# Mat 540 Mid Term Exam Essay

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5/8/2015

Quantitative Methods Mid term Question 1 Deterministic techniques | Maggie Moore ­ Academia.edu
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Quantitative Methods Mid term Question 1 Deterministic techniques Quantitative Methods
Mid term
Question 1
Deterministic techniques assume that no uncertainty exists in model parameters. Selected Answer: True
Question 2 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 3 A joint probability is the probability that two or more events that are mutually exclusive can occur simultaneously.
Question 4 A decision tree is a diagram consisting of circles decision nodes, square probability nodes, and branches.
Question 5 A table of random numbers must be normally distributed and efficiently generated.
Question 6
Starting conditions have no impact on the validity of a simulation model. Selected Answer: False
Question 7
Qualitative methods are the least common type of forecasting method for the long-term strategic planning process.

5/8/2015

Quantitative Methods Mid term Question 1 Deterministic techniques | Maggie Moore ­ Academia.edu

Question 8
The Delphi develops a consensus forecast about what will occur in the future.
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.
Selected Answer: Expected Value of Perfect Information
Question 12
In the Monte Carlo process, values for a random variable are generated by __________ a probability distribution.
Question 13
Consider the following frequency of demand:
If the simulation begins with 0.8102, the simulated value for demand would be Answer: 3
Selected
Question 14 A seed value is a(n)
Selected Answer: number used to start a stream of random numbers
Question 15
Random numbers generated by a __________ process instead of a __________ process are pseudorandom numbers.

2/11

5/8/2015

Quantitative Methods Mid term Question 1 Deterministic techniques | Maggie Moore ­ Academia.edu

Question 16
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 17 __________ methods are the most common type of forecasting method for the long-term strategic planning process.
Question 18
Consider the following graph of sales.
Which of the following characteristics is exhibited by the data?
Question 19 is the difference between the forecast and actual __________ demand. Selected Answer: Forecast error

Maggie Moore

Question 20 __________ is a linear regression model relating demand to time.
Selected
Trend
 682 Linear

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