Archives: Quiz

Which of the following is the test statistic for a one-sample test for mean when the population standard deviation is unknown? A) t = B) z = C) z = D) t = Coppell Services contracts with outsourcing partners to […]

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 […]

Trace the process of copying and pasting a cell, which has a formula in it, such that the formula is not retained in the pasted cell. A) Home – Paste – Paste Special – Paste Values B) Home – Paste […]

________ is a collection of techniques that seek to group or segment a collection of objects or observations into subsets, such that those within each subset are more closely related to one another than objects assigned to different subsets. A) […]

A 100(1-α)% confidence interval for the population mean μ based on a sample of size n with a sample mean Ì…and a known population standard deviation σ is given by ________ A) za/2(n-1)( ) B) C) x1 – / (σ […]

Which of the following is true about the observed errors associated with estimating the value of the dependent variable using the regression line? A) They are the horizontal distances between slopes and y-intercepts. B) The errors are also referred to […]

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. […]

Below is a room overbooking model spreadsheet for the Metza, a hotel chain. The hotel has 425 rooms priced at $180 per day each, and is usually fully booked. Reservations can be cancelled any time before 5:00 p.m. with no […]

Thefunctionreturnsavalueor referenceof thecellattheintersectionof a particular row and column in a given range. A) VLOOKUP(lookup_value, table_array, col_index_num) B) INDEX(array, row_num, col_num) C) MATCH(lookup_value, lookup_array, match_type) D) HLOOKUP(lookup_value, table_array, row_index_num) Dresden Pharmaceuticals has decided to go ahead and start clinical trials on […]

The worldwide sales of cars from 1981 -1990 are shown in the table below. Given: α = 0.2, γ = 0.05, and season length = 1. (Hint: Use XLMiner). Which of the following is the forecast value for the 6th […]

Which of the following denotes the power of the test? A) α B) 1 – β C) β D) 1 – α Consider the following spreadsheet for an outsourcing decision model. We assume that the production (demand) volume is normally […]

What is the formula used to calculate the value of bt in the linear trend equation Ft+k = at + btk while using double exponential smoothing? A) bt = β(bt – bt–1) + (1 –β)bt–1 B) bt = αFt–1 + […]

In a database, information is stored and maintained in ________. A) fields B) measurements C) entities D) attributes Pickson Luthiers Corporation makes four models of electric guitars, ScarCT, Dela Mort, Warax, and Invazen. Each guitar must flow through five departments, […]

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) […]

Jonathan Reese is considering three stocks in which to invest with a fixed budget. The table below provides information on Jonathan’s expected returns for each stock. The table also provides information, collected from market researchers, on the variance-covariance matrix of […]

Which of the following is true of the t-distribution? A) It has narrower confidence intervals than the standard normal distribution. B) It is only used to calculate confidence intervals where there is no known population standard deviation. C) It converges […]

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 […]

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 […]

A 100(1-α)% confidence interval for the population mean μ based on a sample of size n with a sample mean Ì…and a known population standard deviation σ is given by ________ A) za/2(n-1)( ) B) C) x1 – / (σ […]

According to the empirical rules of standard deviation in statistics, approximately 68% of the observations will fall within three standard deviations of the mean. AutoFilter creates filtering criteria based on the type of data being filtered. Answer: TRUE A cyclical […]

An outcome over which the decision maker has complete control is called an event node. A service level is a constraint that represents the probability that demand can be satisfied. Answer: TRUE Infeasible problems can occur when the demand requirement […]

Point estimates do not provide any indication of the magnitude of the potential error in the estimate. Any solution that satisfies all constraints of a problem is called a feasible solution. Answer: TRUE Logistic regression cannot be employed when the […]

To use the VLOOKUP(lookup_value, table_array, col_index_num), the table must be sorted in descending order. For a two-sample test for means with the population variance being known, the Excel procedure used is the Excel z-test. Answer: TRUE The Excel function NORM.DIST […]

In a database file, which is organized in a two-dimensional table, the rows represent records of related data elements. Explain the similarity between the formulas for computing population mean and expected value of discrete random variable X. Answer: For a […]

As the number of degrees of freedom increases, the t-distribution converges to the standard normal distribution. For any sample of fixed size n, the true standard deviation of the sampling distribution of the mean is the standard deviation of the […]

All quadratic optimization models have nonlinear constraints. Explain the similarity between the formulas for computing population mean and expected value of discrete random variable X. Answer: For a discrete random variable X, the expected value, denoted E[X], is the weighted […]

