Q1: The cumulative relative frequency for the class of 10 – 19 a. is 90 b. is .25 c. is .45 d. cannot be determined from the information given
Answer: CAnswer
Q2: A researcher has collected the following sample data 5 12 6 8 5 6 7 5 12 4 94. Refer to Exhibit 3-2. The median is a. 5 b. 6 c. 7 d. 8
Answer: BAnswer
Q3: A researcher has collected the following sample data. The mean of the sample is 5. 3 5 12 3 2 98. Refer to Exhibit 3-3. The variance is a. 80 b. 4.062 c. 13.2 d. 16.5
Answer: DAnswer
Q4: The standard deviation is a. 8.944 b. 4.062 c. 13.2 d. 16.5
Answer: BAnswer
Q5: The coefficient of variation is a. 72.66per cent b. 81.24per cent c. 264per cent d. 330per cent
Answer: BAnswer
Q6: The interquartile range is a. 1 b. 2 c. 10 d. 12
Answer: BAnswer
Q7: The following is the frequency distribution for the speeds of a sample of automobiles traveling on an interstate highway. Speed Miles per Hour Frequency 50 – 54 2 55 – 59 4 60 – 64 5 65 – 69 10 70 – 74 9 75 – 79 5 35 103. Refer to Exhibit 3-4. The mean is a. 35 b. 670 c. 10 d. 67
Answer: DAnswer
Q8: A change in the right hand side of a constraint changes
Answer: the feasible regionAnswer
Q9: A circular node in a decision tree is called a(n)___ node
Answer: eventAnswer
Q10: A common objective in the product mix problem is
Answer: maximizing profitAnswer
Q11: A manager has only 200 tons of plastic for his company. This is an example of a(n)
Answer: constraint.Answer
Q12: A mathematical model is considered to be valid when
Answer: it accurately represents the relevant characteristics of the object or decisionAnswer
Q13: A payoff matrix depicts___ versus___ with payoffs for each intersection cell
Answer: decision alternatives; states of natureAnswer
Q14: A square node in a decision tree is called a(n)___ node
Answer: decisionAnswer
Q15: A time series which has no significant upward or downward trend is referred to as
Answer: stationaryAnswer
Q16: A variable whose value cannot be predicted or set with certainty is a
Answer: random variableAnswer
Q17: A(n)___ is a course of action intended to solve a problem
Answer: alternativeAnswer
Q18: As the number of periods in the forecast, k, increases
Answer: the moving average prediction will be smootherAnswer
Q19: Binding constraints have
Answer: zero slackAnswer
Q20: How many decision variables are there in a transportation problem which has 5 supply points and 4 demand points
Answer: 20Answer
Q21: Given an objective function value of 150 and a shadow price for resource 1 of 5, if 10 more units of resource 1 are added (assuming the allowable increase is greater than 10), what is the impact on the objective function value
Answer: increase of 50Answer
Q22: In a spreadsheet, input cells correspond conceptually to
Answer: independent variablesAnswer
Q23: In a two-group discriminant analysis problem using regression, why is the midpoint cut-off value used to determine group classification
Answer: Because the value minimizes the probability of misclassification error.Answer
Q24: In the following expression, which is (are) the dependent variable(s): PROFIT = REVENUE – EXPENSES
Answer: ProfitAnswer
Q25: Limited resources are modeled in optimization problems as
Answer: constraintsAnswer
Q26: Regression analysis is a modeling technique
Answer: for analyzing the relationship between dependent and independent variables.Answer
Q27: Seasonality in a time series is indicated by
Answer: regular, repeating patterns in the data around a trend lineAnswer
Q28: The allowable increase for a constraint is
Answer: the amount by which the resource can increase given shadow price.Answer
Q29: The amount of time a customer spends with the server is referred to as
Answer: service timeAnswer
Q30: The best models
Answer: accurately reflect relevant characteristics of the real-world object or decisionAnswer
Q31: The constraints X1 ≥ 0 and X2 ≥ 0 are referred to as
Answer: non-negativity conditions.Answer
Q32: The decision rule which determines the maximum payoff for each alternative and then selects the alternative associated with the largest payoff is the
Answer: maximax decision ruleAnswer
Q33: The number of units to ship from Chicago to Memphis is an example of a(n)
Answer: decisionAnswer
Q34: The objective function for a LP model is 3 X1 + 2 X2. If X1 = 20 and X2 = 30, what is the value of the objective function
Answer: 120Answer
Q35: The standard error measures the
Answer: variability in the actual data around the fitted regression function.Answer
Q36: What are the three common elements of an optimization problem
Answer: decisions, constraints, an objectiveAnswer
Q37: What is the goal in optimization
Answer: Find the decision variable values that result in the best objective function and satisfy all constraints.Answer
Q38: What is queuing theory
Answer: The study of waiting linesAnswer
Q39: What do businesses use queuing theory
Answer: To reduce customer wait time in line.Answer
Q40: Which of the following is the common approach to time-series analysis
Answer: Try several techniques and use the best results.Answer
Q41: A well-designed spreadsheet facilitates
Answer: What if? analysis.Answer
Q42: Why might a forecaster calculate MSE values on just the most recent data in the time-series data set
Answer: The forecaster might be interested in how well the forecasting method performs on the more recent data. Because the most recent data may be a better predictor of future values. c. Because the resulting forecasting function might fit the older data better that the more recent data.Answer
Q43: Decision variables
Answer: can be selected at the discretion of the decision makerAnswer
