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.

Selected Answer: True

Question 3 A joint probability is the probability that two or more events that are mutually exclusive can occur simultaneously.

Selected Answer: False

Question 4 A decision tree is a diagram consisting of circles decision nodes, square probability nodes, and branches.

Selected Answer: False

Question 5 A table of random numbers must be normally distributed and efficiently generated.

Selected Answer: False

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.

Selected Answer: False https://www.academia.edu/9102107/Quantitative_Methods_Mid_term_Question_1_Deterministic_techniques 1/11

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.

Selected Answer: True

Question 9 is a measure of dispersion of random variable values __________ about the expected value.

Selected Answer: Standard Deviation

Question 10

In Bayesian analysis, additional information is used to alter the __________ probability of the occurrence of an event.

Selected Answer: Marginal

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.

Selected Answer: Sampling from

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.

Selected Answer: Mathematical / Physical

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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?

Selected Answer: 22

Question 17 __________ methods are the most common type of forecasting method for the long-term strategic planning process.

Selected Answer: Qualitative

Question 18

Consider the following graph of sales.

Which of the following characteristics is exhibited by the data?

Selected Answer: Trend Only

Question 19 is the difference between the forecast and actual __________ demand. Selected Answer: Forecast error

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Maggie Moore

Question 20 __________ is a linear regression model relating demand to time.

Selected

Trend

top 2% Answer:

682 Linear

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DOCX

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

Question 21

Given the following data on the number of pints of ice cream sold at a local ice cream store for a 6-period time frame:

If the forecast for period 5 is equal to 275, use exponential smoothing with α = .40 to compute a…