1. QUESTION 1 An example of a continuous variable is: 2. The height of college students Continuous improvement The number of gum balls in a bowl The total enrollment in a college course None of the above 0.5 points QUESTION 2 1. Which of the following statements about Decision Analysis is true? 2. Decision Analysis does not include the application of Decision Tables Uncertain events are represented as states of nature Decision Analysis cannot be used for structuring a decision Probability of outcomes must be known with absolute certainty All of the above QUESTION 3 1. If you were to create a Microsoft Excel pivot table for the following data set, which of the following statements is true? 2. Moving Sales to the Values box will create a total Four fields are available for creating the pivot table Gender should not be moved to the Row Labels box It is useful to move Zip Code into Values box All of the above 0.5 points QUESTION 4 1. Managers may base their decisions on which of the following? 2. Quantitative factors Their best judgement Opinions from other managers Past experience All of the above QUESTION 5 1. The term "Big Data" is used to describe current trends which include: 2. very large data sets discrete and continuous data types electronic data transfers management science All of the above 0.5 points 1. QUESTION 6 Which of the following statements about a Decision Tree model is not true? 2. A decision tree consists of nodes and branches The branches from a decision node represent possible choices Uncertainty cannot be reflected in the model The branches from an event node represent possible outcomes Sequential decisions are reflected in extended trees 0.5 points QUESTION 7 1. When applying descriptive statistics to a data set, it is good practice to: 2. apply mode as a sensitive measure of variation never use range as a measure of variation apply a histogram as a measure of central tendency use mean if significant outliers are present None of the above 0.5 points QUESTION 8 1. The operations manager for a local bus company wants to decide whether he should purchase a small or large new bus for his company. He estimates that the annual profits will vary depending upon whether passenger demand is low or high. The manager believes that there is about an 8 in 10 chance that demand will be high. Which of the following statements is true? 2. The manager should purchase the large bus The probability that demand will be low is higher than 50% Four profit figures are needed to make this decision The manager must choose the level of passenger demand None of the above 0.5 points 1. QUESTION 9 Which of the following are features of a normal distribution? 2. Symmetric shape Can be used to represent sample means It is used in statistical process control Can be used to describe a random variable All of the above 0.5 points QUESTION 10 1. Examples of decision model types include: 2. Descriptive, prescriptive and predictive Descriptive, integrative, modular Rational, structured, predictive Predictive, prescriptive, evolutionary All of the above 0.5 points 1. QUESTION 11 A random variable: 2. may be discrete or continuous allows for probabilistic values is related to probability distributions can be used to describe uncertainty All of the above 0.5 points 1. QUESTION 12 When using the Bayes' decision rule, the expected value for a given alternative is: 2. the amount the decision maker will receive if that alternative is chosen. the amount the decision maker is most likely to receive if that alternative is chosen. the average amount the decision maker would receive in the long run. the amount by which the decision maker will regret choosing that alternative. None of the above