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quantitative analysis for management
Quantitative Analysis For Management 12th Edition Barry Render ,Ralph M. Stair ,Michael E. Hanna - Solutions
To compute the variance, of a discrete random variable you need to know thea. variable’s possible values.b. expected value of the variable.c. probability of each possible value of the variable.d. all of the above.
The square root of the variance is thea. expected value.b. standard deviation.c. area under the normal curve.d. all of the above.
Which of the following is an example of a continuous distribution?a. the binomial distribution.b. the exponential distribution.c. the Poisson distribution.d. the Z distribution.
The total area under the curve for any continuous distribution must equala. 1.b. 0.c. 0.5.d. none of the above.
Probabilities for all the possible values of a discrete random variablea. may be greater than 1.b. may be negative on some occasions.c. must sum to 1.d. are represented by area underneath the curve.
In a standard normal distribution, the mean is equal toa. 1.b. 0.c. the variance.d. the standard deviation.
The probability of an event occurring given that another event has taken place isa. priory probability.b. empirical probability.c. conditional probability.d. subjective probability.e. none of the above.
In the normal distribution, 99.7% of the population lies withina. 1 standard deviation of the mean.b. 2 standard deviations of the mean.c. 3 standard deviations of the mean.d. 4 standard deviations of the mean.
If a normal distribution has a mean of 100 and a standard deviation of 15, 95.4% of the population falls within what range of values?a. 70–130b. 75–130c. 70–135d. 80–140e. 60–120
If two events are mutually exclusive, then the probability of the intersection of these two events will equala. 0.b. 0.5.c. 1.0.d. cannot be determined without more information.
If P1A2 = 0.4 and P1B2 = 0.5 and P1A and B2 = 0.2, then P1B A2 =a. 0.80.b. 0.50.c. 0.10.d. 0.40.e. none of the above.
If P1A2 = 0.4 and P1B2 = 0.5 and P1A and B2 = 0.2, then P1A or B2 =a. 0.7.b. 0.9.c. 1.1.d. 0.2.e. none of the above.
Describe the classical method to determine probability with example.
Describe the addition law for events that are mutually exclusive and events that are not.
Describe what it means for two events to be statistically dependent.
Bayes’ theorem is an extension of the original probability.Explain.
Why is normal distribution converted to a standard normal distribution?
WTVX, Channel 6, is located in Eugene, Oregon, home of the University of Oregon’s football team. The station was owned and operated by George Wilcox, a former Duck (University of Oregon football player). Although there were other television stations in Eugene, WTVX was the only station that had a
In decision theory, payoffs or profits resulting from each possible combination of alternatives and outcomes are calleda. conditional values.b. alternatives.c. state of nature.d. none of the above.
In decision theory, probabilities are associated witha. payoffs.b. alternatives.c. states of nature.d. none of the above.
The decision-making environment is called uncertainty if the probabilities area. impossible.b. unknown.c. certain.d. all the above.
Which of the following is a decision-making criterion that is used in uncertainty?a. minimax regretb. criterion of realismc. optimistic (maximax)d. all of the above
The expected monetary value (EMV) isa. the weighted sum of possible payoffs for each alternative.b. an upper bound on what to pay for information.c. the cost of not picking the best solution.d. computed when finding the minimax regret decision.
In using the criterion of realism (Hurwicz criterion), the coefficient of realism (a)a. is the probability of a good state of nature.b. describes the degree of optimism of the decision maker.c. describes the degree of pessimism of the decision maker.d. is usually less than zero.
The most that a person should pay for perfect information isa. the EVPI.b. the maximum EMV minus the minimum EMV.c. the maximum EOL.d. the maximum EMV.
The minimum EOL criterion will always result in the same decision asa. the maximax criterion.b. the minimax regret criterion.c. the maximum EMV criterion.d. the equally likely criterion.
A decision tree is preferable to a decision table whena. a number of sequential decisions are to be made.b. probabilities are available.c. the maximax criterion is used.d. the objective is to maximize regret.
Bayes’ theorem is used to revise probabilities. The new(revised) probabilities are calleda. prior probabilities.b. sample probabilities.c. survey probabilities.d. posterior probabilities.
On a decision tree, at each state-of-nature node,a. the alternative with the greatest EMV is selected.b. an EMV is calculated.c. all probabilities are added together.d. the branch with the highest probability is selected.
The EVSIa. is found by subtracting the EMV without sample information from the EMV with sample information.b. is always equal to the expected value of perfect information.c. equals the EMV with sample information assuming no cost for the information minus the EMV without sample information.d. is
The efficiency of sample informationa. is the EVSI/(maximum EMV without SI) expressed as a percentage.b. is the EVPI/EVSI expressed as a percentage.c. would be 100% if the sample information were perfect.d. is computed using only the EVPI and the maximum EMV.
