Which of the following is true of midspread?
A) It is an example of a measure of location.
B) It is calculated by finding the difference between the highest and lowest values in the
data set. C) It is affected by extreme values.
D) It is calculated using only the middle 50% of the data.
Sujito Electronix makes headphones for $22 and sells them for $32. Sujito has sold at
least 50 headphones on average per week in the past, though the actual demand is
unknown. Sujito has also often run short of supply in the past. After three months of
release, the headphones are sold at 40 percent discount. The spreadsheet below shows
Sujito’s sales and demand for the headphones. We take demand at 51, and quantity
produced at 55.
Which of the following is the value for quantity sold?
A) 51
B) 50
C) 4
D) 55
The product mix is determined by the:
A) accounting staff.
B) middle managers.
C) finance managers.
D) top managers.
Explain with an example the filtering tool provided by Excel for simple criteria.
How many gallons will be sold if the price is increased to $4.75?
A) 833.26
B) 843
C) 798.72
D) 818
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 7th week?
A) 53 phones
B) 82 phones
C) 71 phones
D) 49 phones
Below is the spreadsheet for Memphis Designs fixed cost model:
What is the net production at the end of the first quarter?
A) 75
B) 200
C) 450
D) 600
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, which of the following bungalows is Shirley’s new
accommodation closest to?
A) Bungalow 1
B) Bungalow 5
C) Bungalow 2
D) Bungalow 4
The spreadsheet below shows the net income model for a company that sells shoes.
Which of the following would be used to calculate the gross profit?
A) =SUM(B7:B11)-B6
B) =B5-B6
C) =B5-(B6-B11)
D) =B5-B6+(B11-B10)
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
In which of the following ways does demand influence profit?
A) It predicts how many units will be sold.
B) It directly influences the fixed cost of production.
C) It helps in reducing the variable cost of production.
D) It reduces the unit cost of production.
The payoff table given below lists four mortgage options:
The probability of rates rising is 0.6, rates stable is 0.3, and rates falling is 0.1.
What is the expected payoff of the 5-year ARM?
A) $ 17,872.90
B) $ 53,618.60
C) $ 48,805.20
D) $ 20,081.80
Use the table below to answer the following question(s).
The historical data of Velvetta Inc., a healthcare products manufacturer, have shown
that in a production process for filling bottles of shampoo, variance in the volume is
constant; however, clogs in the filling machine often affect the mean volume. The
historical standard deviation is 5 milliliters. In filling 250-milliliter bottles, a sample of
20 found a meanvolume of 242 milliliters.
From the table above, calculate the lower confidence interval estimate at a confidence
level of 95%
A) 239.49
B) 240.16
C) 239.81
D) 240.04
If the given time series has a trend and seasonality, the most appropriate forecasting
model to determine the forecast of the time series is the ________ model.
A) multiple regression
B) Holt-Winters no trend smoothing
C) double exponential smoothing
D) Holt-Winters multiplicative
According to statistical notations, what does Σ stand for?
A) to act as a summation operator
B) to represent sample statistics
C) to represent population measures
D) to represent the number of items in a population
Which of the following charts allows plotting of multiple dimensions of several data
series?
A) Doughnut chart
B) Bubble chart
C) Radar chart
D) Area chart
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 uses the sum of squares between the objects in the cluster when
measuring their distances?
A) divisive clustering
B) average group linkage clustering
C) Ward’s hierarchical clustering
D) single linkage clustering
Remington Textiles has a mill that produces three types of fabrics on a make-to-order
basis. The mill operates on a 24/7 basis. The key decision facing the plant manager is
about the type of loom needed to process each fabric during the coming 12 weeks to
meet demands for the three fabrics and not exceed the capacity of the looms in the mill.
Two types of looms are used: Jaquard and Northrop. Jaquard looms can be used to
make all fabrics and are the only looms that can weave certain fabrics, such as plaids.
Demands, variable costs for each fabric, and production rates on the looms are given in
the table below. The mill has 10 Northrop looms and 2 Jaquard looms. Any fabrics that
cannot be woven in the mill because of limited capacity will be purchased from an
external supplier, finished at the mill, and sold at the selling price. In addition to
determining which looms to use to process the fabrics, the manager also needs to
determine which fabrics to buy externally.
According to the model, what is the total amount of Fabric 3 to be purchased?
A) 2,405
B) 0
C) 32,595
D) 35,000
Which of the following is true about variance?
A) It measures the uncertainty of a random variable.
B) Higher variance implies low uncertainty.
C) It is the square root of a random variable’s standard deviation.
D) It is the weighted average of all possible outcomes.
The Risk Solver Platform ________ feature allows you to superimpose the frequency
distributions from selected forecasts on one chart in order to compare differences and
similarities that might not be apparent.
A) trend chart
B) sensitivity chart
C) overlay chart
D) box-whisker chart
Which of the following is true of a training data set?
A) They are primarily used to fine-tune models.
B) They provide the most realistic estimate for a model’s performance.
C) They are used to build models where the data is unknown.
D) They have known outcomes.
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 Sensitivity Report, which of the following is true if the capacity at
Atlanta is increased by 230 units?
A) the total cost can be reduced by $.09 per unit
B) the total cost at Atlanta increases by $9
C) the total cost per unit will reduce by $.09 to Memphis
D) the shadow price at Atlanta will increase to $0.09
Below is the profit model spreadsheet for the Lazarus Shoe Company producing their
latest model of shoes for the month of January.
Calculate the variable cost of production.
A) $1,786,000
B) $836,000
C) $600,000
D) $1,436,000
The details of the clock sales at a supermarket for the past 6 weeks are shown in the
table below. The time series appears to be relatively stable, without trend, seasonal, or
cyclical effects. The simple moving average value of k is set at 2.
For the given data, the simple moving average mean absolute deviation is ________.
A) 0.21
B) 20.12
C) 14.25
D) 207.13