Chat with us, powered by LiveChat Suppose that we determine the probability of a warm winter based on the numbe - Writemia

Suppose that we determine the probability of a warm winter based on the numbe

Suppose that we determine the probability of a warm winter
based on the number of warm winters experienced over the past 10 years. In this
case, we have used:
relative
frequency
the
classical method
the
logical method
subjective
probability
None
of the above

Question 2. Question
:
Which of the following is not classified as a qualitative
forecasting model?
Exponential
smoothing
Delphi
method
Jury
of executive opinion
Sales
force composite
Consumer
market survey

Question 3. Question
:
A local ice cream shop sells 10,000 cones of
vanilla-flavored ice cream each year. The cones are ordered from an outside
supplier and it takes 5 days for each shipment of cones to arrive. Ordering
costs are estimated at $15 per order. Carrying costs are $5 per cone per year.
Assume that the ice cream shop is open 250 days a year. What is the average
inventory of cones held in a given ordering cycle?
122.47
244.95
141.42
70.71

Question 4. Question
:
Data for a particular subdivision near downtown Houston
indicate that the average price per square foot for a home is $100 with a
standard deviation of $5 (normally distributed). What is the probability that
the average price per square foot for a home is less than $85?
0.001
0.999
0.618
0.382
None
of the above

Question 5. Question
:
Consider the following payoff table that represents the
profits earned for each alternative (A, B, and C) under the states of nature
S1, S2, and S3.

S1 S2 S3
A $60 $145
$120
B $75 $125
$110
C $95
$85 $130
Refer to the payoff table. What is the expected value under
certainty? Assume P(S1) = 0.5 and P(S2) = 0.25.
$101.25
IN $103.33
$108.33
$116.25
$136.25

Question 6. Question
:
The ability to examine the variability of a solution due to
changes in the formulation of a problem is an important part of the analysis of
the results. This type of analysis is called __________ analysis.
sensitivity
implicit
normal
scale
objective

Question 7. Question
:
The coefficient of determination resulting from a particular
regression analysis was 0.85. What was the slope of the regression line?
0.85
-0.85
0.922
There
is insufficient information to answer the question.
None
of the above

Question 8. Question
:
Consider the following payoff table that represents the
profits earned for each alternative (A, B, and C) under the states of nature
S1, S2, and S3.

S1 S2 S3
A $60 $145
$120
B $75
$125 $110
C $95 $85
$130
Refer to the payoff table. Using the maximax criterion, what
would be the highest expected payoff?
$145
$124
$120
$110
$100

Question 9. Question
:
The classical method of determining probability is:
subjective
probability.
marginal
probability.
objective
probability.
joint
probability.
conditional
probability.

Question 10. Question
:
In a scatter diagram, the dependent variable is typically
plotted on the horizontal axis.
True
False

Question 11. Question
:
Average starting salaries for students using a placement
service at a university have been steadily increasing. A study of the last four
graduating classes indicates the following average salaries: $30,000, $32,000,
$34,500, and $36,000 (last graduating class). What is the predicted starting
salary for the next graduating class using a simple exponential smoothing model
with ? = 0.25? Assume that the initial forecast was $30,000 (so that the
forecast and the actual were the same).
$30,775
$31,500
$32,625
$34,375

Question 12. Question
:
Mutually exclusive events exist if only one of the events
can occur on any one trial.
True
False

Question 13. Question
:
Which of the following is a technique used to determine
forecasting accuracy?
Exponential
smoothing
Moving
average
Regression
Delphi
method
Mean
absolute percent error

Question 14. Question
:
Bob White is conducting research on monthly expenses for
medical care, including over-the-counter medicine. His dependent variable is
monthly expenses for medical care while his independent variable is number of
family members. Below is his Excel output.
Click here to view an Excel version of this output
Midterm Essay #3
Referring to the information above, what is the value of the
correlation coefficient?
55.278
0.695
IN 0.483
0.474

Question 15. Question
:
The diagram below illustrates data with: (Click here to view
a pdf of the diagram.)
a
negative correlation coefficient.
a
zero correlation coefficient.
a
positive correlation coefficient.
a
correlation coefficient equal to +1.
none
of the above

