Math 540 Essay

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Quantitative Methods Mid term Question 1 Deterministic techniques assume that no uncertainty exists in model parameters. Selected Answer: True Question 2 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. Selected Answer: True Question 3 A joint probability is the probability that two or more events that are mutually exclusive can occur simultaneously. Selected Answer: False Question 4 A decision tree is a diagram consisting of circles decision nodes, square probability nodes, and branches. Selected Answer: False Question 5 A table of random numbers must be normally distributed and efficiently generated. Selected Answer: False Question 6 Starting conditions have no impact on the validity of a simulation model. Selected Answer: False Question 7 Qualitative methods are the least common type of forecasting method for the long-term strategic planning process. Selected Answer: False Question 8 The Delphi develops a consensus forecast about what will occur in the future. Selected Answer: True Question 9 __________ is a measure of dispersion of random variable values about the expected value. Selected Answer: Standard Deviation Question 10 In Bayesian analysis, additional information is used to alter the __________ probability of the occurrence of an event. Selected Answer: Marginal Question 11 The __________ is the maximum amount a decision maker would pay for additional information. Selected Answer: Expected Value of Perfect Information Question 12 In the Monte Carlo process, values for a random variable are generated by __________ a probability distribution. Selected Answer: Sampling from Question 13 Consider the following frequency of demand: If the simulation begins with 0.8102, the

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