Changes to the type of chart, data included in the chart, and chart layout and styles can
be made from the Layout tab.
In association analysis, the antecedent and consequent are sets of items that do not have
any items in common.
In conducting a hypothesis test, what is usually to be proven statistically is identified as
the null hypothesis.
Fewer groups provide a “coarser” histogram.
An outcome over which the decision maker has complete control is called an event
node.
Below is the spreadsheet for an economic order quantity model.
Assume that the distribution of demand is normal with a mean of 20,000 and standard
deviation of 2,000.The increase in total cost is calculated by adding the holding cost
and the ordering cost.
In cluster analysis, the objects within clusters should exhibit a high amount of
dissimilarity.
Changes to the type of chart, data included in the chart, and chart layout and styles can
be made from the Layout tab.
AutoFilter creates filtering criteria based on the type of data being filtered.
In cluster analysis, the objects within clusters should exhibit a high amount of
dissimilarity.
Using a $ sign before both the row and column labels keeps the reference to that cell
fixed no matter where the formula is copied.
Lagging and leading measures in cause-and-effect modeling are uncorrelated.
The Atlas Movies Theater is planning to reprice their ticket rates to maximize revenues.
They have three classes of tickets: Classic, Silver, and Gold. The table below provides
information on the average ticket sales, revenue and price elasticity on demand. They
have a total seating capacity of 300. The table also provides the price range within
which they plan to reduce their ticket rates.
According to the nonlinear model, which of the following is the projected sales figure
for Classic tickets at the new price?
A) 32
B) 90
C) 175
D) 202
In the cause-and-effect modeling, internal metrics, such as employee satisfaction,
productivity, and turnover are considered to be ________ measures.
A) logit
B) life
C) leading
D) lagging
Jonathan Reese is considering three stocks in which to invest with a fixed budget. The
table below provides information on Jonathan’s expected returns for each stock. The
table also provides information, collected from market researchers, on the
variance-covariance matrix of the individual stocks. He expects a total return of at least
10%.
Develop a quadratic optimization model to find the optimal allocation of the budget to
each stock, and variance calculations for squared terms and cross-products based on the
variance-covariance matrix.
According to the model, what is the squared term value for Stock 1 variance?
A) 0.00065
B) 0.00535
C) 0.01132
D) 0.00283
Below is a table showing the costs per order of items bought by a computer hardware
store.
Calculate the mean cost per order.
A) $220.54
B) $174.70
C) $159
D) $88
When data are classified by the type of measurement scale, which is the strongest form
of measurement?
A) nominal
B) interval
C) ordinal
D) ratio
In the cause-and-effect modeling, internal metrics, such as employee satisfaction,
productivity, and turnover are considered to be ________ measures.
A) logit
B) life
C) leading
D) lagging
Letherin Hides is a company that makes boots specifically targeting college students.
Forecasts of sales for the next year are 200 in the summer, 450 in the autumn, and 500
in the winter. Accessories that are used on the boots are purchased from a supplier for
$31.66. The cost of capital is estimated to be 24% per year (or 6% per quarter); thus, the
holding cost per item is 0.06($31.66) = $1.9 per quarter (rounded figure). Letherin
Hides hires freelance art designers at part-time to craft designs during the summer, and
they earn $ 6 per hour. In the autumn, labor is more difficult to keep, and the owner
must pay $6.5 per hour to retain qualified help. Because of the high demand for
part-time help during the winter holiday season, labor rates are higher in the winter, and
workers earn $7.75 per hour. Each boot design takes 2 hours to complete. How should
production be planned over the three quarters to minimize the combined production and
inventory holding costs?
The table below provides information on Letherin Hides boot design cost and
production.
According to the linear optimization model, what is the net production for autumn?
A) 200
B) 500
C) 450
D) 50
A(n) ________ is also called a minimax regret strategy.
A) opportunity-loss strategy
B) aggressive strategy
C) conservative strategy
D) average payoff strategy
Which of the following is the mathematical model for deriving total cost of only
outsourcing?
A) TC = Q x C
B) TC = F + (C x Q)
C) TC = (V +
C) x Q
D) TC = (VC + F) x Q
Below is a decision tree illustrating the R&D process for a new drug.
Let us assume that if market is large, payoff is lognormally distributed with a mean of
$4,900 million and a standard deviation of $1,000 million; if market is medium, payoff
is lognormally distributed with a mean of $2,500 million and a standard deviation of
$500 million; and if market is small, payoff is normally distributed with a mean of
$1,800 million and standard deviation of $200 million. Let us also assume that the cost
of clinical trials is uncertain and estimates are modeled with a triangular distribution
with a minimum of -$ 700 million, a most likely value of – $550 million, and a
maximum of -$500 million. Use 10,000 trials and a random seed of 1.