Question 16. Question
:
A plant manager is considering buying additional stamping
machines to accommodate increasing demand. The alternatives are to buy 1
machine, 2 machines, or 3 machines. The profits realized under each alternative
are a function of whether their bid for a recent defense contract is accepted
or not. The payoff table below illustrates the profits realized (in $000’s)
based on the different scenarios faced by the manager.
Alternative
Bid Accepted Bid
Rejected
Buy 1 machine
$10 $5
Buy 2 machines
$30 $4
Buy 3 machines
$40 $2
Using the information above, which alternative should be
chosen based on the Laplace criterion?
Buy
1 machine
Buy
2 machines
Buy
3 machines

Question 17. Question
:
A company is considering producing two new electronic games
designed for the popular Gameboy toy. Based on market data, management believes
there is a 60 percent chance that a cops and robbers game will be successful
and a 40 percent chance that a let’s play house game will be successful. As
these products are completely different, it may be assumed that the success of
one is totally independent of the success of the other. If two products are
introduced to the market, what is the probability that both are successful?
0.12
0.60
0.36
0.24
None
of the above

Question 18. Question
:
Which of the following terms is interchangeable with
quantitative analysis?
Management
science
Economics
Financial
analysis
Statistics
None
of the above

Question 19. Question
:
The best model is a statistically significant model with a
high r-square and few variables.
True
IN
False

Question 20. Question
:
Models that do not involve risk or chance are __________.
probabilistic
models
postoptimality
models
deterministic
models
MIS
models
None
of the above

Question 21. Question
:
A prediction equation for sales and payroll was performed
using simple linear regression. In the regression printout shown below, which
of the following statements is not true?
Click here to view an Excel version of this printout.
Payroll
is a good predictor of Sales based on ? = 0.05.
There
is evidence of a positive linear relationship between Sales and Payroll based
on ? = 0.05.
Payroll
is not a good predictor of Sales based on ? = 0.01.
The
coefficient of determination is equal to 0.833333.
Payroll
is the independent variable.

Question 22. Question
:
Decision variables may also be called parameters.
True
False

Question 23. Question
:
If two events are mutually exclusive, the probability of
both events occurring is simply the sum of the individual probabilities.
True
False

Question 24. Question
:
A plant manager is considering buying additional stamping
machines to accommodate increasing demand. The alternatives are to buy 1
machine, 2 machines, or 3 machines. The profits realized under each alternative
are a function of whether their bid for a recent defense contract is accepted
or not. The payoff table below illustrates the profits realized (in $000’s)
based on the different scenarios faced by the manager.
Alternative
Bid Accepted Bid
Rejected
Buy 1 machine
$10 $5
Buy 2 machines
$30 $4
Buy 3 machines
$40 $2
Refer to the information above. Assume that based on
historical bids with the defense contractor, the plant manager believes that
there is a 65% chance that the bid will be accepted and a 35% chance that the
bid will be rejected.
Which alternative should be chosen using the expected
monetary value (EMV) criterion?
Buy
1 machine
Buy
2 machines
Buy
3 machines

Question 25. Question
:
As one increases the number of periods used in the
calculation of a moving average:
IN
greater emphasis is placed on
more recent data.
less
emphasis is placed on more recent data.
the
emphasis placed on more recent data remains the same.
it
requires a computer to automate the calculations.
one
is usually looking for a long-term prediction.

Question 26. Question
:
If two events are mutually exclusive, then:
their
probabilities can be added.
they
may also be collectively exhaustive.
the
joint probability is equal to 0.
if
one occurs, the other cannot occur.
All
of the above

Question 27. Question
:
Bob White is conducting research on monthly expenses for
medical care, including over-the-counter medicine. His dependent variable is
monthly expenses for medical care while his independent variable is number of
family members. Below is his Excel output.
Click here to view an Excel version of this output
Midterm Essay #3
Referring to the information above, the significance F-test,
is this model a good prediction equation?
Yes
No

Question 28. Question
:
The EMV that a person is willing to give up in order to
avoid the risk associated with a gamble is referred to as the:
risk
premium.
IN certainty equivalent.
EVPI.
EVwPI.
EVSI.

Question 29. Question
:
If the assumptions of regression have been met, errors
plotted against the independent variable will typically show patterns.
True
False

Question 30. Question
:
The condition of improper data yielding misleading results
is referred to as:
garbage
in, garbage out.
break-even
point.
uncontrollable
variable.
postoptimality.
none
of the above.

