Measure is the act of obtaining data associated with a metric. Measurements are the
numerical values associated with a metric.
If the alternative hypothesis includes the symbol <, the rejection region is in the upper
tail.
The mathematical form Y ≤ 450 would be considered as representing a simple
bounds constraint.
In a MATCH function, if match_type = 1, then the function finds the smallest value that
is greater than or equal to lookup_value.
The value of a coefficient of skewness falling between 0.5 and -0.5 indicates relative
symmetry.
Measure is the act of obtaining data associated with a metric. Measurements are the
numerical values associated with a metric.
In Excel’s Analytic Solver Platform, a parameter is a set of outputs in a model.
The market share of a business would be considered a lagging measure in the
cause-and-effect modeling of data mining.
The indexes in the forecasting indicators provide a complete forecast.
Degeneracy does not impact the interpretation of sensitivity analysis information.
________ sampling applies to populations that are divided into natural subsets and
allocates the appropriate proportion of samples to each subset.
A) Systematic
B) Stratified
C) Cluster
D) Continuous process
Uniform or triangular distributions are used in the absence of data.
________ are statistical errors that are due to the sample not representing the target
population adequately.
A) Parallax errors
B) Sampling errors
C) Nonsampling errors
D) Quantization errors
An infeasible problem is one for which ________.
A) the objective is maximized or minimized by more than one combination of decision
variables
B) there is no solution that simultaneously satisfies all the constraints
C) the objective can be increased or decreased to infinity or negative infinity
D) there is exactly one solution that will result in the maximum or minimum objective
In the z-score formula, which of the following is true if the value in the numerator is a
negative value?
A) that the xi value lies to the left of the mean
B) that the mean is of lesser value than the xi value
C) that the mean is of negative value
D) that the numerator value cannot be divided by the standard deviation
Which of the following types of sampling involves using random procedures to select a
sample?
A) judgment sampling
B) probabilistic sampling
C) subjective sampling
D) convenience sampling
Below is a spreadsheet for Stone Age Surfboards.
Assume that the finishing time for a pair of Rockwell surfboards is triangular with a
minimum value of 1.4, a most likely value of 1.5, and a maximum value of 1.8 and that
finishing time for a pair of Limestone surfboards is also triangular with a minimum
value of 1.8, a most likely value of 2.0, and a maximum value of 2.4. The number of
trials per simulation is equal to 5000.
What is the coefficient of variation obtained from the simulation results?
A) 0.098
B) 0.134
C) 0.047
D) 0.020
Shirley Templeton is a real estate agent for Paralol Realty. Shirley is given the
responsibility to manage potential customers for 5 of the Realty’s bungalows. These 5
bungalows are situated in close proximity. In order to make traveling easier, Shirley
decides to move to a location closer to the 5 bungalows. The table below gives the
location (X and Y coordinates) of the 5 bungalows along with the number of trips she
would have to make to each bungalow. Create a nonlinear model based on the data
given in the table below noting that the objective is to reduce the weighted distance
between Shirley’s accommodation and the 5 bungalows.
According to the model, what is the distance between Shirley’s new accommodation
and Bungalow 3?
A) 54.62
B) 25.08
C) 36.53
D) 23.12
________ states that if the sample size is large enough, the sampling distribution of the
mean is approximately normally distributed, regardless of the distribution of the
population and that the mean of the sampling distribution will be the same as that of the
population.
A) Chebyshev’s theorem
B) Central limit theorem
C) Prime number theorem
D) Oppermann’s conjecture
Alternate optimal solutions exist when the ________.
A) reduced cost is equal to the shadow price
B) ratio of the objective coefficient to the constraint coefficient is one
C) Allowable Increase values for changing cells are zero
D) final value of the changing cells is greater than that of the constraints
The following table lists the amounts paid in mortgages as a percentage of the
household income in the town Aponia. Calculate the variance and standard deviation of
the data, if mean is given as 22.4%. The percentage (x) values are estimated as
midpoints of each percentage range.
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.
What is the total number of hours used for the finishing operation?
A) 39.6
B) 34.4
C) 29.2
D) 24.8
Cerebro Manufacturing produces four types of structural support fittings-plugs, rails,
rivets, and clips-which are machined on two CNC machining centers. The machining
centers have a capacity of 250,000 minutes per year. The gross margin per unit and
machining requirements are shown in the spreadsheet below.
What is the total profit generated from the manufacture of only plugs?
A) $ 66,666.67
B) $ 100,000.00
C) $ 183,333.33
D) $ 150,000.00
Below is a spreadsheet for Stone Age Surfboards.
Assume that the finishing time for a pair of Rockwell surfboards is triangular with a
minimum value of 1.4, a most likely value of 1.5, and a maximum value of 1.8 and that
finishing time for a pair of Limestone surfboards is also triangular with a minimum
value of 1.8, a most likely value of 2.0, and a maximum value of 2.4. The number of
trials per simulation is equal to 5000.
What is the value of standard deviation obtained from the simulation results?
A) 1.20
B) 2.50
C) 3.80
D) 5.00
After choosing the PivotTable, the PivotChart can be found on the ________ tab.
A) Design
B) View
C) Options
D) Layout
Shirley Templeton is a real estate agent for Paralol Realty. Shirley is given the
responsibility to manage potential customers for 5 of the Realty’s bungalows. These 5
bungalows are situated in close proximity. In order to make traveling easier, Shirley
decides to move to a location closer to the 5 bungalows. The table below gives the
location (X and Y coordinates) of the 5 bungalows along with the number of trips she
would have to make to each bungalow. Create a nonlinear model based on the data
given in the table below noting that the objective is to reduce the weighted distance
between Shirley’s accommodation and the 5 bungalows.
According to the model, what is the X-coordinate for the location of Shirley’s new
accommodation?
A) 54.62
B) 36.53
C) 25
D) 23.12
Below is a payoff table that lists three mortgage options:
What is the maximum opportunity loss incurred for the 5-year ARM?
A) $ 8,626
B) $ 13,716
C) $ 14,369
D) $ 10,581
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.
According to the transportation model, what is the amount shipped from Atlanta to
Jacksonville?
A) 950
B) 480
C) 0
D) 95
Below is the data collected from a manufacturing process for a part whose dimensions
are specified as 4.00 0.1 centimeters. Calculate the process capability index within three
standard deviations of the mean.
Manufacturing Measurements
4.78 3.99 5.02
4.23 4.57 4.44
5.18
To meet consumer demand, Nib ‘N’ Ink must produce 800 gel-ink refills. Should the
company produce them in-house or outsource them from the supplier? (Hint: Use the
mathematical descriptive model).
Following is an extract from a firm’s database detailing the number of hours spent on
the job by employees and their corresponding pay. (Note: Assume a level of
significance of 0.05 wherever necessary.)
Draw conclusions for test of hypothesis for regression coefficients.
What is the importance of Shadow Price in the Sensitivity Report?
Explain the significance of using double moving average and double exponential
smoothing models.
Why is regression analysis necessary in business? What categories of regression models
are used?
The following extract from a manufacturer’s database shows a sample of 10 suppliers,
their transportation charges, and the estimated and actual total costs of supplying
materials. (Note: Assume a significance level of 0.05 wherever necessary.)
On studying the database, the manufacturer found out that the average difference
between the estimated and actual total costs was $394. Based on the sample data, can
the manufacturer conclude that the average difference between the estimated and actual
total costs is different from zero?
Describe and construct a cross-tabulation showing the region-wise percentage
breakdown of purchase of glass bottles and silver spoons and visually represent the data
in a 3-D column chart.
What is the importance of binary variables in integer optimization models?