Which of the following is a Type I error?
A) the null hypothesis is actually true, and the hypothesis test correctly fails to reject it
B) the null hypothesis is actually false, but the test incorrectly fails to reject it
C) the null hypothesis is actually false, and the test correctly rejects it
D) the null hypothesis is actually true, but the hypothesis test incorrectly rejects it
________ is the ratio of the number of transactions that include all items in the
consequent as well as the antecedent to the number of transactions that include all items
in the antecedent.
A) Lift
B) Logit
C) Support for the association rule
D) Confidence of the association rule
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 quantity of Lava surfboards produced?
A) 2
B) 5
C) 7
D) 10
The Risk Solver Platform ________ chart shows the minimum, first quartile, median,
third quartile, and maximum values in a data set graphically.
A) trend
B) sensitivity
C) overlay
D) box-whisker
Below is the spreadsheet for a project selection model.
Answer the following question(s) using a model with uncertainty on project selection.
Assume that the distribution on each project return is LogNormal. Use 10,000 trials and
1 for random seed for the simulation.
What is the value of mean obtained from the simulation results? [Hint: Choose the
approximate value.]
A) $ 405,897
B) $ 358,138
C) $ 269,406
D) $ 452,785
Stone Age Surfboards is a small manufacturer of two types of popular high-tide
surfboards, the Rockwell and the Limestone models. The manufacturing process
consists of two departments: fabrication and finishing. The fabrication department has
15 skilled workers, each of whom works 5 hours per day. The finishing department has
5 workers, who also work a 5-hour shift. Each pair of Rockwell surfboards requires 3
labor hours in the fabrication department and 1.5 labor hours in finishing. The
Limestone model requires 4.5 labor- hours in fabrication and 2 labor-hours in finishing.
The company operates 6 days a week. It makes a per-unit profit of $60 on the Rockwell
model and $75 on the Limestone model. Approximately 4.1 Rockwell models and 8.4
Limestone models are produced per day.
What is the total profit generated?
A) $ 876.00
B) $ 675.50
C) $ 480.50
D) $ 965.00
Which of the following accurately describes a sampling distribution of the mean?
A) It is the mean of any one sample from a group of related populations of different
sizes.
B) It is the mean distribution of any one sample from a group of samples of varying
sizes from a population.
C) It is the mean of half the samples from a related group of populations.
D) It is the distribution of the means of all possible samples of fixed size n from a
population.
Which of the following is a difference between a mean and a median?
A) A mean divides the data half above it and half below it; a median does not.
B) A median is not affected by outliers; a mean is affected by outliers.
C) A mean is an observation that occurs most frequently; a median is the average of all
observations.
D) A median is not meaningful for ratio data; a mean is meaningful to ratio data.
Which of the following is true of hierarchical clustering?
A) All clusters must have the same number of data.
B) No single cluster can have all objects
C) The data are not partitioned into a particular cluster in a single step.
D) All clusters must have more than one object in it.
When a scatter chart of data shows a nonlinear relationship, the nonlinear model can be
expressed as:
A) Y = β0 + β1X + β2X2 + ε
B) Y = β0 + β1X + (β2X)2 + ε
C) Y = β0 + β1X + β2X
D) Y = β0 + β1X2 + β2X2 + ε
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.
What is the value of slack obtained from the answer report?
A) 46.78
B) 38.46
C) 59.24
D) 23.85
If a simulation has multiple output variables that are related to one another, the
distributions of all output variables can be viewed on a single Risk Solver Platform
chart called a(n)
________.
A) trend chart
B) sensitivity chart
C) overlay chart
D) box-whisker chart
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, what is the value of the simple moving average mean square error?
A) 0.21
B) 20.12
C) 14.25
D) 207.13
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.
Which of the following options is used if Solver gives an error message that linearity is
not satisfied?
