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.
1) True
2) False
Question 2
The equation P(AB) = P(AB)/P(B) is:
1) only relevant when events A and B are collectively exhaustive.
2) the marginal probability.
3) the formula for a conditional probability.
4) the formula for a joint probability.
5) None of the above
Question 3
Which of the following is not true about continuous random variables?
1) The entire area under each of the curves equals 1.
2) Some may be described by uniform distributions or exponential distributions.
3) They can only be integer values.
4) The area under each of the curves represents probabilities.
5) They have an infinite set of values.
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?
1) 0.999
2) 0.618
3) 0.382
4) 0.001
5) None of the above
Question 5
The following is a payoff table giving profits for various situations. What decision would a pessimist make?

State 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 
1) Alternative 1
2) Alternative 2
3) Alternative 3
4) Do Nothing
5) State of Nature A
Question 6
By studying a person's Utility Curve, one can determine whether the individual is a risk seeker, risk avoider, or is indifferent to risk.
1) True
2) False
Question 7
Expected monetary value (EMV) is:
1) a decision criterion that places an equal weight on all states of nature.
2) the amount you would lose by not picking the best alternative.
3) the average or expected monetary outcome of a decision if it can be repeated a large number of times.
4) the average or expected value of the decision, if you know what would happen ahead of time.
5) the average or expected value of information if it were completely accurate.
Random Section 4
Question 8
Which of the following is not classified as a qualitative forecasting model?
1) Sales force composite
2) Delphi method
3) Jury of executive opinion
4) Consumer market survey
5) Exponential smoothing
Question 9
A scatter diagram is a graphical depiction of the relationship between the dependent and independent variables.
1) True
2) False
Random Section 5
Question 10
Sales for boxes of Girl Scout cookies over a 4month period were forecasted as follows: 100, 120, 115, and 126. The actual results over the 4month period were as follows: 110, 114, 119, 115. What was the MAD of the 4month forecast?
1) 5
2) 0
3) 108
4) 7
5) None of the above
Question 11
Inventory:
1) levels for finished goods are a direct function of demand.
2) includes raw materials, workinprocess, and finished goods.
3) is any stored resource used to satisfy current or future need.
4) needs from raw materials through finished goods can be reasonably determined, once finished goods demand is determined.
5) all of the above
Question 12
Enrollment in a particular class for the last four semesters has been 122, 128, 100, and 155 (listed from oldest to most recent). The best forecast of enrollment next semester, based on a threesemester moving average, would be
1) 116.7
2) 127.7
3) 168.3
4) 135.0
5) 126.3
Question 13
R. C. Barker makes purchasing decisions for his company. One product that he buys costs $50 per unit when the order quantity is less than 500.When the quantity ordered is 500 or more, the price per unit drops to $48. The ordering cost is $30 per order and the annual demand is 7,500 units. The holding cost is 10 percent of the purchase cost. If R. C. orders 500 units each time he places an order, what would the total annual holding cost be?
1) $1,250
2) $450
3) $2,400
4) $1,200
5) None of the above
Question 14
The annual demand for a product is 1,000 units. The company orders 200 units each time an order is placed. The leadtime is 6 days, and the company has determined that 20 units should be held as a safety stock. There are 250 working days per year. What is the reorder point?
1) 120
2) 44
3) 24
4) 20
5) None of the above
Question 15
Which of the following is not a property of all linear programming problems?
1) A computer program
2) The presence of restrictions
3) Optimization of some objective
4) Usage of only linear equations and inequalities
5) Alternate courses of action to choose from
Question 16
A widely used mathematical programming technique designed to help managers and decision making relative to resource allocation is called __________.
1) computer programming
2) linear programming
3) constraint programming
4) goal programming
5) None of the above
Question 17
Consider the following linear programming problem:
The feasible corner points are (48,84), (0,120), (0,0), (90,0). What is the maximum possible value for the objective function?
1) 1032
2) 360
3) 1600
4) 1200
5) None of the above
Question 18
A straight line representing all nonnegative combinations of X1 and X2 for a particular profit level is called a(n)
1) isoprofit line.
2) sensitivity line.
3) objective line.
4) profit line.
5) constraint line.
Question 19
The project described here:
Activity 
Immediate predecessor 
Time (days) 
A 
 
10 
B 
A 
4 
C 
A 
6 
D 
B, C 
7 
E 
D 
5 
is best represented by which of the following networks?
1)
2)
3)
4)
5) None of the above
Question 20
A suburban specialty restaurant has developed a single drivethru 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 waiting in line behind the person being served?
1) 0.75
2) 2.25
3) 0.50
4) 3.00
5) None of the above
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