Question 1 A(n) ________ is a representation of reality or a real-life situation

Question

Question 1

A(n) ________ is a representation of reality or a real-life situation.

model

objective

analysis

algorithm

None of the above

0.2 points   

Question 2

The difference in decision making under risk and decision making under uncertainty is that under risk, we think we know the probabilities of the states of nature, while under uncertainty we do not know the probabilities of the states of nature.

True

False

0.2 points   

Question 3

To determine the effect of input changes on decision results, we should perform a sensitivity analysis.

True

False

0.2 points   

Question 4

In queuing analysis, total expected cost is the sum of expected ________ plus expected ________.

calling costs, waiting costs

service costs, waiting costs

service costs, arrival costs

calling cost, inventory costs

facility costs, calling costs

0.2 points   

Question 5

What is the formula for the break-even point of a simple profit model?

Fixed Cost / (Selling Price Per Unit —Variable Cost Per Unit)

Fixed Cost / (Variable Cost Per Unit — Selling Price Per Unit)

Selling Price Per Unit — (Fixed Cost / Variable Cost Per Unit)

(Selling Price Per Unit —Variable Cost Per Unit) / Fixed Cost

Fixed Cost / Variable Cost Per Unit

0.2 points   

Question 6

Utility values typically range from -1 to +1

True

False

0.2 points   

Question 7

The Delphi method solicits input from customers or potential customers regarding their future purchasing plans

True

False

0.2 points   

Question 8

Bias is the average error of a forecast model

True

False

0.2 points   

Question 9

The best model is a statistically significant model with a high r-square and few variables

True

False

0.2 points   

Question 10

Which of the following is a technique used to determine forecasting accuracy?

mean absolute percent error

moving average

Delphi method

exponential smoothing

regression

model

objective

analysis

algorithm

None of the above

Explanation / Answer

Question Answer Description

1 Model use of statistical model we can study the real rife situation

2 True in risk we know the expected outcome with some probability b

3 True technique used to determine how different values of an independent variable will

impact a particular dependent variable under a given set of assumptions
4 service cost, arrival cost  

5   Fixed Cost / (Selling Price Per Unit —Variable Cost Per Unit)

6 True

7 True

8 False bias is the difference between population parameter

and statistic( estimator of population parameter)

9 True more r-square and less predictor is desirable property of a statistical model

10 mean absolute percent error it is the function of difference of estimated and observed value

of dependent variable

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