On a decision tree, once the tree has been drawn and the payoffs and probabilities have been placed on the tree, the analysis (computing EMVs and selecting the best alternative)a. working backward (starting on the right and moving to the left).b. working forward (starting on the left and moving to
In assessing utility values,a. the worst outcome is given a utility of -1.b. the best outcome is given a utility of 0.c. the worst outcome is given a utility of 0.d. the best outcome is given a value of -1.
A decision maker who gets less utility from a greater risk and avoids situations in which high losses might occur isa. indifferent to risk.b. a risk seeker.c. a risk avoider.d. a rational decision maker.
What is decision theory? What are the types of decision-making environments?
Discuss the challenges of listing possible alternatives.
What is sensitivity analysis? Why should sensitivity analysis consider all possible consequences?
What are the strengths of using decision trees?
What is the problem of using survey results?
One of the assumptions in regression analysis is thata. the errors have a mean of 1.b. the errors have a mean of 0.c. the observations (Y) have a mean of 1.d. the observations (Y) have a mean of 0.
In a scatter diagram, the independent variable is plotted on thea. vertical axis.b. trend line.c. horizontal axis.d. origin of the axis.
When using regression, an error is also calleda. an intercept.b. a prediction.c. a coefficient.d. a residual.
Which of the following is X in regression analysis?a. control variableb. dummy variablec. independent variabled. both a and c
The best regression line is defined as the one with thea. minimum sum of the squared error.b. maximum sum of the squared error.c. average of the squared error.d. none of the above.
The percentage of the variation in the dependent variable that is explained by a regression equation is measured bya. the coefficient of correlation.b. the MSE.c. the coefficient of determination.d. the slope.
Correlation coefficient measures thea. degree or strength of the linear relationship.b. variability in Y that is explained by the regression equation.c. both a and b.d. none of the above.
When using dummy variables in a regression equation to model a qualitative or categorical variable, the number of dummy variables should equala. the number of categories.b. 1 more than the number of categories.c. 1 less than the number of categories.d. the number of other independent variables in
A multiple regression model differs from a simple linear regression model because the multiple regression model has more than onea. independent variable.b. dependent variable.c. intercept.d. error.
The overall significance of a regression model is tested using an F test. The model is significant ifa. the F value is low.b. the significance level of the F value is low.c. the r2 value is low.d. the slope is lower than the intercept.
Hypothesis tests related to the individual coefficients are not valid whena. multicollinearity exist.b. collinearity exist.c. F test is still valid.d. a variable may appear as significant.
A good regression model should havea. a low r2 and a low significance level for the F test.b. a high r2 and a high significance level for the F test.c. a high r2 and a low significance level for the F test.d. a low r2 and a high significance level for the F test.
What are the purposes of regression analysis? How does it help businesses?
How do we use qualitative variables in predicting the value variable Y?
What assumptions are necessary about the errors to determine the usefulness of a regression model?
How to build a linear model from a nonlinear relationship?
Explain how a statistical significant relationship may not be practical for a management decision.
In January 2012, Northern Airlines merged with Southeast Airlines to create the fourth largest U.S. carrier. The new North–South Airline inherited both an aging fleet of Boeing 727-300 aircraft and Stephen Ruth. Stephen was a tough former Secretary of the Navy who stepped in as new president and
Which ones are forecasting techniques?a. regression analysisb. Delphic. time-series modelsd. all of the above
One of the following methods is a causal forecasting model. Which one?a. exponential smoothingb. regression analysisc. Delphi modeld. sales force composite
Who are the typical participants in a Delphi forecasting process?a. decision makersb. staff personnelc. respondentsd. all of the above
Trend projection is an example ofa. Delphi process.b. time series.c. causal methods.d. regression analysis.
Least squares is a technique useda. in regression analysis.b. to determine the accuracy of a forecasting model.c. to determine an exponential smoothing model.d. none of the above.
Which of the following may be negative?a. MADb. biasc. MAPEd. MSE
When comparing several forecasting models to determine which one best fits a particular set of data, the model that should be selected is the onea. with the highest MSE.b. with the MAD closest to 1.c. with a bias of 0.d. with the lowest MAD.
In exponential smoothing, if you wish to give a significant weight to the most recent observations, then the smoothing constant should bea. close to 0.b. close to 1.c. close to 0.5.d. less than the error.
A trend equation is a regression equation in whicha. there are multiple independent variables.b. the intercept and the slope are the same.c. the dependent variable is time.d. the independent variable is time.
Sales for a company are typically higher in the summer months than in the winter months. This variation would be called aa. trend.b. seasonal factor.c. random factor.d. cyclical factor.
An exponential smoothing forecast with a smoothing constant of 1 would result in the same forecast asa. a trend line forecast.b. an exponential smoothing forecast with a smoothing constant of 0.c. a naïve forecast.d. a 2-period moving average forecast.