The economic order quantity is the amount to order that minimizes the total cost of ordering and holding. In a two-sample test for means with the population variance being known, the z-test uses a test statistic that is based on […]

Changes to the type of chart, data included in the chart, and chart layout and styles can be made from the Layout tab. In association analysis, the antecedent and consequent are sets of items that do not have any items […]

The following extract from a manufacturer’s database shows a sample of 10 suppliers, their transportation charges, and the estimated and actual total costs of supplying materials. (Note: Assume a significance level of 0.05 wherever necessary.) Conduct the appropriate type of […]

In a two-sample test for means with the population variance being known, the z-test uses a test statistic that is based on the standard normal distribution. In a MATCH function, if match_type = 1, then the function finds the smallest […]

An increase in adjusted R2 indicates that the regression model has improved. According to the interquartile range, extreme outliers are more than 3*IQR away from the left of Q1 or to the right of Q3. Answer: TRUE Logistic regression cannot […]

A correlation of 0 indicates that the two variables have no linear relationship with each other. Expected confidence assumes independence between the consequent and the antecedent. Answer: TRUE A chance constraint is one that specifies the fraction of trials in […]

The VLOOKUP function in Excel can be used to generate outcomes from any discrete distribution. In a minimin strategy, the decision which minimizes the minimum payoff is chosen. Answer: TRUE Convenience sampling is an example of a probabilistic sampling method. […]

In stock trading, the higher the coefficient of variation for the stock, the smaller the relative risk is for the return provided. If the Integer Tolerance is set to 0.01, the Solver will stop if it finds an integer solution […]

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. Answer: FALSE […]

A correlation of 0 indicates that the two variables have no linear relationship with each other. For any sample of fixed size n, the true standard deviation of the sampling distribution of the mean is the standard deviation of the […]

One of the properties of the mean is that the sum of the deviations of each observation from the mean is zero. In the average linkage clustering, the distance between two clusters is defined as the average of distances between […]

Expected confidence assumes independence between the consequent and the antecedent. Rectilinear distance is the measure of distance as a straight line between two points. Answer: FALSE If P(X|Y) = P(X), it implies that event Y is dependent on event X. […]

The mathematical form Y ≤ 450 would be considered as representing a simple bounds constraint. When constructing frequency distributions for numerical data, SUMIF is used to count the frequencies of each discrete value. Answer: FALSE In a database file, which […]

A global optimum solution is one for which all points close by are no better than the solution. Infeasible problems can occur when the demand requirement is higher than the available capacity. Answer: TRUE The Excel function NORM.DIST finds probabilities […]

Which of the following is true about determining the proper form of the hypotheses? A) H0 is statistically proved true while testing B) failure to reject H0 proves H1 wrong C) H0 is always assumed to be true in testing […]

Measure is the act of obtaining data associated with a metric. Measurements are the numerical values associated with a metric. If the alternative hypothesis includes the symbol <, the rejection region is in the upper tail. Answer: FALSE The mathematical […]

Below is the spreadsheet for an economic order quantity model. Assume that the distribution of demand is normal with a mean of 20,000 and standard deviation of 2,000. What is the reorder point required to attain a 95% service level? […]

Jonathan Reese is considering three stocks in which to invest with a fixed budget. The table below provides information on Jonathan’s expected returns for each stock. The table also provides information, collected from market researchers, on the variance-covariance matrix of […]

The standard error may be assumed to be large if the data are clustered close to the regression line. The standard error may be assumed to be large if the data are clustered close to the regression line. Answer: FALSE […]

The Holt-Winters additive model applies to time series whose amplitude increases or decreases over time. The expected value and variance of the Poisson distribution are equal to λ. Answer: TRUE A value at risk measure considers the magnitude of the […]

Sujito Electronix makes headphones for $22 and sells them for $32. Sujito has sold at least 50 headphones on average per week in the past, though the actual demand is unknown. Sujito has also often run short of supply in […]

The complexity of a problem increases when the problem belongs to an individual rather than a group. A sample is a subset of a population. Answer: TRUE If a time series has seasonality but no trend, the most appropriate model […]

Mathematically, a binary variable x can be represented as x > 2 and integer. A correlation of 0 indicates that the two variables have no linear relationship with each other. Answer: TRUE As Monte Carlo simulation is essentially statistical sampling, […]

In a MATCH function, if match_type = 1, then the function finds the smallest value that is greater than or equal to lookup_value. The standard error may be assumed to be large if the data are clustered close to the […]