Math 540 Midterm

• Question 1
5 out of 5 points Deterministic techniques assume that no uncertainty exists in model parameters. Answer Selected Answer: True
Correct Answer: True • Question 2
5 out of 5 points 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 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 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 Simulation results will always equal analytical results if 30 trials of the simulation have been conducted.
Answer
Selected Answer: False
Correct Answer: False • Question 6
5 out of 5 points Excel can only be used to simulate systems that can be represented by continuous random variables.
Answer
Selected Answer: False
Correct Answer: False • Question 7
5 out of 5 points The Delphi develops a consensus forecast about what will occur in the future.
Answer
Selected Answer: True
Correct Answer: True • Question 8
5 out of 5 points 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 9
5 out of 5 points 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 __________ is a