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MAT 540 Midterm Exam
1. Deterministic techniques assume that no uncertainty exists in model parameters.
2. A continuous random variable may assume only integer values within a given interval.
3. An inspector correctly identifies defective products 90% of the time. For the next 10 products, the probability that he makes fewer than 2 incorrect inspections is 0.736.
4. A decision tree is a diagram consisting of circles decision nodes, square probability nodes, and branches.
5. Excel can only be used to simulate systems that can be represented by continuous random variables.
6. Starting conditions have no impact on the validity of a simulation model.
7. Data cannot exhibit both trend and cyclical patterns.
8. The Delphi develops a consensus forecast about what will occur in the future.
9. A company markets educational 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 success is independent for each product. What is the probability that exactly 1 of the 3 products is successful?
10. In Bayesian analysis, additional information is used to alter the __________ probability of the occurrence of an event.
11. The __________ is the expected value of the regret for each decision. 12. A seed value is a(n)
13. Random numbers generated by a __________ process instead of a __________ process are pseudorandom numbers.
14. Pseudorandom numbers exhibit __________ in order to be considered truly random.
15. In the Monte Carlo process, values for a random variable are generated by __________ a probability distribution.
16. __________ is a linear regression model relating demand to time.
17. __________ is a measure of the strength of the relationship between independent and dependent variables.
18. __________ is the difference between the forecast...
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