Quantitative Methods Mid Term Exam Essay

Below is a free essay on "Quantitative Methods Mid Term Exam" from Anti Essays, your source for free research papers, essays, and term paper examples.

Question 1
5 out of 5 points

Deterministic techniques assume that no uncertainty exists in model parameters.

Answer
Selected Answer:   True
Correct Answer:   True

Question 2
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 3
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
Selected Answer:   True
Correct Answer:   True

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

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

Question 6
5 out of 5 points

Simulation results will always equal analytical results if 30 trials of the simulation have been conducted.
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 long-term 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
5 out of 5 points

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...

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