A) Ignore Integer Constraints
B) Show Iteration Results
C) Use Automatic Scaling
D) Use Multistart
The worldwide sales of cars from 1981-1990 are shown in the table below. Given: α =
0.2 and β = 0.15 (Hint: Use XLMiner)
Calculate the value of the mean absolute percentage error using double exponential
smoothing for the given data.
A) 1.80
B) 8.10
C) 91.27
D) 11976.17
Fiberia Accessories, a clothing retailer, is planning to introduce a new line of sweaters
as part of the winter collection for $65 with an inventory of 1500. The main selling
season is 60 days between November and December. The store then sells the remaining
units in a clearance sale at 65 percent discount. Out of the 60 main retail days, Fiberia
sells the sweaters at full retail price for only 45 days, while giving a discount of 25
percent for the remaining 15 days. The demand functions a, and b are given as 79.5 and
1.1 respectively.
Calculate the revenue for the clearance sales period.
A) $18,921.09
B) $23,400
C) $48,871.88
D) $17,105.16
Sheila joined Simsin Tradings at the age of 36 with a starting salary of $ 75,000. She
expects a salary increase of 5 percent every year. Her retirement plan requires her to
pay 9 percent of her salary, while the company matches it at 32 percent. She expects an
annual return of 7 percent on her retirement portfolio. Using a predictive model for
Sheila’s first five years, calculate the following, assuming that the salary increases at the
same rate every year, and the return of interest does not change.
What’s the total retirement balance when Sheila has reached the age of 40 while
working with Simsin?
A) $108,374.54
B) $56,253.36
C) $53,627.87
D) $91,163
Below is the spreadsheet for a project selection model:
Which of the following cells is set as the objective cell in Solver?
A) $G$12
B) $F$14
C) $G$14
D) $B$12
Sheila joined Simsin Tradings at the age of 36 with a starting salary of $ 75,000. She
expects a salary increase of 5 percent every year. Her retirement plan requires her to
pay 9 percent of her salary, while the company matches it at 32 percent. She expects an
annual return of 7 percent on her retirement portfolio. Using a predictive model for
Sheila’s first five years, calculate the following, assuming that the salary increases at the
same rate every year, and the return of interest does not change.
What will be the amount of employee contribution to retirement plan when Sheila has
reached the age of 38?
A) $7,441.88
B) $7,813.97
C) $24,450
D) $2381.40
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 1?
A) 36.53
B) 14.53
C) 98.21
D) 23.12
Which of the following is the mathematical model for deriving total cost of only
manufacturing?
A) TC = VC + (C Q)
B) TC = F + (C Q)
C) TC = F + C
D) TC = F + (V Q)
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.
Which of the following is considered the best expected value decision?
A) 1-year ARM
B) 3-year ARM
C) 5-year ARM
D) 30-year fixed
Below is a spreadsheet for Trance Electronics.
Suppose that the project manager of Trance Electronics has identified the following
uncertain variables in the model and the distributions and parameters that describe
them, as follows: Market size: normal with mean of 20,000,000 units and standard
deviation of 4,000,000 units. R&D costs: uniform between $600,000,000 and
$800,000,000.
Clinical trial costs: lognormal with mean of $150,000,000 and standard deviation
$30,000,000. Annual market growth factor: triangular with minimum = 2%,
maximum = 6%, and most likely = 3%.
Annual market share growth rate: triangular with minimum = 15%, maximum =
25%, and most likely = 20%.
The number of trials per simulation is equal to 10,000 at a Sim. Random Seed of 2. Run
the simulation and answer the following questions using the Risk Solver Platform.
What is the correlation of the market size with the NPV with reference to the sensitivity
chart?
A) 0.043
B) 0.888
C) -0.341
D) -0.026
A ________ is a description of the approach that is used to obtain samples from a
population prior to any data collection activity.
A) population frame
B) sampling weight
C) sampling plan
D) probability interval
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 quantity of Lava surfboards produced?
A) 2
B) 5
C) 7
D) 10