MAT 540 WEEK 4 MIDTERM EXAM LATEST

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MAT 540 Week 4 Midterm Exam Latest

MAT540

MAT 540 Week 4 Midterm Exam Latest

Question 1

Deterministic techniques assume that no uncertainty exists in model parameters.

Question 2

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

Question 3

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.

Question 4

A decision tree is a diagram consisting of circles decision nodes, square probability nodes, and branches.

Question 5

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

Question 6

Simulation results will always equal analytical results if 30 trials of the simulation have been conducted.

Question 7

Data cannot exhibit both trend and cyclical patterns.

Question 8

Qualitative methods are the least common type of forecasting method for the long-term strategic planning process.

Question 9

__________ is a measure of dispersion of random variable values about the expected value.

Question 10

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

Question 11

The __________ is the maximum amount a decision maker would pay for additional information.

Question 12

Developing the cumulative probabilitydistribution helps to determine

Question 13

A seed value is a(n)

Question 14

Random numbers generated by a __________ process instead of a __________ process are pseudorandom numbers.

Question 15

Consider the following frequency of demand:

If the simulation begins with 0.8102, the simulated value for demand would be

Question 16

__________ is absolute error as a percentage of demand.

Question 17

Consider the following demand and forecast.

Period	Demand	Forecast
1	7	10
2	12	15
3	18	20
4	22

If MAD = 2, what is the forecast for period 4?

Question 18

__________ is a linear regression model relating demand to time.

Question 19

__________ is a category of statistical techniques that uses historical data to predict future behavior.

Question 20

Consider the following graph of sales.

Which of the following characteristics is exhibited by the data?

Question 21

Which of the following possible values ofalpha would cause exponential smoothing to respond the most slowly to suddenchanges in forecast errors?

Question 22

__________ is a measure of the strength of the relationship between independent and dependent variables.

Question 23

__________ is the difference between the forecast and actual demand.

Question 24

__________ Methods are the most common type of forecasting method for the long-term strategic planning process.

Question 25

A life insurance company wants to estimate their annual payouts. Assume that the probability distribution of the lifetimes of the participants is approximately a normal distribution with a mean of 68 years and a standard deviation of 4 years.

What proportion of the plan recipients would receive payments beyond age 75?

Round your answer to four places after the decimal.