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.
A regression model that involves a single independent variable is called _____.
A) single regression
B) unit regression
C) simple regression
D) individual regression
Which of the following represents the proportion of the total number of observations
that fall at or below the upper limit of each group?
A) Percentile
B) Pareto chart
C) Frequency distribution
D) Cumulative relative frequency
In which of the following cases is a proportion of the observations of a sample used in
estimating the confidence interval?
A) when the degrees of freedom are too large
B) when a true sampling distribution cannot be estimated
C) when the population standard deviation is known
D) when variables have only two possible outcomes
In which of the following cases is a proportion of the observations of a sample used in
estimating the confidence interval?
A) when the degrees of freedom are too large
B) when a true sampling distribution cannot be estimated
C) when the population standard deviation is known
D) when variables have only two possible outcomes
________ is the term used by Analytic Solver Platform for systematic methods of
“what-if” study.
A) Scenario
B) Validity
C) Parametric sensitivity analysis
D) Goal Seek
In the spreadsheet below, there is data on the price, cost, demand, and quantity
produced for an item. There are also different “what if” values that can help a manager
to calculate costs and revenue with variability in demand.
From the “what if” values, calculate the revenue if the demand is 60,000 units.
A) $2,750,000
B) $825,000
C) $75,000
D) $1,375,000
What is the value of mean obtained from the simulation results?
A) 473.0
B) 520.0
C) 456.0
D) 490.0
Below is a spreadsheet for a hotel overbooking model.
Assume that each reservation has a constant probability p = 0.04 of being cancelled.
Answer the question(s) using the Risk Solver Platform.
With respect to B14, what should the number of trials correspond to in the Parameters
section of the Binomial dialog?
A) reservation limit
B) customer demand
C) reservations made
D) customer arrivals
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
The Atlas Movies Theater is planning to reprice their ticket rates to maximize revenues.
They have three classes of tickets: Classic, Silver, and Gold. The table below provides
information on the average ticket sales, revenue and price elasticity on demand. They
have a total seating capacity of 300. The table also provides the price range within
which they plan to reduce their ticket rates.
According to the nonlinear model, which of the following is the projected sales figure
for Gold tickets at the new price?
A) 32
B) 90
C) 33
D) 178
Below is the spreadsheet for a project selection model:
What is the amount of personnel used for Project 2?
A) 3
B) 4
C) 6
D) 11
Which of the following symbols is used to represent exponents in Excel?
A) ^
B) *
C) #
D) !
The Atlas Movies Theater has repriced their ticket rates to maximize revenues. They
have three classes of tickets: Classic, Silver, and Gold. The table below provides
information on the average ticket sales, revenue and price elasticity on demand. They
have a total seating capacity of 300. The table also provides the new price for the three
classes obtained using Solver.
Assume the distributions of elasticities for three classes of tickets are uniform with
minimum and maximum values equal to 75% and 125% of their estimated values,
respectively. Under this assumption, use Monte Carlo simulation to see what happens to
the prediction of tickets sold. The model is simulated for 10,000 trials.
What is the probability that more than 300 tickets will be sold?
A) approximately 0.75
B) approximately 0.40
C) approximately 0.60
D) approximately 0.50
Which of the following is true of prediction intervals?
A) It provides estimates for variables that can have only two possible outcomes.
B) It is associated with the distribution of a random variable.
C) It provides an interval estimate of a population parameter.
D) It is associated with the sampling distribution of a statistic.
A manufacturer wishes to determine if the average profit from the sale of his product
exceeds $6,710. Which of the following is the appropriate hypothesis test?
A) H0: population mean profit from sale > $6,710 vs. H1: population mean profit from
sale ≤ $6,710
B) H0: population mean profit from sale ≤ $6,710 vs. H1: population mean profit
from sale > $6,710
C) H0: population mean profit from sale < $6,710 vs. H1: population mean profit from
sale ≥ $6,710
D) H0: population mean profit from sale ≥ $6,710 vs. H1: population mean profit
from sale < $6,710