Product Description Deterministic techniques assume that no uncertainty exists in model parameters. For the next 10 products, the probability that he makes fewer than 2 incorrect inspections is 0. A joint probability is the probability that two or more events that are mutually exclusive can occur simultaneously. A decision tree is a diagram consisting of circles decision nodes, square probability nodes, and branches.

Question 2 A joint probability is the probability that two or more events that are mutually exclusive can occur simultaneously.

Question 3 A continuous random variable may assume only integer values within a given interval. Question 4 A decision tree is a diagram consisting of circles decision nodes, square probability nodes, and branches.

Question 5 Starting conditions have no impact on the validity of a simulation model. Question 6 Excel can only be used to simulate systems that can be represented by continuous random variables.

Question 7 The Delphi develops a consensus forecast about what will occur in the future. Question 8 Data cannot exhibit both trend and cyclical patterns. Question 9 A company markets educational software products, and is ready to place three new products on the market.

Assume that the probability of success is independent for each product. What is the probability that exactly 1 of the 3 products is successful?

Question 12 Two hundred simulation runs were completed using the probability of a machine breakdown from the table below. The average number of breakdowns from the simulation trials was 1. Question 20 Consider the following demand and forecast.

Question 21 Consider the following graph of sales. Which of the following characteristics is exhibited by the data? Question 22 Which of the following possible values of alpha would cause exponential smoothing to respond the most slowly to sudden changes in forecast errors? Question 25 An automotive center keeps tracks of customer complaints received each week.

The probability distribution for complaints can be represented as a table or a graph, both shown below. The random variable xi represents the number of complaints, and p xi is the probability of receiving xi complaints.

Round your answer to two places after the decimal. Question 26 A loaf of bread is normally distributed with a mean of 22 oz and a standard deviation of 0.

What is the probability that a loaf is larger than 21 oz? Round your answer to four places after the decimal. Question 27 An online sweepstakes has the following payoffs and probabilities.

Each person is limited to one entry. Question 28 A life insurance company wants to estimate their annual payouts. Assume that the probability distribution of the lifetimes of the participants is approximately a normal distribution with a mean of 68 years and a standard deviation of 4 years.

What proportion of the plan recipients would receive payments beyond age 75? Question 29 The local operations manager for the IRS must decide whether to hire 1, 2, or 3 temporary workers. He estimates that net revenues will vary with how well taxpayers comply with the new tax code.

The following payoff table is given in thousands of dollars e. Please express your answer as a whole number in thousands of dollars e. Round to the nearest whole number, if necessary. Question 30 Consider the following decision tree. What is the expected value at node 4?

Round your answer to the nearest whole number. Question 31 A normal distribution has a mean of and a standard deviation of Strayer MAT Quantitative Methods Midterm Exam 1. Deterministic techniques assume that no uncertainty exists in model parameters. True False Question 2. FIN WEEK 11 FINAL EXAM PART 1 STRAYER UNIVERSITY.

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