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Question

Question 1

Assume you have a normal distribution representing the likelihood of completion times. The mean of this distribution is 10, and the standard deviation is 3. The probability of completing the project in 7 or fewer days is the same as the probability of completing the project in 13 days or more.

Question 1 options:

True

False

Question 2

Suppose that 10 golfers enter a tournament and that their respective skill levels are approximately the same. Six of the entrants are female and two of those are older than 40 years old. Three of the men are older than 40 years old. What is the probability that the winner will be either female or older than 40 years old?

Question 2 options:

0.000

1.100

0.900

0.198

0.200

Question 3

Which of the following is not true about continuous random variables?

Question 3 options:

They can only be integer values.

Some may be described by uniform distributions or exponential distributions.

The entire area under each of the curves equals 1.

They have an infinite set of values.

The area under each of the curves represents probabilities.

Question 4

The number of cell phone minutes used by high school seniors follows a normal distribution with a mean of 500 and a standard deviation of 50. What is the probability that a student uses more than 350 minutes?

Question 4 options:

0.999

0.382

0.001

0.618

None of the above

Question 5

By studying a person's Utility Curve, one can determine whether the individual is a risk seeker, risk avoider, or is indifferent to risk.

Question 5 options:

True

False

Question 6

The following is a payoff table giving profits for various situations.

 States of nature Alternatives A B C Alternatives 1 120 140 120 Alternatives 2 200 100 50 Alternatives 3 100 120 180 Do Nothing 0 0 0

What decision would an optimist make?

Question 6 options:

Do Nothing

State of Nature A

Alternative 3

Alternative 2

Alternative 1

Question 7

The following is an opportunity loss table.

What decision should be made based on the minimax regret criterion?

Question 7 options:

Alternative 1

Alternative 2

Alternative 3

Does not matter

State of Nature A

Question 8

An air conditioning and heating repair firm conducted a study to determine if the average outside temperature could be used to predict the cost of an electric bill for homes during the winter months in Houston, Texas. The resulting regression equation was:

Y = 227.19 - 1.45X, where Y = monthly cost, X = average outside air temperature

If the temperature averaged 48 degrees during December, what is the forecasted cost of December's electric bill?

Question 8 options:

157.59

227.19

172.09

None of the above

\$227.19 - \$1.45(48 ) = \$157.59

Question 9

Daily demand for newspapers for the last 10 days has been as follows: 12, 13, 16, 15, 12, 18, 14, 12, 13, 15 (listed from oldest to most recent). Forecast sales for the next day using a two-day moving average.

Question 9 options:

15

13

28

12.5

14

Question 10

Demand for soccer balls at a new sporting goods store is forecasted using the following regression equation: Y = 98 + 2.2X where X is the number of months that the store has been in existence. Let April be represented by X = 4. April is assumed to have a seasonality index of 1.15.What is the forecast for soccer ball demand for the month of April (rounded to the nearest integer)?

Question 10 options:

123

107

100

115

None of the above

Question 11

Which of the following is part of the determination of EOQ?

Question 11 options:

Annual demand

Cost of production labor

Total revenue

Purchase cost

Cost of stockouts

Question 12

Mark Achin sells 3,600 electric motors each year. The cost of these is \$200 each, and demand is constant throughout the year. The cost of placing an order is \$40, while the holding cost is \$20 per unit per year. There are 360 working days per year and the lead-time is 5 days. If Mark orders 200 units each time he places an order, what would his total ordering cost be for the year?

Question 12 options:

\$200

\$2,000

\$720

\$2,720

None of the above

Question 13

Daniel Trumpe has computed the EOQ for a product he sells to be 400 units. However, due to recent events, he has a cash flow problem. Therefore, he orders only 100 units each time he places an order. Which of the following is true for this situation?

Question 13 options:

Annual ordering cost will be higher than annual holding cost.

Annual ordering cost will equal annual holding cost.

Annual ordering cost will be lower than annual holding cost.

Annual ordering cost will be unaffected by the order policy change.

Question 14

Andre Candess manages an office supply store. One product in the store is computer paper. Andre knows that 10,000 boxes will be sold this year at a constant rate throughout the year. There are 250 working days per year and the lead-time is 3 days. The cost of placing an order is \$30, while the holding cost is \$15 per box per year. How many units should Andre order each time?

Question 14 options:

400

200

500

100

None of the above

Question 15

The mathematical theory behind linear programming states that an optimal solution to any problem will lie at a(n) __________ of the feasible region.

Question 15 options:

interior point or center

maximum point or minimum point

interior point or extreme point

corner point or extreme point

none of the above

Question 16

Consider the following linear programming problem:

Maximize                    12X + 10Y

Subject to:                   4X + 3Y ≤ 480

2X + 3Y ≤ 360

all variables ≥ 0

The maximum possible value for the objective function is:

Question 16 options:

360.

1560.

480.

1520.

None of the above

Question 17

The first step in planning and scheduling a project is to develop the __________.

Question 17 options:

PERT/CPM network diagram

work breakdown structure

employee scheduling plan

variance calculations for each activity

critical path

Question 18

A straight line representing all non-negative combinations of X1 and X2 for a particular profit level is called a(n)

Question 18 options:

constraint line.

profit line.

sensitivity line.

objective line.

isoprofit line.

Question 19

Variations that usually occur in a process are called:

Question 19 options:

process variations.

control variations.

assignable variations.

natural variations.

none of the above

Question 20

A suburban specialty restaurant has developed a single drive-thru window. Customers order, pay, and pick up their food at the same window.Arrivals follow a Poisson distribution, while service times follow an  exponential distribution. If the average number of arrivals is 6 per hour and the service rate is 2 every 15 minutes, what is the average number of customers in the system?

Question 20 options:

3.00

0.50

2.25

4.00

None of the above

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