Mat540 Mid-Term

Question 1 .5 out of 5 points

Correct Deterministic techniques assume that no uncertainty exists in model parameters.

Answer

Selected Answer: True

Correct Answer: True

. Question 2 .5 out of 5 points

Correct 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 3 .5 out of 5 points

Correct A continuous random variable may assume only integer values within a given interval.

Answer

Selected Answer: False

Correct Answer: False

. Question 4 .5 out of 5 points

Correct 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

Correct Excel can only be used to simulate systems that can be represented by continuous random variables.

Answer

Selected Answer: False

Correct Answer: False

. Question 6 .5 out of 5 points

Correct 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

Correct 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

Correct Data cannot exhibit both trend and cyclical patterns.

Answer

Selected Answer: False

Correct Answer: False

. Question 9 .5 out of 5 points

Correct In Bayesian analysis, additional information is used to alter the __________ probability of the occurrence of an event.

Answer

Selected Answer: marginal

Correct Answer: marginal

. Question 10 .5 out of 5 points...