

Winters’ model differs from Holt’s model and simple exponential smoothing in that it includes an index for:

Question 39 options:

	seasonality
	trend
	residuals
	cyclical fluctuations

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Question 40 (2 points)

The forecast error is the difference between

Question 40 options:

	the average value and the expected value of the response variable
	the actual value and the forecast
	the explanatory variable value and the response variable value
	this period’s value and the next period’s value

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