Q44: The_______ indicates how much the value of the objective function will change as the right-hand side of a constraint is increased by 1
Answer: shadow priceAnswer
Q45: The following linear programming problem has been written to plan the production of two products. The company wants to maximize its profits. X1 = number of product 1 produced in each batch X2 = number of product 2 produced in each batch MAX: 150 X1 + 250 X2 Subject to: 2 X1 + 5 X2 ≤ 200 – resource 1 3 X1 + 7 X2 ≤ 175 – resource 2 X1, X2 ≥ 0 How many units of resource 1 are consumed by each unit of product 1 produced
Answer: 2Answer
Q46: The decision varables in excel are called the
Answer: changing cellsAnswer
Q47: Alternative
Answer: A course of action intended to solve a problem.Answer
Q48: Criteria
Answer: In a decision problem they represent factors that are important to the decision maker.Answer
Q49: States of Nature
Answer: Correspond to future events that are not under the control of the decision maker.Answer
Q50: What does a Payoff Matrix depict
Answer: Decision Alternatives VS States of NatureAnswer
Q51: What does a Payoff Matrix summarize
Answer: The final outcome for each decision alternative.Answer
Q52: MaxiMax Decision Rule
Answer: Determines the maximum payoff for each alternative and then selects the alternative associated with the largest payoff. ** optimistically assumes nature will always be “on our side” regardless of what decision we makeAnswer
Q53: MaxiMin Decision Rule
Answer: Determines the minimum payoff for each alternative and then selects the alternative associated with the largest minimum payoff. ** pessimistically assumes nature will always be “against us” regardless of what decision we makeAnswer
Q54: What is “regret”
Answer: The amount of opportunity lost in making a decision.Answer
Q55: What formula should go into the cell to implement the MaxiMax Decision Rule
Answer: =MAX(Cell w/o absolutes : Cell w/o absolutes) ex : =MAX(B5:B8)Answer
Q56: What formula should go into the cell to implement the MaxiMin Decision Rule
Answer: =MIN(Cell w/o absolutes : Cell w/o absolutes) ex : =MIN(B5:B8)Answer
Q57: What formula should go in cell F5 of the Regret Matrix to compute the regret value
Answer: =MAX(B$5:B$8)-B5Answer
Q58: What formula should go into the cell H5 and copied to H6:H8 of the Regret Table above to implement the MiniMax regret decision rule
Answer: =MAX(F5:G5)Answer
Q59: The coefficients in an LP model (cj, aij, bj) represent
Answer: Numeric Constants.Answer
Q60: The Cell Value column in the Solver Answer Report shows
Answer: Final (optimal) value assumed by each constraint cell.Answer
Q61: Slack
Answer: Difference between the RHS values of the constraints and the final (optimal) value assumed by the LHS.Answer
Q62: A binding greater than or equal to ≥ constraint in a minimization problem means that
Answer: The minimum requirement for the constraint has just been met.Answer
Q63: A binding less than or equal to ≤ constraint in a maximization problem means
Answer: That all of the resource represented by the constraint is consumed in the solution.Answer
Q64: Frequency
Answer: CountAnswer
Q65: Relative Frequency
Answer: Frequency of the class / Sample sizeAnswer
Q66: Frequency Distribution
Answer: A tabular summary of data showing the percentage of observations in each of several non overlapping categoriesAnswer
Q67: Sum of all frequencies for all classes will always equal
Answer: Sample SizeAnswer
Q68: The sum of all relative frequencies for all classes will always equal
Answer: OneAnswer
Q69: In constructing a frequency distribution, as the number of classes are decreased, the class width
Answer: IncreasesAnswer
Q70: In a cumulative frequency distribution, the last class will always have a cumulative frequency equal to
Answer: sample sizeAnswer
Q71: In a cumulative per cent frequency distribution, the last class will have a cumulative per cent frequency equal ton
Answer: 100per centAnswer
Q72: Cross Tabulation
Answer: A tabular method that can be used to summarize the data on two variables simultaneouslyAnswer
Q73: The sum of frequencies for all classes will always equal
Answer: The # of elements in a data setAnswer
Q74: The sum of the percent frequencies for all classes will always equal
Answer: 100Answer
Q75: Class width
Answer: The difference between the lower class limits of adjacent classesAnswer
Q76: Relative Frequency Distribution
Answer: A tabular summary of data showing the fraction or proportion of observations in each of several non overlapping categories or classesAnswer
A tabular summary of a set of data showing the fraction of the total number of items in several classes
Q77: Percent Frequency Distribution
Answer: A tabular summary of data showing the percentage of observations in each of several non overlapping classesAnswer
Q78: Cumulative Frequency Distribution
Answer: A tabular summary of quantitive data showing the number of data values that are less than or equal to the upper class limit of each classAnswer
The total number of data items with a value less than the upper limit for the class is given by the
Q79: Cumulative Relative Frequency Distribution
Answer: A tabular summary of quantitive data showing the fraction or proportion of data values that are less than or equal to the upper class limit of each classAnswer
Q80: Cumulative Percent Frequency Distribution
Answer: A tabular summary of quantitive data showing the percentage of data values that are less than or equal to the upper class limit of each classAnswer
Q81: Stem and Leaf Chart
Answer: A graphical display used to show simultaneously the rank order and shape of a distribution of dataAnswer
