1. In analysing a problem, you should normally study
   1. The qualitative aspects
   2. The quantitative aspects
   3. Both a and b
   4. Neither a nor b

1. Quantitative analysis is typically associated with the use of
   1. Schematic models
   2. Physical models
   3. Mathematical models
   4. Scale models

1. Sensitivity analysis is most often associated with which step of the quantitative analysis approach?
   1. Defining the problem
   2. Acquiring input data
   3. Implementing the results
   4. Analyzing the results

1. The square root of the variance is the
   1. Expected value
   2. Standard deviation
   3. Area under the normal curve
   4. All of the above

1. Probabilities for all the possible values of a discrete random variable
   1. May be greater than 1
   2. May be negative on some occasions
   3. Must sum to 1
   4. Are represented by area underneath the curve

1. In decision theory terminology, a course of action or a strategy that may be chosen by a decision maker is called
   1. A payoff
   2. An alternative
   3. A state of nature
   4. None of the above

1. If probabilities are available to the decision maker, then the decision-making environment is called
   1. Certainty
   2. Uncertainty
   3. Risk
   4. None of the above

1. A decision tree is preferable to a decision table when
   1. A number of sequential decisions are to be made
   2. Probabilities are available
   3. The maximax criterion is used
   4. The objective is to maximize regret

1. A multiple regression model differs from a simple linear regression model because the multiple regression model has more than one
   1. Independent variable
   2. Dependent variable
   3. Intercept
   4. Error

1. A good regression model should have
   1. A low r² and a low significance level for the F-test
   2. A high r² and a high significance level for the F-test
   3. A high r² and a low significance level of the F-test
   4. A low r² and a high significance level of the F-test