An inspector correctly identifies 90% of the time. For the next 10 products, the probability that he makes fewer than 2 incorrect inspections is .736. A: Use Binomial table to discover , add 3 probabilities for 0,1,2 A continuous random variable may assume only integer values within a given interval. A: False
A decision tree is a diagram consisting of circles decision nodes, square probability nodes and branches. A: False
A table of random numbers must be normally distributed and efficiently generated A: False
Simulation results will always equal analytical results if 30 trials of the simulation have been conducted. A: False
Data cannot exhibit both trend and cyclical patterns.
The Delphi method develops a consensus forecast about what will occur in the future. A: True
A company markets education software products and is ready to place three new products on the market, past experience has shown that for this particular software. The chance of success is 80%. Assume that the probability of succeed is independent for each product, what is the probability that exactly 1 of the 3 products is successful. A: binomial answer use table
_ is a measure of dispersion of random variable values about the expected value. A: Standard Deviation
The _ is the expected value of the regret for each decision. A: expected opportunity loss
A seed value is a
A: number used to start a stream of random numbers
Pseudonrandom numbers exhibit _ in order to be considered truly random. A: uniform distribution
Random numbers generated by a _ process instead of a _process are psudorandom numbers. A: mathematical/physical
200 imulations runs were completed using the probability of a machine breakdown from the table below . the average number of breakdowns from the simulation trials was 1.93 with a standard deviation of .20. A: .71
Which of the following possible values of alpha...