Which of the following is a difference between interval estimates and point estimates?
A) Point estimates cannot be used to calculate statistical error, while interval estimate is
used to calculate statistical error.
B) Point estimates provide only a single value for a sample, while interval estimates
provide a range of values.
C) Point estimates indicate the magnitude of potential error in the estimate, while
interval estimates don’t.
D) Point estimates on an average provide more information than interval estimates.
In aMATCH function,ifthematch_type=0,then _____
A) the function finds the largest value that is less than or equal to lookup_value
B) the function finds the smallest value that is greater than or equal to lookup_value
C) MATCH finds the first value that is exactly equal to lookup_value
D) the values in the lookup_array must be in a particular order
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 standard deviation obtained from the simulation results?
A) $9,175
B) $7,884
C) $3,860
D) $12,870
Use the table below to answer the following question(s) using the standard Solver.
Below is the spreadsheet for a plant location model:
What is the total amount shipped by the Detroit plant to the distribution centers?
A) 750
B) 1,000
C) 1,400
D) 1,300
The purpose of sampling is to ________.
A) enumerate all the values in the population
B) measure all items of interest for a particular interest or investigation
C) obtain sufficient information to draw a valid inference about a population
D) calculate all variables and observations within a population
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 2 to be purchased?
A) 50,000
B) 62,000
C) 0
D) 2,405
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.
Which of the following is the constraint for total amount shipped from Dallas?
A) X11 + X12 + X13 + X14 ≤ 1,250
B) X21 + X22 + X23 + X24 ≤ 1,250
C) X21 + X22 + X23 + X24 ≤ 750
D) X11 + X12 + X13 + X14 – X21 + X22 + X23 + X24 ≤ 850
Following is the Sales database of Pointler’s Inc., a manufacturer of clothing material.
Use Excel to calculate the total $ amount of sales made to Quintasia. Include the sale of
fur, jute, and leather.
A) $193
B) $4185.47
C) $25250.19
D) $130.83
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 coefficient of variation of X.
A) 0.42
B) 0.31
C) 7.04
D) 16.47
Below is a payoff table with three mortgage options:
What is the expected opportunity loss for the 30-year fixed decision?
A) $ 7,979.60
B) $ 3,959.40
C) $ 6,853.50
D) $ 8,621.40
Interaction is:
A) the principle of having a model with maximum explanatory variables.
B) the process of coding categorical variables.
C) a measure to determine the correlation between dependent variables.
D) the dependence between two independent variables.
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
A probability density function:
A) is the probability distribution of discrete outcomes.
B) suggests that the probability that a random variable assumes a specific value must be
positive.
C) characterizes outcomes of a continuous random variable.
D) can yield negative values depending on the values of the random variable, X.
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 Allowable Decrease for Graystone surfboards produced?
A) 30.74
B) 80.00
C) 12.33
D) 6.67
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.
Which of the following is the objective function for cost minimization?
A) minimize cost = 13 X11 +15.25 X12 +10.99 X13 +18.48 X14 / 10.75 X21 +15.16
X22 +9.65 X23 +18.5 X24
B) minimize cost = 13 X11 +15.25 X12 +10.99 X13 +18.48 X14 + 10.75 X21 +15.16
X22 +9.65 X23 +18.5 X24
C) minimize cost = 13 X11 +15.25 X12 +10.99 X13 +18.48 X14 – 10.75 X21 +15.16
X22 +9.65 X23 +18.5 X24
D) minimize cost = (13 X11 +15.25 X12 +10.99 X13 +18.48 X14 – 10.75 X21 +15.16
X22 +9.65 X23 +18.5 X24 )(1,250 / 750)
Bolton Computer’s
Laptop
Pricing Decision
Inputs
Price
Model
Sales -3.85 price + 1150.9
Outputs
Total revenue sales price
Bolton Computers are planning to release a new line of low-end laptops. Using Excel’s
Solver, develop a nonlinear model to calculate the optimal price for the laptops, given
that sales = -3.85 price + 1150.9.
A) 342.40
B) 380.90
C) 719.70
D) 149.47
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 weighted distance between Shirley’s new
accommodation and Bungalow 1?
A) 589.25
B) 435.89
) 346.77
D) 3152.08
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.
What will be the predicted sales for umbrellas for the month of February of year 2?
A) 4530.19
B) 4648.21
C) 4883.76
D) 4818.07
Keychain Publishing is planning to release two books, simultaneously, by the same
author. One is a fictional book, while the other is the author’s autobiography. The details
of its cost, production, and demand are given in the table below.
Keychain Publishing has $150,000 available to bind books and advertise them with an
objective of maximizing profit contribution. Provide the objective function for
maximizing profits, along with its constraints.
The table below is the data set of the Shiller Real Home Price Index for the years
1946-1956.
Setting k = 5, calculate the simple moving average forecast for the year 1951.
How does Solver handle simple lower bounds and upper bounds compared to ordinary
constraints?
How are objects clustered in agglomerative hierarchical clustering?