In a two-sample test for means with the population variance being known, the z-test
uses a test statistic that is based on the standard normal distribution.
In a MATCH function, if match_type = 1, then the function finds the smallest value that
is greater than or equal to lookup_value.
For a two-sample test for means with the population variance being known, the Excel
procedure used is the Excel z-test.
Absolute value functions, in optimization models, result in non-smooth functions.
Fewer groups provide a “coarser” histogram.
In predictive modeling, validity refers to how well a model represents reality.
Not specifying a Bin Range will not allow Excel to automatically determine bin values
for the frequency distribution and histogram.
Decision variables that are forced to be integers are called general integer variables.
Lagging and leading measures in cause-and-effect modeling are uncorrelated.
The beta distribution is a function of three parameters, the minimum, a; maximum, b;
and most likely, c.
Two-way data tables can evaluate only one output variable.
If the distribution of observations are such that mode < median < mean, the histogram
would be said to be negatively skewed.
For the average payoff strategy, the decision with the best average payoff is chosen.
Excel’s Trendline feature cannot be used in modeling trends which include time
variables.
To invoke the binary constraints on the variables, the option bin is chosen from the
dropdown box in the Add Constraint dialog.
AND(condition 1, condition 2’¦) is a logical function that returns TRUE if all conditions
are true and FALSE if not.
As the sample size increases, the width of the confidence interval decreases.
Nonnegativity of the decision variables is an example of an explicit constraint.
Two different sets of data can never have the same z-scores.
Which of the following relies on sorting data and calculating the cumulative percentage
of the characteristic of interest?
A) Randolph diagram
B) Anscombe’s quartet
C) Bland-Altman plot
D) Pareto analysis
Which of the following is the first phase in problem solving?
A) defining the problem
B) analyzing the problem
C) recognizing the problem
D) structuring the problem
The Atlas Movies Theater has repriced 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 new price for the three
classes obtained using Solver.
Assume the distributions of elasticities for three classes of tickets are uniform with
minimum and maximum values equal to 75% and 125% of their estimated values,
respectively. Under this assumption, use Monte Carlo simulation to see what happens to
the prediction of tickets sold. The model is simulated for 10,000 trials.
Which of the following cells is defined as the output cell?
A) E16
B) E18
C) F17
D) F18
In Excel’s Trendline tool, the value of the________ gives the measure of fit of the line
to the data.
A) linear function
B) R-squared
C) moving average
D) set intercept
Which of the following is true of the binomial distribution?
A) The expected value of the binomial distribution is np(1 – p), where n is the number
of experiments and p is the probability of success.
B) The binomial distribution can assume different shapes and amounts of skewness,
depending on the parameters.
C) In Excel’s binomial distribution function, setting cumulative to TRUE will provide
the probability mass function for a specified value.
D) The expected value of the binomial distribution is λ, a constant.
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
packaging the Invazen models?
A) 8
B) 16
C) 20
D) 10
In an event X, the probability of rolling a sum of 8 on two dice is 5/36 while the
probability of
rolling an 11 is 2/36. In another event Y, the probability of rolling a 2 is 1/36, the
probability of
rolling a 9 is 4/36, and the probability of rolling a 4 is 3/36.
What is probability that neither X nor Y will occur?
A) 29/26
B) 1/36
C) 28/36
D) 21/36
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
sound testing the Warax model?
A) 5
B) 4
C) 6
D) 10.5
The Riviera Transport Company (RTC) produces car accessories at two plants: Dallas
and Atlanta. They ship them to major distribution centers in Houston, San Jose,
Jacksonville, and Memphis. The accounting, production, and marketing departments
have provided the information in the table below, which shows the unit cost of shipping
between any plant and distribution center, plant capacities over the next planning
period, and distribution center demands. RTC’s supply chain manager faces the problem
of determining how much to ship between each plant and distribution center to
minimize the total transportation cost, not exceed available capacity, and meet customer
demand.
Assume Xij = amount shipped from plant i to distribution center j, where i = 1
represents Dallas, i = 2 represents Atlanta, j = 1 represents Houston, and so on.
Which of the following is the constraint for total amount shipped from Dallas?
A) X11 + X12 + X13 + X14 ≤ 1,250
B) X21 + X22 + X23 + X24 ≤ 1,250
C) X21 + X22 + X23 + X24 ≤ 750
D) X11 + X12 + X13 + X14 – X21 + X22 + X23 + X24 ≤ 850
The table below shows the daily frequency of female customers at a particular ice
cream shop during discount sale periods. The data is collected for 5 days. Calculate the
mean for the data.
15 students were asked to choose between the broad categories of Arts, Science, and
Math as their preferred area of study.
What is the probability that a respondent is male and prefers Arts?
A) 8/15
B) 10/15
C) 2/15
D) 6/15
Which of the following is true of normal distributions?
A) The mean, median, and mode are all equal.
B) Its measure of skewness is always greater than 1.
C) The range of the random variable X is bounded.
D) Mathematical formulas make it easier to compute normal distributions.
Which of the following would be considered a lagging measure in a restaurant using the
cause-and-modeling method of data mining?
A) a manager who is having trouble meeting the daily demands
B) a waiter’s behavior toward a customer
C) an accurately billed meal
D) a satisfied customer
The spreadsheet below shows the net income model for a company that sells shoes.
Which of the following formulas would be used to calculate the net income value using
only the information in the Model, and not in the Data section?
A) =B5-B17
B) =B6-B15
C) =B15-B16-B17+B18
D) =B18-B11
Which of the following describes variance?
A) It is the difference between the maximum value and the minimum value in the data
set.
B) It is the difference between the first and third quartiles of a data set.
C) It is the average of the squared deviations of the observations from the mean.
D) It is the average of the greatest and least values in the data set.
Stone Age Surfboards is a small manufacturer of two types of popular low-tide
surfboards, the Graystone and the Lava models. The manufacturing process consists of
two departments: fabrication and finishing. The fabrication department has 8 skilled
workers, each of whom works 9.25 hours per day. The finishing department has 5
workers, each of whom works a 6 -hour shift per day. Each pair of Graystone
surfboards requires 2.5 labor hours in the fabrication department and 2 labor hours in
finishing. The Lava model requires 4.2 labor-hours in fabrication and 3.6 labor-hours in
finishing. The company operates 6 days a week. It makes a per unit profit of $40 on the
Graystone model and $60 on the Lava model. The company anticipates selling at least
twice as many Lava models as Graystone models.
Use the spreadsheet below for Stone Age Surfboards to answer the following
question(s) using integer constraints on variables in the optimization models using the
standard Solver.
Which of the following constraints Solver uses?
A) $B$14:$C$14 = integer
B) $D$15 > = $D$6
C) $D$16 > = $D$7
D) $D$19 < = 0
What is a value at risk constraint?
What is the importance of Shadow Price in the Sensitivity Report?
A goal of Korel & Marke, a dot-com company, is to gain strategic advantage over its
rival firms. How can Korel & Marke use analytics and exploit social media to
accomplish this goal?
How can managers judge the validity of a model?
Give an account of how the design and format of spreadsheets can be improved.
Use the data given below to answer the following question(s).
At a casino, a combination of two spinners is used to decide the winner based on the
sum of scores from spinning. The spinners each have four colored spaces – red, yellow,
blue, and green. Red = 1, Yellow = 2, Blue = 3, and Green = 4
What is the probability that the spinners land on colors summing up to exactly 3?