MAT 540 MidTerm EXAM

 Question 1
5 out of 5 points


Deterministic techniques assume that no uncertainty exists in model parameters.

Answer
Selected
Answer: True
Correct Answer:
Tru
e




 Question 2
5 out of 5 points


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

Answer
Selected
Answer: False
Correct Answer:
False




 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
Selected
Answer: False
Correct Answer:
False




 Question 4
5 out of 5 points


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

, Selected
Answer: False
Correct Answer:
False




 Question 5
5 out of 5 points


Starting conditions have no impact on the validity of a simulation model.
Answer
Selected
Answer: False
Correct Answer:
False




 Question 6
5 out of 5 points


A table of random numbers must be normally distributed and efficiently generated.
Answer
Selected
Answer: False
Correct Answer:
False




 Question 7
5 out of 5 points


Qualitative methods are the least common type of forecasting method for the long­term
strategic planning process.
Answer
Selected
Answer: False
Correct Answer:
False




 Question 8
5 out of 5 points


Data cannot exhibit both trend and cyclical patterns.

Answer

, Selected
Answer: False
Correct Answer:
False




 Question 9
0 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
Selected
Answer:
6.4 minutes
Correct Answer:

3.7 minutes



 Question 10
5 out of 5 points


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

Standard
deviation
Correct Answer:

Standard deviation



 Question 11
5 out of 5 points


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