## 01 Feb 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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