What is the mean absolute deviation obtained from the simulation results? [Hint:
Choose the approximate value.]
A) $ 119.0
B) $ 116.1
C) $ 105.7
D) $ 94.0
On an average, the number of students that choose to study Arts subjects at Greyin Tide
University is 17 each year. (Hint: Use Poisson distribution formula).
What is the probability that exactly 13 students will take up Arts in the coming year?
A) 0.08795
B) 0.20087
C) 0.04798
D) 0.06585
The spreadsheet below shows the net income model for a company that sells shoes.
Which of the following formulas would be used to calculate earnings before taxes?
A) =B15-B16+B6
B) =B15-B5
C) =B15-B16
D) =B17-B10
Below are four options for an investment decision.
Which of the following is the average utility for the bond fund decision?
A) 1.18
B) 0.38
C) 0.54
D) 0.43
Which of the following helps in evaluation of autocorrelation?
A) Breusch-Pagan test
B) Durbin-Watson statistic
C) Hosmer-Lemeshow test
D) Cochran-Mantel-Haenszel statistics
Identify the power of the test from the following probabilities.
A) P(rejecting H0 | H0 is true)
B) P(not rejecting H0 | H0 is false)
C) P(rejecting H0 | H0 is false)
D) P(not rejecting H0 | H0 is true)
Pickson Luthiers Corporation makes four models of electric guitars, ScarCT, Dela Mort,
Warax, and Invazen. Each guitar must flow through five departments, assembly,
painting, sound testing, inspection, and packaging. The table below shows the relevant
data. Production rates are shown in units/hour. (ScarCT is assembled elsewhere).
Pickson wants to determine how many guitars to make to maximize monthly profit.
According to the linear optimization model, what would be the total time spent for
assembling the Invazen models?
A) 8
B) 4
C) 16
D) 10
Following is an extract from the Cost per Order Database of Grogtes LLC.
What is the rank of the 42nd percentile of the costs per order ?
A) 17
B) 13.35
C) 19
D) 33.75
Pickson Luthiers Corporation is studying where to locate a phone charging point on the
factory floor. The locations of five production cells are expressed as X– and
Y-coordinates on a rectangular grid of the factory layout. The daily demand for the
charging point (measured as the number of trips to the charging point) at each
production cell is also known. Because of the nature of the equipment layout in the
factory and for safety reasons, workers must travel along marked horizontal and vertical
aisles to access the charger. Thus, the distance from a cell to the charger is measured as
rectilinear distance.
The table below provides the relevant information.
The optimal location should minimize the total weighted distance between the charging
point and all production cells, where the weights are the daily number of trips to the
phone charging point.
According to the model, what is the total weighted distance between the 5 production
cells and the phone charger?
A) 253.50
B) 113.00
C) 172.50
D) 165.50
Which of the following is true of judgment sampling?
A) It selects samples based on expert opinion.
B) It selects samples based on ease of data collection.
C) It selects samples based on random procedures.
D) It selects samples based on full representation of all subsets in a population.
The ________ is a formal statistical measure for categorical data, such as defects or
errors in quality control applications or consumer preferences in market research.
A) variance
B) proportion
C) mean
D) skewness
________ constraints essentially state that input = output and ensure that the flow of
material or money is accounted for at locations or between time periods.
A) Requirements
B) Proportional relationships
C) Balance
D) Limitations
Below is the spreadsheet for a portfolio allocation model.
Answer the following question(s) using a model with uncertainty on type of investment
return. Assume that the distributions of life insurance annual return is uniform with
minimum 4% and maximum 6%, bond mutual funds annual return is normal with mean
7% and standard deviation 1%, stock mutual funds annual return is lognormal with
mean 11% and standard deviation 4%. Use 10,000 trials and 1 for random seed for the
simulation.
What is the value of the mean obtained from the simulation results that maximizes the
total expected return? [Hint: Choose the approximate value.]
A) $ 5,876.28
B) $ 6,570.76
C) $ 7,257.45
D) $ 5,178.84
What are the four different outcomes of hypothesis testing?
What is degeneracy in linear optimization? Give an example.
List out the different types of constraints that help model formulation.
Explain statistics as defined by David Hand. What are the two ways in which Microsoft
Excel supports statistical analysis?
What is the purpose of a heat map?