Question 31. Question
:
A large school district is reevaluating its teachers’
salaries. They have decided to use regression analysis to predict mean
teachers’ salaries at each elementary school. The researcher uses years of
experience to predict salary. The resulting regression equation was:
Y = 24,266.98 + 1,289.10X, where Y = salary, X = years of
experience
Assume a teacher has ten years of experience. What is the
forecasted salary?
$37,157.98
$37,187.88
$38,157.98
$38,187.88

Question 32. Question
:
Suppose that you enter a drawing by obtaining one of 20
tickets that have been distributed. By using the classical method, you can
determine that the probability of your winning the drawing is 0.05.
True
False

Question 33. Question
:
A medium-term forecast is considered to cover what length of
time?
2-4
weeks
1
month to 1 year
2-4
years
5-10
years
20
years

Question 34. Question
:
Given the following distribution:
(Click here to view an Excel version of this table.)
Midterm True-False #33
The expected value is 3.
True
False

Question 35. Question
:
Summing the error values in a regression model is misleading
because negative errors cancel out positive errors.
True
False

Question 36. Question
:
What is the formula for the break-even point of a simple
profit model?
Fixed
cost / variable cost per unit
(Selling
price per unit variable cost per unit) / fixed cost
Fixed
cost / (selling price per unit variable cost per unit)
Fixed
cost / (variable cost per unit selling price per unit)
Selling
price per unit (fixed cost / variable cost per unit)

Question 37. Question
:
A prediction equation for starting salaries (in $1,000s) and
SAT scores was performed using simple linear regression. In the regression
printout shown below, what can be said about the level of significance for the
overall model?
Click here to view an Excel version of this printout.
SAT
is not a good predictor for starting salary.
The
significance level for the intercept indicates the model is not valid.
The
significance level for SAT indicates the slope is equal to zero.
The
significance level for SAT indicates the slope is not equal to zero.
None
of the above

Question 38. Question
:
An urn contains seven blue and three yellow chips. If the
drawing of chips is done with replacement, what is the probability of drawing a
blue chip on the first draw and a yellow chip on the second draw?
0.027
0.210
0.300
0.700

Question 39. Question
:
Testing the data and model should be done before the results
have been analyzed.
True
False

Question 40. Question
:
One purpose of regression is to understand the relationship
between variables.
True
False

Question 41. Question
:
A production process is known to produce a particular item in
such a way that five percent of these are defective. If two items are randomly
selected as they come off the production line, what is the probability that the
second item will be defective?
0.05
0.005
0.18
0.20
None
of the above

Question 42. Question
:
A bakery buys sugar in 15-pound bags. The bakery uses 5000
bags of sugar each year. Carrying costs are $20 per bag per year. Ordering
costs are estimated at $5 per order. Assume that the bakery is open 250 days a
year and its daily demand is estimated at 20 bags. It takes 5 days for each
order of sugar to be filled. What is the maximum inventory held in a given EOQ
cycle?
5000
bags
200
bags
50
100
bags
15
bags

Question 43. Question
:
A local ice cream shop sells 10,000 cones of
vanilla-flavored ice cream each year. The cones are ordered from an outside
supplier and it takes 5 days for each shipment of cones to arrive. Ordering
costs are estimated at $15 per order. Carrying costs are $5 per cone per year.
Assume that the ice cream shop is open 250 days a year. What is the total cost
of ordering and carrying the ice cream cones?
$707.11
$612.37
$1,224.74
$2,121.32

Question 44. Question
:
Given three statistically independent events (A,B,C), the
joint probability of P(ABC) = P(A) P(B) P(C).
True
False

Question 45. Question
:
A __________ is a numerical statement about the likelihood
that an event will occur.
mutually
exclusive construct
collectively
exhaustive construct
variance
probability
standard
deviation

Question 46. Question
:
The number of phone calls coming into a switchboard in the
next five minutes will either be 0, 1, 2, 3, 4, 5, or 6. The probabilities are
the same for each of these (1/7). If X is the number of calls arriving in a
five-minute time period, what is the mean of X?
2
3
4
5
None
of the above

Question 47. Question
:
A controllable variable is also called:
a
parameter.
a
decision variable.
a
mathematical model.
a
measurable quantity.
none
of the above.

Question 48. Question
:
Arrivals in a university advising office during the week of
registration are known to follow a Poisson distribution with an average of four
people arriving each hour. What is the probability that exactly four people
will arrive in the next hour?
0.1813
0.1865
0.1923
0.1954

Question 49. Question
:
Consider the following payoff table that represents the
profits earned for each alternative (A, B, and C) under the states of nature
S1, S2, and S3.