If the seasonal index for January is 0.80, thena. January sales tend to be 80% higher than an average month.b. January sales tend to be 20% higher than an average month.c. January sales tend to be 80% lower than an average month.d. January sales tend to be 20% lower than an average month.
If both trend and seasonal components are present in a time-series, then the seasonal indicesa. should be computed based on an overall average.b. should be computed based on CMAs.c. will all be greater than 1.d. should be ignored in developing the forecast.
Which of the following is used to alert the user of a forecasting model that a significant error occurred in one of the periods?a. a seasonal indexb. a smoothing constantc. a tracking signald. a regression coefficient
If the multiplicative decomposition model is used to forecast daily sales for a retail store, how many seasons will there be?a. 4b. 7c. 12d. 365
What are the two general forms of time-series models in statistics?
Is Delphi a quantitative forecasting method?
What variations does the random component consist of in a time series?
What are moving averages used for? Provide an example.
What are the main problems with using moving averages in forecasting?
Southwestern University (SWU), a large state college in Stephenville, Texas, 30 miles southwest of the Dallas/Fort Worth metroplex, enrolls close to 20,000 students. In a typical town–gown relationship, the school is a dominant force in the small city, with more students during fall and spring
For years The Glass Slipper restaurant has operated in a resort community near a popular ski area of New Mexico. The restaurant is busiest during the first 3 months of the year,when the ski slopes are crowded and tourists flock to the area.When James and Deena Weltee built The Glass Slipper,they
Which of the following phases is part of an inventory system?a. planningb. forecastingc. controld. feedback and revisionse. all of the above
What is not an inventory use?a. decoupling functionb. storing resourcesc. irregular supply and demandd. production monitoringe. avoiding stockouts and shortages
How are items like raw materials stored in inventories?a. by themselvesb. in work-in-processc. in the finished productd. all of the above
Some of the costs are minimised by the use of inventory.Which one is not affected by it?a. cost of purchasing itemsb. cost of advertisementc. cost of carrying or holding inventoryd. cost of stockouts
If the EOQ assumptions are met and a company orders more than the economic order quantity, thena. total annual holding cost will be greater than the total annual ordering cost.b. total annual holding cost will be less than the total annual ordering cost.c. total annual holding cost will be equal to
The reorder point isa. the quantity that is reordered each time an order is placed.b. the amount of inventory that would be needed to meet demand during the lead time.c. equal to the average inventory when the EOQ assumptions are met.d. assumed to be zero if there is instantaneous replenishment.
If the EOQ assumptions are met, thena. annual stockout cost will be zero.b. total annual holding cost will equal total annual ordering cost.c. average inventory will be one-half the order quantity.d. all of the above are true.
Which variables are a part of the maximum inventorylevel expression?a. number of pieces per orderb. setup costc. holding or carrying cost per unit per yeard. all of the above
Why is the annual purchase (material) cost not considered to be a relevant inventory cost if the EOQ assumptions are met?a. This cost will be zero.b. This cost is constant and not affected by the order quantity.c. This cost is insignificant compared with the other inventory costs.d. This cost is
A JIT system will usually result ina. a low annual holding cost.b. very few orders per year.c. frequent shutdowns in an assembly line.d. high levels of safety stock.
Manufacturers use MRP whena. the demand for one product is dependent on the demand for other products.b. the demand for each product is independent of the demand for other products.c. demand is totally unpredictable.d. purchase cost is extremely high.
In using marginal analysis, an additional unit should be stocked ifa. MP = ML.b. the probability of selling that unit is greater than or equal to MP/1MP + ML2.c. the probability of selling that unit is less than or equal to ML/1MP + ML2.d. the probability of selling that unit is greater than or
In using marginal analysis with the normal distribution, if marginal profit is less than marginal loss, we expect the optimal stocking quantity to bea. greater than the standard deviation.b. less than the standard deviation.c. greater than the mean.d. less than the mean.
The inventory position is defined asa. the amount of inventory needed to meet the demand during the lead time.b. the amount of inventory on hand.c. the amount of inventory on order.d. the total of the on-hand inventory plus the on-order inventory.
Give a working definition of inventory and its purposes.
What is the purpose of decoupling?
What is EOQ (economic order quantity)?
List and explain the main assumption of the economic order quantity.
What is the annual ordering cost?
Martin-Pullin Bicycle Corp. (MPBC), located in Dallas, is a wholesale distributor of bicycles and bicycle parts. Formed in 1981 by cousins Ray Martin and Jim Pullin, the firm’s primary retail outlets are located within a 400-mile radius of the distribution center. These retail outlets receive the
Linear programming problems are solved the fastest by the isoprofit line method. How does it work?a. It determines constraints.b. It defines variable.c. It finds an optimal solution.d. None of the above.
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