In association analysis, the antecedent and consequent are sets of items that do not have
any items in common.
The standard error may be assumed to be large if the data are clustered close to the
regression line.
If the distribution of observations are such that mode < median < mean, the histogram
would be said to be negatively skewed.
A cyclical effect is one that repeats at fixed intervals of time, typically a year, month,
week, or day.
In conducting a hypothesis test, what is usually to be proven statistically is identified as
the null hypothesis.
Mathematically, a binary variable x can be represented as x > 2 and integer.
An outcome over which the decision maker has complete control is called an event
node.
A binding constraint is one for which the Cell Value is greater than the right-hand side
of the value of the constraint.
For the average payoff strategy, the decision with the best average payoff is chosen.
Whenever a constraint has positive slack, the shadow price is equal to one.
A good regression model has the fewest number of explanatory variables providing an
adequate interpretation of the dependent variable.
In cluster analysis, the objects within clusters should exhibit a high amount of
dissimilarity.
A service level is a constraint that represents the probability that demand can be
satisfied.
Below is the spreadsheet for a project selection model:
What is the return obtained from Project 5?
A) $ 200,000
B) $ 125,000
C) $ 275,000
D) $ 225,000
The Delphi method used for forecasting:
A) obtains forecasts through a comparative analysis with a previous situation.
B) uses measures that are believed to influence the behavior of a variable that the
researcher wishes to forecast.
C) uses a single measure that weights multiple indicators and provides a measure of
overall expectation.
D) uses a panel of experts, whose identities are typically kept confidential from one
another, to respond to a sequence of questionnaires.
The Ransin Sports Company has noted that the size of individual customer orders is
normally distributed with a mean of $112 and a standard deviation of $9. If a soccer
team of 11 players were to make the next batch of orders, what is the probability that
the mean purchase would exceed $116?
A) 11%
B) 3%
C) 33%
D) 7%
Which of the following symbols is used to represent exponents in Excel?
A) ^
B) *
C) #
D) !
Which of the following is included in the data mining approach of data exploration and
reduction?
A) analyzing data to predict how to classify a new data element
B) identifying groups in which the elements of the groups are in some way similar
C) creating rules for target marketing based on association of variables
D) developing analytic models to describe the relationship between metrics
The weights for determining the discriminant functions are determined by ________.
A) assessing the number of outliers that are present in each group
B) calculating the distance between the two closest observations in each group
C) measuring the closeness between predictor values of each set
D) maximizing the between-group variance relative to the within-group variance
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
Consider the following spreadsheet for an outsourcing decision model.
We assume that the production (demand) volume is normally distributed with a mean of
1,000 and a standard deviation of 100. For the unit cost, select the triangular
distribution. It has a minimum value of $150, most likely value of $165, and a
maximum value of $190. The number of trials per simulation is equal to 5,000 at a Sim.
Random Seed of 1. Run the simulation and answer the following question(s) using the
Risk Solver Platform.
What is the value of mode obtained from the simulation results?
A) $28,435
B) $22,485
C) $27,198
D) $25,394
The average cost for the sample of 5 sales of a product is = $230 and the
sample standard deviation is s = $17.50. The hypothesized mean is μ0 = $250.
Compute the value of the test statistic.
A) -2.56
B) -4.00
C) -1.67
D) -3.87
The demand for coffee beans over a period of three months has been represented in the
form of an L-shaped curve. Which form of model was used here?
A) mathematical model
B) visual model
C) kinesthetic (tactile) model
D) verbal model
How many additional dummy variables are required if a categorical variable has 4
levels?
A) 2
B) 3
C) 1
D) 4
The table below provides the sales data for JD Inc. for the year 1998. Given: α = 0.2,
β = 0.15, and γ = 0.05 (Hint: Use an additive Holt-Winters model.)
Umbrella Sales of JD Inc.
Calculate the value of the mean square error using an appropriate Holt-Winters trend
model for the given data.
A) 8.10
B) 346.26
C) 140942.78
D) 7.62
Which of the following is true while applying the Excel ANOVA tool?
A) The specified input range of data must be separated.
B) The sample size for each factor level must be the same.
C) The input range must be a rectangular region that contains all data.
D) Level of significance need not be specified.
For the given data, calculate the value of the simple moving average mean absolute
percentage error.
A) 20.90
B) 23.45
C) 14.39
D) 25.56
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.
Using the data, determine the value of the simple moving average root mean square
error.
A) 0.21
B) 14.39
C) 20.12
D) 207.13
Coppell Services contracts with outsourcing partners to handle various customer service
functions. Based on a study of call volumes provided by one of the firm’s partners, the
minimum number of staff needed for each hour of the day is as follows:
Mr. Coppell hires 6 permanent employees and wants to staff the remaining
requirements using part-time employees who work 4-hour shifts (four consecutive
hours starting as early as 8 A.M. or as late as 1 P.M.).
How many excess employees are present in the noon-1 time slot?
A) 2
B) 4
C) 5
D) 6
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, which of the following is the amount shipped
from Dallas to San Jose?
A) 0
B) 95
C) 230
D) 325
Why is the ROUND function used in Excel?
A) to ensure that the values generated are whole numbers
B) to ensure that the values generated are multiples of ten
C) to ensure that the values generated are always positive
D) to ensure that the values are even numbers
Below is the spreadsheet for a project selection model:
What is the total amount of personnel used for all five projects?
A) 23
B) 17
C) 10
D) 4
Consider the following spreadsheet for an outsourcing decision model.
We assume that the production (demand) volume is normally distributed with a mean of
1,000 and a standard deviation of 100. For the unit cost, select the triangular
distribution. It has a minimum value of $150, most likely value of $165, and a
maximum value of $190. The number of trials per simulation is equal to 5,000 at a Sim.
Random Seed of 1. Run the simulation and answer the following question(s) using the
Risk Solver Platform.
What is the value of mean obtained from the simulation results? [Hint: Choose the
nearest answer]
A) $18,385
B) $21,608
C) $14,894
D) $23,946
Which of the following features of classification, used in Excel, for a particular
database will necessarily be coded to a certain value?
A) categorical variables
B) non-numerical variables
C) predictor variables
D) numerical variables
Below is a payoff table that lists four mortgage options:
What is the best payoff rate for the 1-year ARM?
A) $ 49,618
B) $ 43,650
C) $ 38,560
D) $ 66,645
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
Which of the following is true of association rule mining?
A) It develops analytic models to describe the relationship between metrics that drive
business performance.
B) It identifies attributes that occur frequently together in a given data set.
C) It seeks to classify a categorical outcome into one of two or more categories.
D) It is a data reduction technique that reduces large information into smaller
heterogeneous groups.
To copy a formula from a single cell or range of cells down a column or across a row,
first________, click and hold the mouse on the small square in the lower right-hand
corner of the cell, and drag the formula to the “target” cells which you wish to copy.
A) press Ctrl-C
B) select the cell or range
C) press Ctrl-Enter
D) select the whole spreadsheet
What are the two basic properties of a linear optimization model?
State the three empirical rules in standard deviation.
From the data in the table below, calculate the total annual cost using the economic
order quantity (EOQ) model.
What are the benefits of a Risk Solver Platform sensitivity chart?
What are the four possible outcomes that can be obtained by solving a linear
optimization model?