S1 S2 S3
A $60 $145
$120
B $75 $125
$110
C $95 $85
$130
Refer to the payoff table. Using the expected monetary value
(EMV) criterion, what is the highest attainable expected profit? Assume P(S1) =
0.5 and P(S2) = 0.25.
$101.25
$103.33
$108.33
$125
$145

Question 50. Question
:
When the smoothing constant ? = 1, the exponential smoothing
model is equivalent to the nave forecasting model.
True
False

Suppose that we determine the probability of a warm winter
based on the number of warm winters experienced over the past 10 years. In this
case, we have used: relative
frequency the
classical method the
logical method subjective
probability None
of the above Question 2. Question
: Which of the following is not classified as a qualitative
forecasting model? Exponential
smoothing Delphi
method Jury
of executive opinion Sales
force composite Consumer
market survey Question 3. Question
: A local ice cream shop sells 10,000 cones of
vanilla-flavored ice cream each year. The cones are ordered from an outside
supplier and it takes 5 days for each shipment of cones to arrive. Ordering
costs are estimated at $15 per order. Carrying costs are $5 per cone per year.
Assume that the ice cream shop is open 250 days a year. What is the average
inventory of cones held in a given ordering cycle? 122.47 244.95 141.42 70.71 Question 4. Question
: Data for a particular subdivision near downtown Houston
indicate that the average price per square foot for a home is $100 with a
standard deviation of $5 (normally distributed). What is the probability that
the average price per square foot for a home is less than $85? 0.001 0.999 0.618 0.382 None
of the above Question 5. Question
: Consider the following payoff table that represents the
profits earned for each alternative (A, B, and C) under the states of nature
S1, S2, and S3.
S1 S2 S3 A $60 $145
$120 B $75 $125
$110 C $95
$85 $130Refer to the payoff table. What is the expected value under
certainty? Assume P(S1) = 0.5 and P(S2) = 0.25. $101.25 IN $103.33 $108.33 $116.25 $136.25 Question 6. Question
: The ability to examine the variability of a solution due to
changes in the formulation of a problem is an important part of the analysis of
the results. This type of analysis is called __________ analysis. sensitivity implicit normal scale objective Question 7. Question
: The coefficient of determination resulting from a particular
regression analysis was 0.85. What was the slope of the regression line? 0.85 -0.85 0.922 There
is insufficient information to answer the question. None
of the above Question 8. Question
: Consider the following payoff table that represents the
profits earned for each alternative (A, B, and C) under the states of nature
S1, S2, and S3.
S1 S2 S3 A $60 $145
$120 B $75
$125 $110 C $95 $85
$130Refer to the payoff table. Using the maximax criterion, what
would be the highest expected payoff? $145 $124 $120 $110 $100 Question 9. Question
: The classical method of determining probability is: subjective
probability. marginal
probability. objective
probability. joint
probability. conditional
probability. Question 10. Question
: In a scatter diagram, the dependent variable is typically
plotted on the horizontal axis. True
False Question 11. Question
: Average starting salaries for students using a placement
service at a university have been steadily increasing. A study of the last four
graduating classes indicates the following average salaries: $30,000, $32,000,
$34,500, and $36,000 (last graduating class). What is the predicted starting
salary for the next graduating class using a simple exponential smoothing model
with ? = 0.25? Assume that the initial forecast was $30,000 (so that the
forecast and the actual were the same). $30,775 $31,500 $32,625 $34,375 Question 12. Question
: Mutually exclusive events exist if only one of the events
can occur on any one trial. True
False Question 13. Question
: Which of the following is a technique used to determine
forecasting accuracy? Exponential
smoothing Moving
average Regression Delphi
method Mean
absolute percent error Question 14. Question
: Bob White is conducting research on monthly expenses for
medical care, including over-the-counter medicine. His dependent variable is
monthly expenses for medical care while his independent variable is number of
family members. Below is his Excel output.Click here to view an Excel version of this outputMidterm Essay #3Referring to the information above, what is the value of the
correlation coefficient? 55.278 0.695 IN 0.483 0.474 Question 15. Question
: The diagram below illustrates data with: (Click here to view
a pdf of the diagram.) a
negative correlation coefficient. a
zero correlation coefficient. a
positive correlation coefficient. a
correlation coefficient equal to +1. none
of the above Question 16. Question
: A plant manager is considering buying additional stamping
machines to accommodate increasing demand. The alternatives are to buy 1
machine, 2 machines, or 3 machines. The profits realized under each alternative
are a function of whether their bid for a recent defense contract is accepted
or not. The payoff table below illustrates the profits realized (in $000’s)
