Data Analysis, Optimization, and Simulation Modeling (Data Analysis, Optimization, and Simulation Modeling) 4th Edition

NARRBEGIN: SA_107_111 Suppose that the number of customers arriving each hour at the only checkout counter at a local convenience store is approximately Poisson distributed with an expected arrival rate of 30 customers per hour. Let X represent the number of customers arriving per hour. The probabilities associated with X are

In order to generate random numbers in Excel from a discrete distribution with a finite number of possible values and corresponding probabilities, we can use a. only the RAND function b. only the VLOOKUP function c. only the VLOOKDOWN function d. the RAND function along with a VLOOKUP function Answer: D Answer: D Answer: D Which of the

Three important themes run through this book: data analysis, decision-making, and dealing with uncertainty. Answer: T Answer: T Answer: T NARRBEGIN: SA_57_64 Amanda is a recent college graduate, and has just started her first job. She would like to know if she saves $5,000 per year out of her salary over the next 30 years what

NARRBEGIN: SA_113_116 A construction company is preparing for a nine-month project, and will need to develop a staffing plan. The company can assign up to 30 of its own full-time employees to the project, and will hire short-term contract employees to make up any shortage in meeting the personnel requirements. Company employees earn

Potential sample members, called sampling units, are: a. people b. companies c. households d. All of these options Answer: D Answer: D Answer: D Which of the following functions is not appropriate in cases where we run a single simulation? a. RISKMIN b. RISKMAX c. RISKPERCENTILE d. RISKSIMTABLE e. None of these options Answer: D Answer: D Answer: D Rounding the solution of a linear programming to

NARRBEGIN: SA_104_112 Mrs. Rich has just bought a new $30,000 car. As a reasonably safe driver, she believes that there is only a 5% chance of being in an accident in the forthcoming year. If she is involved in an accident, the damage to her new car depends on the severity

A sport preference poll yielded the following data for men and women. Use the 5% significance level and test to determine if sport preference and gender are independent. Answer: We reject the null hypothesis of independence at the 5% significance level (since p-value =0.019 < 0.05). We may conclude that sport

NARRBEGIN: SA_112_113 Adam Enterprises manufactures two products. Each product can be produced on either of two machines. The time (in hours) required to make each product on each machine is shown below: Each month, 500 hours of time are available on each machine, and also customers are willing to buy up to the

Which of the following is true with regard to a good decision? a. It ensures that good outcomes will be obtained b. It accounts for unlucky outcomes c. It should be independent of the sequencing of uncertainties and decisions d. It should incorporate all information about uncertainties and alternatives e. All of these options Answer: D Answer:

In a transportation problem, if it costs $4 per item to ship up to 200 items between cities, and $2 per item for each additional item, the proportionality assumption of LP is satisfied. Answer: F Answer: F Answer: F Expressed in percentiles, the interquartile range is the difference between the 25th and 75th percentiles.

NARRBEGIN: SA_80_83 A marketing research consultant hired by Coca-Cola is interested in determining if the proportion of customers who prefer Coke to other brands is over 50%. A random sample of 200 consumers was selected from the market under investigation, 55% favored Coca-Cola over other brands. Additional information is presented below. NARREND (A)

The test statistic in a hypothesis test for a population proportion is a. t-value calculated from the sample b. z-value calculated from the sample c. F-value calculated from the sample d. the sample proportion Answer: B Answer: B Answer: B NARRBEGIN: SA_100_102 A new online auction site specializes in selling automotive parts for classic cars. The founder of the

If we draw a straight line through the points in a scatterplot and most of the points fall close to the line, there is a strong positive linear relationship between the two variables. Answer: F Answer: F Answer: F The expected value of sample information (EVSI) is the difference between the EMV we can

If the partial F test indicates that a group of variables is significant, it also implies that each variable in the group is significant. Answer: F Answer: F Answer: F NARRBEGIN: SA_116_118 The table below contains 5 years of monthly data on sales (number of units sold) for a particular company, in addition to extra

We should include an interaction variable in a regression model if we believe that the effect of one explanatory variable on the response variable Y depends on the value of another explanatory variable . Answer: T Answer: T Answer: T The purpose of using the moving average is to take away the short-term seasonal and

In a multistage decision problem, decisions and outcomes alternate. That is, a decision maker makes a decision, then some uncertainty is resolved, then the decision maker makes a second decision, then some further uncertainty is resolved, and so on. Answer: T Answer: T Answer: T NARRBEGIN: SA_104_113 Suppose that patrons of a restaurant were asked

NARRBEGIN: SA_57_64 Amanda is a recent college graduate, and has just started her first job. She would like to know if she saves $5,000 per year out of her salary over the next 30 years what the distribution of the value of her retirement fund after 30 years. She has decided that

Suppose a company sells two different products, x and y, for net profits of $5 per unit and $10 per unit, respectively. The slope of the line representing the objective function is: a. 0.5 b. -0.5 c. 2 d. -2 Answer: B Answer: B Answer: B Suppose there are 500 accounts in a population. You sample 50 of

Phone numbers, Social Security numbers, and zip codes are examples of numerical variables. Answer: F Answer: F Answer: F The relative frequency of an event is the number of times the event occurs out of the total number of times the random experiment is run. Answer: F Answer: F Answer: F We typically choose between a symmetric and

A car dealer in Big Rapids, Michigan is using Holt's method to forecast weekly car sales. Currently the level is estimated to be 45 cars per week, and the trend is estimated to be 5 cars per week. During the current week, 25 cars are sold. After observing the current

