Assessment of Probability, Decision Making, and Simulation Techniques

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Assessment of Probability, Decision Making, and Simulation TechniquesQuestion 15 out of 5 pointsDeterministic techniques assume that no uncertainty exists in model parameters.AnswerSelected Answer:TrueCorrect Answer:TrueQuestion 25 out of 5 pointsAn inspector correctly identifies defective products 90% of thetime. For the next 10products, the probability that he makes fewer than 2 incorrect inspections is 0.736.AnswerSelected Answer:TrueCorrect Answer:TrueQuestion 35 out of 5 pointsA joint probability is the probability that two or more events that are mutually exclusivecan occur simultaneously.AnswerSelected Answer:FalseCorrect Answer:FalseQuestion 45 out of 5 pointsA decision tree is a diagram consisting of circles decision nodes, square probabilitynodes, and branches.AnswerSelected Answer:False

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Correct Answer:FalseQuestion 50 out of 5 pointsSimulation results will alwaysequal analytical results if 30 trials of the simulation havebeen conducted.AnswerSelected Answer:TrueCorrect Answer:FalseQuestion 65 out of 5 pointsA table of random numbers must be normally distributed andefficiently generated.AnswerSelected Answer:FalseCorrect Answer:FalseQuestion 75 out of 5 pointsThe Delphi develops a consensus forecast about what will occur in the future.AnswerSelected Answer:TrueCorrect Answer:TrueQuestion 85 out of 5 pointsData cannot exhibit both trend and cyclical patterns.AnswerSelected Answer:FalseCorrect Answer:False

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Question 95 out of 5pointsAssume that it takes a college student an average of 5 minutes to find a parking spot inthe main parking lot.Assume also that this time is normally distributed with a standarddeviation of 2 minutes. What time is exceeded byapproximately 75% of the collegestudents when trying to find a parking spot in the main parking lot?AnswerSelected Answer:6.36 minutesCorrect Answer:6.36 minutesQuestion 105 out of 5 pointsIn Bayesiananalysis, additional information is used to alter the __________ probabilityof the occurrence of an event.AnswerSelected Answer:marginalCorrect Answer:marginalQuestion 115 out of 5 pointsThe __________ is theexpected value of the regret for each decision.AnswerSelected Answer:expected opportunity lossCorrect Answer:expected opportunity lossQuestion 125 out of 5 points

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Consider the following frequency of demand:If the simulation begins with 0.8102, the simulated value for demand would beAnswerSelected Answer:3Correct Answer:3Question 135 out of 5 pointsPseudorandom numbers exhibit __________ in order to be considered truly random.AnswerSelected Answer:a uniform distributionCorrect Answer:a uniform distributionQuestion 145 out of 5 pointsDeveloping thecumulative probability distribution helps to determineAnswerSelected Answer:random number rangesCorrect Answer:random number rangesQuestion 155 out of 5 pointsA seed value is a(n)Answer

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