based on the different scenarios faced by the manager.Alternative
Bid Accepted Bid
RejectedBuy 1 machine
$10 $5Buy 2 machines
$30 $4Buy 3 machines
$40 $2Using the information above, which alternative should be
chosen based on the Laplace criterion? Buy
1 machine Buy
2 machines Buy
3 machines Question 17. Question
: A company is considering producing two new electronic games
designed for the popular Gameboy toy. Based on market data, management believes
there is a 60 percent chance that a cops and robbers game will be successful
and a 40 percent chance that a let’s play house game will be successful. As
these products are completely different, it may be assumed that the success of
one is totally independent of the success of the other. If two products are
introduced to the market, what is the probability that both are successful? 0.12 0.60 0.36 0.24 None
of the above Question 18. Question
: Which of the following terms is interchangeable with
quantitative analysis? Management
science Economics Financial
analysis Statistics None
of the above Question 19. Question
: The best model is a statistically significant model with a
high r-square and few variables. True
IN
False Question 20. Question
: Models that do not involve risk or chance are __________. probabilistic
models postoptimality
models deterministic
models MIS
models None
of the above Question 21. Question
: A prediction equation for sales and payroll was performed
using simple linear regression. In the regression printout shown below, which
of the following statements is not true?Click here to view an Excel version of this printout. Payroll
is a good predictor of Sales based on ? = 0.05. There
is evidence of a positive linear relationship between Sales and Payroll based
on ? = 0.05. Payroll
is not a good predictor of Sales based on ? = 0.01. The
coefficient of determination is equal to 0.833333. Payroll
is the independent variable. Question 22. Question
: Decision variables may also be called parameters. True
False Question 23. Question
: If two events are mutually exclusive, the probability of
both events occurring is simply the sum of the individual probabilities. True
False Question 24. Question
: A plant manager is considering buying additional stamping
machines to accommodate increasing demand. The alternatives are to buy 1
machine, 2 machines, or 3 machines. The profits realized under each alternative
are a function of whether their bid for a recent defense contract is accepted
or not. The payoff table below illustrates the profits realized (in $000’s)
based on the different scenarios faced by the manager.Alternative
Bid Accepted Bid
RejectedBuy 1 machine
$10 $5Buy 2 machines
$30 $4Buy 3 machines
$40 $2Refer to the information above. Assume that based on
historical bids with the defense contractor, the plant manager believes that
there is a 65% chance that the bid will be accepted and a 35% chance that the
bid will be rejected.Which alternative should be chosen using the expected
monetary value (EMV) criterion? Buy
1 machine Buy
2 machines Buy
3 machines Question 25. Question
: As one increases the number of periods used in the
calculation of a moving average: IN
greater emphasis is placed on
more recent data. less
emphasis is placed on more recent data. the
emphasis placed on more recent data remains the same. it
requires a computer to automate the calculations. one
is usually looking for a long-term prediction. Question 26. Question
: If two events are mutually exclusive, then: their
probabilities can be added. they
may also be collectively exhaustive. the
joint probability is equal to 0. if
one occurs, the other cannot occur. All
of the above Question 27. Question
: Bob White is conducting research on monthly expenses for
medical care, including over-the-counter medicine. His dependent variable is
monthly expenses for medical care while his independent variable is number of
family members. Below is his Excel output.Click here to view an Excel version of this outputMidterm Essay #3Referring to the information above, the significance F-test,
is this model a good prediction equation? Yes No Question 28. Question
: The EMV that a person is willing to give up in order to
avoid the risk associated with a gamble is referred to as the: risk
premium. IN certainty equivalent. EVPI. EVwPI. EVSI. Question 29. Question
: If the assumptions of regression have been met, errors
plotted against the independent variable will typically show patterns. True
False Question 30. Question
: The condition of improper data yielding misleading results
is referred to as: garbage
in, garbage out. break-even
point. uncontrollable
variable. postoptimality. none
of the above. Question 31. Question
: A large school district is reevaluating its teachers’
salaries. They have decided to use regression analysis to predict mean
teachers’ salaries at each elementary school. The researcher uses years of
experience to predict salary. The resulting regression equation was:Y = 24,266.98 + 1,289.10X, where Y = salary, X = years of
experienceAssume a teacher has ten years of experience. What is the
