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Question1

2outof2points
Probabilitytreesareusedonlytocomputeconditionalprobabilities.

Answer

SelectedAnswer:

False

CorrectAnswer:

False

Question2
2outof2points
Iftwoeventsarenotmutuallyexclusive,thenP(AorB)=P(A)+P(B)

Answer

SelectedAnswer:

False

CorrectAnswer:

False

Question3
2outof2points
Seventytwopercentofallobservationsfallwithin1standarddeviationofthemeanifthedata
isnormallydistributed.

Answer

SelectedAnswer:

False

CorrectAnswer:

False

Question4
2outof2points
TheHurwiczcriterionisacompromisebetweenthemaximaxandmaximincriteria.


Answer
SelectedAnswer:

True

CorrectAnswer:

True

Question5
2outof2points
Themaximinapproachinvolveschoosingthealternativewiththehighestorlowestpayoff.

Answer

SelectedAnswer:

False

CorrectAnswer:

False

Question6
2outof2points
Theminimincriterionisoptimistic.

Answer

SelectedAnswer:

True

CorrectAnswer:

True

Question7
2outof2points
Bothmaximinandminimincriteriaareoptimistic.

Answer

SelectedAnswer:

False

CorrectAnswer:

False

Question8
2outof2points
Aprofessorwouldliketoutilizethenormaldistributiontoassigngradessuchthat5%of
studentsreceiveA's.Iftheexamaverageis62withastandarddeviationof13,whatgrade
shouldbethecutoffforanA?(Roundyouranswer.)
Answer
SelectedAnswer:

83
CorrectAnswer:

83

Question9
2outof2points
Themetropolitanairportcommissionisconsideringtheestablishmentoflimitationsonnoise
pollutionaroundalocalairport.Atthepresenttime,thenoiselevelperjettakeoffinone
neighborhoodneartheairportisapproximatelynormallydistributedwithameanof100
decibelsandastandarddeviationof3decibels.Whatistheprobabilitythatarandomly
selectedjetwillgenerateanoiselevelofmorethan105decibels?
Answer
SelectedAnswer:

0.0475

CorrectAnswer:

0.0475

Question10
2outof2points

Thechisquaretestisastatisticaltesttoseeifanobserveddatafita_________.
Answer
SelectedAnswer:

Alloftheabove

CorrectAnswer:

Alloftheabove

Question11
2outof2points
Themaximincriterionresultsinthe
Answer
SelectedAnswer:

maximumoftheminimumpayoffs

CorrectAnswer:

maximumoftheminimumpayoffs

Question12
2outof2points

Agroupoffriendsareplanningarecreationaloutingandhaveconstructedthefollowingpayoff
tabletohelpthemdecidewhichactivitytoengagein.Assumethatthepayoffsrepresenttheir
levelofenjoymentforeachactivityunderthevariousweatherconditions.

Weather
ColdWarmRainy
S1S2S3
Bike:A11086
Hike:A214152
Fish:A3789


Whatistheconservativedecisionforthissituation?
Answer
SelectedAnswer:

A3

CorrectAnswer:

A3

Question13
2outof2points
Abusinessowneristryingtodecidewhethertobuy,rent,orleaseofficespaceandhas
constructedthefollowingpayofftablebasedonwhetherbusinessisbriskorslow.

Themaximaxstrategyis:
Answer

SelectedAnswer:

Buy

CorrectAnswer:

Buy

Question14
2outof2points
Abusinessowneristryingtodecidewhethertobuy,rent,orleaseofficespaceandhas
constructedthefollowingpayofftablebasedonwhetherbusinessisbriskorslow.


Themaximinstrategyis:
Answer
SelectedAnswer:

Lease

CorrectAnswer:

Lease

Question15
2outof2points
Abrandoftelevisionhasalifetimethatisnormallydistributedwithameanof7yearsanda
standarddeviationof2.5years.WhatistheprobabilitythatarandomlychosenTVwilllast
morethan8years?Note:Writeyouranswerswithtwoplacesafterthedecimal,roundingoffas
appropriate.
Answer
SelectedAnswer:

0.34

CorrectAnswer:

EvaluationMethod

CorrectAnswer

ExactMatch

0.34

ExactMatch

.34

CaseSensitivity

Question16
2outof2points

Alifeinsurancecompanywantstoupdateitsactuarialtables.Assumethattheprobability
distributionofthelifetimesoftheparticipantsisapproximatelyanormaldistributionwitha

meanof71yearsandastandarddeviationof3.5years.Whatproportionoftheplan
participantsareexpectedtoseetheir75thbirthday?Note:Writeyouranswerswithtwoplaces
afterthedecimal,roundingoffasappropriate.

Answer
SelectedAnswer:

0.13

CorrectAnswer:

EvaluationMethod

CorrectAnswer

ExactMatch

0.13

ExactMatch

.13

CaseSensitivity

Question17
2outof2points

Agroupoffriendsareplanningarecreationaloutingandhaveconstructedthefollowingpayoff
tabletohelpthemdecidewhichactivitytoengagein.Assumethatthepayoffsrepresenttheir
levelofenjoymentforeachactivityunderthevariousweatherconditions.

Weather
ColdWarmRainy
S1S2S3
Bike:A11086
Hike:A214152
Fish:A3789

Iftheprobabilitiesofcoldweather(S1),warmweather(S2),andrainyweather(S3)are0.2,0.4,
and0.4,respectivelywhatistheEVPIforthissituation?

Answer

SelectedAnswer:

2.8

CorrectAnswer:

EvaluationMethod

CorrectAnswer

ExactMatch

CaseSensitivity

2.8

Question18
2outof2points
Amanagerhasdevelopedapayofftablethatindicatestheprofitsassociatedwithasetof
alternativesunder2possiblestatesofnature.

AltS1S2
1102
228
385

Whatisthehighestexpectedvalue?AssumethattheprobabilityofS2isequalto0.4.

Answer

SelectedAnswer:

6.8

CorrectAnswer:

EvaluationMethod
ExactMatch

Question19
2outof2points

CorrectAnswer
6.8

CaseSensitivity

Considerthefollowingdecisiontree.

Whatistheexpectedvalueforthebestdecision?Roundyouranswertothenearestwhole
number.
Answer
SelectedAnswer:

2100

CorrectAnswer:

EvaluationMethod

CorrectAnswer

ExactMatch

$2100

ExactMatch

$2,100

ExactMatch

2100

ExactMatch

2,100

CaseSensitivity

Question20
2outof2points
ThequalitycontrolmanagerforENTAInc.mustdecidewhethertoaccept(a1),furtheranalyze
(a2)orreject(a3)alotofincomingmaterial.Assumethefollowingpayofftableisavailable.
Historicaldataindicatesthatthereis30%chancethatthelotispoorquality(s1),50%chance
thatthelotisfairquality(s2)and20%chancethatthelotisgoodquality(s3).

Whatisthenumericalvalueoftheminimaxregret?

Answer
SelectedAnswer:

50

CorrectAnswer:

EvaluationMethod
ExactMatch

CorrectAnswer
50

CaseSensitivity