WorksheetsMidterm Exam
Total questions: 25
Worksheet time: 25mins
Two events are mutually exclusive if:
Their probabilities are less than 1.
Their probabilities sum to 1.
Both events cannot occur at the same time.
They contain Every possible outcome of an experiment.
Which of the following distributions is discrete?
Binomial
Exponential
Normal
All of the above
If alpha in exponential smoothing is equal to 1, the forecasts are the same as the naïve model.
True
False
The first step in exponential smoothing forecasting should be to use naïve model.
True
False
For any two statistically independent events, P(A or B) = P(A) + P(B).
True
False
Probability distribution are always based on subjective beliefs about what should happen.
True
False
A numeric description of the outcome of an experiment.
Continuous random variable
Discrete random variable
Random variable
Expected value
Although physical in form, it does not have a physical appearance similar to the real object or situation it represents.
Iconic model
Mathematical model
Analog model
Super model
A representation of a real object or situation.
Problem
Variable
Probability
Model
The probability distribution for a discrete random variable, used to compute the probability of x occurrences over a specified interval.
Normal probability distribution
Poisson probability distribution
Standard normal distribution
Exponential probability distribution
The number of periods one should use in a moving average model may be determined by statistical equations.
True
False
Random variables are numerical values corresponding to each possible outcome of an experiment and are between 0 and 1.
True
False
For a discrete random variable such as Poisson random variable, the expected value is always a nonnegative number.
True
False
Events that have no sample points in common.
Ven diagram
Mutually exclusive events
Joint probability
none of the above
In an exponential smoothing model with
α=⋅5 a negative forecast error results in the next period’s forecast being lower than the current forecast.True
False
If you were to use exponential smoothing with an alpha equals to zero, your forecasts would remain constant from period to period.
True
False
Arrivals at a service facility are generally described by the:
Normal distribution
Binomial distribution
Poisson Distribution
None of the above
The symbol P(AB) denotes a:
Marginal probability
Joint probability
Conditional probability
Classical probability
A time series is a set of data collected at:
Random intervals
Regular intervals
Convenient intervals
All of the above
In a time-series regression model, the dependent variable is sales and the independent variable is:
Price
Seasonality
Trend
Some function of time
In exponential smoothing, the smoothing parameter, , always lies between:
0 and 100
5 and 500
0 and 1
0 and 1000
A physical replica, or representation, of a real object.
Iconic model
Mathematical model
Analog model
Super model
The process of defining the problem, identifying the alternatives, determining the criteria, evaluating the alternatives, and choosing the alternative.
Problem Solving
Decision making
Subjective judgement
Statistical analysis
A continuous probability distribution that is useful in describing the time to complete a task or the time between occurrences of an event.
Normal probability distribution
Poisson probability distribution
Standard normal distribution
Exponential probability distribution
The classical approach to probability theory requires that the total number of possible outcomes be known or calculated and that each of the outcomes be equally likely.
True
False