forecasted salary? $37,157.98 $37,187.88 $38,157.98 $38,187.88 Question 32. Question
: Suppose that you enter a drawing by obtaining one of 20
tickets that have been distributed. By using the classical method, you can
determine that the probability of your winning the drawing is 0.05. True
False Question 33. Question
: A medium-term forecast is considered to cover what length of
time? 2-4
weeks 1
month to 1 year 2-4
years 5-10
years 20
years Question 34. Question
: Given the following distribution:(Click here to view an Excel version of this table.)Midterm True-False #33The expected value is 3. True
False Question 35. Question
: Summing the error values in a regression model is misleading
because negative errors cancel out positive errors. True
False Question 36. Question
: What is the formula for the break-even point of a simple
profit model? Fixed
cost / variable cost per unit (Selling
price per unit variable cost per unit) / fixed cost Fixed
cost / (selling price per unit variable cost per unit) Fixed
cost / (variable cost per unit selling price per unit) Selling
price per unit (fixed cost / variable cost per unit) Question 37. Question
: A prediction equation for starting salaries (in $1,000s) and
SAT scores was performed using simple linear regression. In the regression
printout shown below, what can be said about the level of significance for the
overall model?Click here to view an Excel version of this printout. SAT
is not a good predictor for starting salary. The
significance level for the intercept indicates the model is not valid. The
significance level for SAT indicates the slope is equal to zero. The
significance level for SAT indicates the slope is not equal to zero. None
of the above Question 38. Question
: An urn contains seven blue and three yellow chips. If the
drawing of chips is done with replacement, what is the probability of drawing a
blue chip on the first draw and a yellow chip on the second draw? 0.027 0.210 0.300 0.700 Question 39. Question
: Testing the data and model should be done before the results
have been analyzed. True
False Question 40. Question
: One purpose of regression is to understand the relationship
between variables. True
False Question 41. Question
: A production process is known to produce a particular item in
such a way that five percent of these are defective. If two items are randomly
selected as they come off the production line, what is the probability that the
second item will be defective? 0.05 0.005 0.18 0.20 None
of the above Question 42. Question
: A bakery buys sugar in 15-pound bags. The bakery uses 5000
bags of sugar each year. Carrying costs are $20 per bag per year. Ordering
costs are estimated at $5 per order. Assume that the bakery is open 250 days a
year and its daily demand is estimated at 20 bags. It takes 5 days for each
order of sugar to be filled. What is the maximum inventory held in a given EOQ
cycle? 5000
bags 200
bags 50 100
bags 15
bags Question 43. Question
: A local ice cream shop sells 10,000 cones of
vanilla-flavored ice cream each year. The cones are ordered from an outside
supplier and it takes 5 days for each shipment of cones to arrive. Ordering
costs are estimated at $15 per order. Carrying costs are $5 per cone per year.
Assume that the ice cream shop is open 250 days a year. What is the total cost
of ordering and carrying the ice cream cones? $707.11 $612.37 $1,224.74 $2,121.32 Question 44. Question
: Given three statistically independent events (A,B,C), the
joint probability of P(ABC) = P(A) P(B) P(C). True
False Question 45. Question
: A __________ is a numerical statement about the likelihood
that an event will occur. mutually
exclusive construct collectively
exhaustive construct variance probability standard
deviation Question 46. Question
: The number of phone calls coming into a switchboard in the
next five minutes will either be 0, 1, 2, 3, 4, 5, or 6. The probabilities are
the same for each of these (1/7). If X is the number of calls arriving in a
five-minute time period, what is the mean of X? 2 3 4 5 None
of the above Question 47. Question
: A controllable variable is also called: a
parameter. a
decision variable. a
mathematical model. a
measurable quantity. none
of the above. Question 48. Question
: Arrivals in a university advising office during the week of
registration are known to follow a Poisson distribution with an average of four
people arriving each hour. What is the probability that exactly four people
will arrive in the next hour? 0.1813 0.1865 0.1923 0.1954 Question 49. Question
: Consider the following payoff table that represents the
profits earned for each alternative (A, B, and C) under the states of nature
S1, S2, and S3.
S1 S2 S3 A $60 $145
$120 B $75 $125
$110 C $95 $85
$130Refer to the payoff table. Using the expected monetary value
(EMV) criterion, what is the highest attainable expected profit? Assume P(S1) =
0.5 and P(S2) = 0.25. $101.25 $103.33 $108.33 $125 $145 Question 50. Question
: When the smoothing constant ? = 1, the exponential smoothing
model is equivalent to the nave forecasting model. True
False

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