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Saint Leo GBA398 CBK-ADM Quiz (100% Answer)
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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(A|B) = 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 4-month period were forecasted as follows: 100, 120, 115, and 126. The actual results over the 4-month period were as follows: 110, 114, 119, 115. What was the MAD of the 4-month 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, work-in-process, 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 three-semester 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 lead-time 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 non-negative 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 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 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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\$ 18.00
Saint Leo GBA398 CBK-ADM Quiz (100% Answer)
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• Submitted On 28 Oct, 2017 10:31:33
Solution posted by  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(A|B) = 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...
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