The effect of a logarithmic transformation on a variable that is skewed to the right by a few large values is to "squeeze" the values together and make the distribution more symmetric Answer: T Answer: T Answer: T The coefficients for logarithmically transformed explanatory variables should be interpreted as the percent change in the

NARRBEGIN: SA_115_116 A used car salesman in a small town states that, on the average, it takes him 5 days to sell a car. Assume that the probability distribution of the length of time between sales is exponentially distributed. NARREND What is the probability that he will have to wait between 6 and

A sample in which the sampling units are chosen from the population by means of a random mechanism is a a. probability sample b. judgmental sample c. stratified sample d. systematic sample Answer: A Answer: A Answer: A Which of the following are true statements of pivot tables? a. They allow us to "slice and dice" data in a

An interval estimate is an interval calculated from the population data, where we strongly believe the true value of the population parameter lies. Answer: F Answer: F Answer: F We compute the five-period moving averages for all time periods except the first two. Answer: F Answer: F Answer: F The binomial distribution can be well approximated by the

NARRBEGIN: SA_79_90 The service manager for a new appliances store reviewed sales records of the past 20 sales of new microwaves to determine the number of warranty repairs he will be called on to perform in the next 90 days. Corporate reports indicate that the probability any one of their new

In order to construct a confidence interval estimate of the population mean , the value of must be given. Answer: F Answer: F Answer: F In developing a confidence interval for the population standard deviation , we make use of the fact that the sampling distribution of the sample standard deviation s is not

If two random samples of sizes 30 and 35 are selected independently from two populations whose means are 85 and 90, then the mean of the sampling distribution of the sample mean difference, , equals 5. Answer: F Answer: F Answer: F Based on the histogram shown below, how would you describe the age

When the error variance is nonconstant, it is common to see the variation increases as the explanatory variable increases (you will see a "fan shape" in the scatterplot). There are two ways you can deal with this phenomenon. These are: a. the weighted least squares and a logarithmic transformation b. the partial

NARRBEGIN: SA_82_85 Below you will find summary measures on salaries for classroom teachers across the United States. You will also find a list of selected states and their average teacher salary. All values are in thousands of dollars. Salaries for classroom teachers across the United States Selected states and their average teacher salary NARREND Which of

If a model contains uncertain outputs, it can be very misleading to build a deterministic model by using the means of the inputs to predict an output. This is called the: a. Law of Large Numbers. b. Flaw of Averages c. Law of Inevitable Disappointment d. Central Limit Theorem Answer: B Answer: B Answer: B The null and

The expected value of perfect information (EVPI) is the most the decision maker would be willing to pay for the sample information. Answer: F Answer: F Answer: F In transportation problems, shipping costs are often nonlinear due to quantity discounts. Answer: T Answer: T Answer: T The F-test of the analysis of variance requires that the populations are

In an ANOVA test, the alternative hypothesis is that at least one population mean is different from the others. Answer: T Answer: T Answer: T If the sample is a good representation of the population, what percentage of the students in the population should we expect to spend the weekend studying and do poorly on

Four different shapes of histograms are commonly observed: symmetric, positively skewed, negatively skewed, and bimodal. Answer: T Answer: T Answer: T NARRBEGIN: SA_79_81 In an effort to provide more consistent customer service, the manager of a local fast-food restaurant would like to know the dispersion of customer service times about their average value for the

If Cov(X,Y) = - 16.0, variance of X = 25, variance of Y = 16 then the sample coefficient of correlation r is a. + 1.60 b. " 1.60 c. " 0.80 d. + 0.80 e. Cannot be determined from the given information Answer: C Answer: C Answer: C The term nonnegativity refers to the condition where: a. the objective

In a simple regression with a single explanatory variable, the multiple R is the same as the standard correlation between the Y variable and the explanatory X variable. Answer: F Answer: F Answer: F In conducting hypothesis testing for difference between two means when samples are dependent (paired samples), the variable under consideration is

NARRBEGIN: SA_69_70 A sample of 40 country CD recordings of Willie Nelson has been examined. The average playing time of these recordings is 51.3 minutes, and the standard deviation is 5.8 minutes. NARREND (A) Construct a 95% confidence interval for the mean playing time of all Willie Nelson recordings. (B) Interpret the confidence interval

The certainty equivalent is the certain dollar amount a risk-averse decision maker would accept in order to avoid a gamble altogether. Answer: T Answer: T Answer: T The adjusted R2 is used primarily to monitor whether extra explanatory variables really belong in a multiple regression model Answer: T Answer: T Answer: T NARRBEGIN: SA_104_112 Mrs. Rich has just bought

A car dealer collected the following information about a sample of 448 Grand Rapids residents: Exact salaries of these Grand Rapids residents Education level (completed high school only or completed college) Income level (low or high) Car finance (whether or not the last purchased car was financed) Using the education level, income level, and car

NARRBEGIN: SA_83_86 A company produces two products. Each product can be produced on either of two machines. The time (in hours) required to produce each product on each machine is shown below: Each month, 600 hours of time are available on each machine, and that customers are willing to buy up to

An estimator is said to be unbiased if the mean of its sampling distribution equals the value of the population parameter being estimated. Answer: T Answer: T Answer: T NARRBEGIN: SA_121_124 A continuous random variable X has the probability density function: f(x) = 2 , 0 NARREND Find the mean and standard deviation of X. Answer: E(X) =