If bs are weights, Xs are input values, and c is a constant or intercept, provide the
equation for discriminant functions, L.
A) L =
B) L = b1X1 + b2X2 + … + bnXn + c
C) L =
Z) L =
In _____ functions, represented by y = abx, y rises or falls at constantly increasing rates.
A) logarithmic
B) power
C) exponential
D) polynomial
What is the mean absolute deviation obtained from the simulation results?
A) 1.25
B) 0.65
C) 0.24
D) 0.99
________ means that the variation about the regression line is constant for all values of
the independent variable.
A) Autocorrelation
B) Normality of errors
C) Homoscedasticity
D) Linearity
Which of the following characterizes a random variable having two possible outcomes,
each with a constant probability of occurrence?
A) Beta distribution
B) Bernoulli distribution
C) Poisson distribution
D) Binominal distribution
Below is the table showing rate of shoes sold per day and the highest-priced shoe sold
that day for a one-week period. The rate of shoes sold per day (X) and the price of the
shoes (Y).
Use Excel to calculate the correlation between variables X and Y.
A) 16.47
B) 0.02
C) 16.71
D) 7.04
Which of the following symbols is used to represent exponents in Excel?
A) ^
B) *
C) #
D) !
Which of the following statements is true of a triangular distribution?
A) We are required to know only the smallest and largest possible values that the
variable might assume.
B) These distributions depend on multiple parameters that one can easily identify based
on managerial knowledge and judgment.
C) The distribution has a limited range and can be skewed in either direction.
D) The distribution is very positively skewed, with no negative values.
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 is the total profit for the Pickson
Luthiers Corporation?
A) $10,000
B) $199,880
C) $205,200
D) $219,200
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 total cost incurred by Letherin
Hides for the combined seasons?
A) $17,885
B) $15,605
C) $15,700
D) $18,700
Identify the uncontrollable variable from the following inputs of a decision model.
A) investment returns
B) machine capacities
C) staffing levels
D) intercity distances
Which of the following formulas is used to determine the exponential utility function?
A) U(x) = 1 + e‘”x/R
B) U(x) = 1 ex/R
C) U(x) = 1/ exR
D) U(x) = 1 ‘” e‘”x/R
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
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 mean obtained from the simulation results?
A) 15.65
B) 25.91
C) 20.78
D) 30.42
The table provided below gives the sales details of the number of android smart phones
at an electronic retail store for the past 6 weeks. The time series appears to be relatively
stable, without trend, seasonal, or cyclical effects. (Hint: Optimize α value in 0.1
increments)
What is the forecasted value for the 3rd week?
A) 53 phones
B) 64 phones
C) 71 phones
D) 49 phones
The following table exhibits the age of antique furniture and the corresponding prices.
Use the table to answer the following question(s). (Hint: Use scatter diagram and the
Excel Trendline tool where necessary).
What is the relationship between the age of the furniture and their values?
A) Nonlinear
B) Linear
C) Curvilinear
D) No relationship
Which of the following is true about cross-tabulation?
A) All subcategories together must constitute the complete data set.
B) A cross-tabulation table is often called a latent class model.
C) Each observation can be classified into many subcategories.
D) The table displays the number of categorical variables between two observations.