Which of the following allow meaningful comparison of ranges, averages and other
statistics?
A) interval data
B) categorical data
C) ratio data
D) ordinal data
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 Increase in the finishing hours used?
A) 32.46
B) 8.33
C) 26.84
D) 16.67
The spreadsheet below shows the net income model for a company that sells shoes.
Which of the following formulas would be used to calculate the net operating income?
A) =B15-B5
B) =B15-B16
C) =SUM(B6:B10)-B11
D) =B15-B16+B6
After choosing the PivotTable, the PivotChart can be found on the ________ tab.
A) Design
B) View
C) Options
D) Layout
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
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 is the value of the mean absolute deviation for the given data?
A) 8.10
B) 340.73
C) 14.82
D) 7.62
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 total number of hours used for the finishing operation?
A) 39.6
B) 34.4
C) 29.2
D) 24.8
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 produced with
Northrop?
A) 0
B) 62,000
C) 20,160
D) 32,595
In order to reject the null hypothesis, the F-test statistic must be greater than the_____.
A) p-value
B) variance
C) df
D) F crit
Consider the spreadsheet for a Newsvendor Model.
What is the value of mean absolute deviation?
A) $8.91
B) $5.45
C) $12.35
D) $15.64
Which of the following sampling methods bases its selection of samples on the ease of
data collection?
A) probabilistic sampling
B) judgment sampling
C) simple random sampling
D) convenience sampling
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 risk that the net present value over the 5 years will not be positive?
A) approximately 40%
B) approximately 57%
C) approximately 24%
D) approximately 77%
Which of the following inputs of a decision model is an example of data?
A) estimated consumer demand
B) inflation rates
C) costs
D) investment allocations
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
When two or more independent variables in the same regression model can predict each
other better than the dependent variable, the condition is referred to as _______.
A) autocorrelation
B) heteroscedasticity
C) multicollinearity
D) homoscedasticity
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.
If the unit profit on Graystone surfboards is increased by $10, what is the Allowable
Decrease for Lava surfboards?
A) 30.00
B) 85.00
C) 16.67
D) 58.75
In a database, information is stored and maintained in ________.
A) fields
B) measurements
C) entities
D) attributes
Following is an extract from the Cost per Order Database of Grogtes LLC.
Which of the following observations is closest to the 87th percentile of costs per order?
A) 75 SD104 screwdrivers for $183.00
B) 66 N103 nuts for $114.84
C) 73 B101 bolts for $1,200.12
D) 49 S101 screws for $1,001.56
A 100(1-α)% confidence interval for the population mean μ based on a sample of size
n with a sample mean ̅and a known population standard deviation σ is given by
________
A) za/2(n-1)( )
B)
C) x1 – / (σ / )
D) ̅ za/2(σ / √ )
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
Middle managers in operations:
A) develop staffing plans.
B) determine product mix.
C) develop advertising plans.
D) make pricing decisions.
Following is an extract from a firm’s database detailing the number of hours spent on
the job by employees and their corresponding pay. (Note: Assume a level of
significance of 0.05 wherever necessary.)
Is the hours spent on the job a statistically significant variable in explaining the
variation in pay of employees? (Hint: Use Regression tool).
Briefly explain classification as a data-mining tool with an example.
What is the purpose of a heat map?
= 1
I) = 120
Quantity sold will be the minimum value between demand and quantity purchased
which is 110 units here and surplus quantity is 10.
Therefore, net profit = 6 110 + 3.6 10 – 1 120 = $576.
Compute the variance of the random variable that denotes the possible summed scores
from the two spinners.
Explain econometric models used in forecasting with examples.
When are logarithmic functions used in predictive analysis?
What is the Insert function in Excel?