1537 Words7 Pages

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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