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- Chapter 13 Probability
- Probability Distribution Theory Class Test 2 Notes
- Tutorial 4
- Managerial Decision Making
- 144 Ways to Walk the Talk 01
- Group Discussion
- Probability Theory Presentation 11
- MOnte Carlo Simulation
- Chapter 3_Making Decisions in Planning Curriculum.doc
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- 1.1random Variable
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- Lecture 33
- Exam2.Fall04
- section2.3
- Heizer Model

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True

False

2. In the Monte Carlo process, values for a random variable are generated by

sampling from a probability distribution.

True

False

True

False

probability distribution.

True

False

True

False

6. A random variable that can take on any value along a line segment is a

continuous random variable.

True

False

True

False

States of nature should be defined so that one and only one will actually occur.

True

False

9. Time series methods base forecasts only on past values of the variables.

True

False

10. Random variations are movements that are not predictable and follow no pattern.

True

False

a-concentrates on the use of quantitative methods to assist in decision making.

b-approaches decision making rationally, with techniques based on the scientific

method.

c-is another name for management science and for operations research.

d-each of the above is true.

a-cannot be done until alternatives are proposed.

b- is the first step of decision making.

c-is the final step of problem solving.

d-requires consideration of multiple criteria.

a-the risk personality of the decision maker.

b-the philosophy of the decision maker.

c-all of the above.

d-none of the above.

a-are the choices faced by the decision maker.

b-are the problems faced by the decision maker.

c-are the ways to evaluate the choices faced by the decision maker.

d-must be unique for a problem.

a-maximin regret.

b-maximax regret.

c-minimax regret.

d-minimin regret.

a-35%

b- 0

c-1.04

d- 3/8

in n trials.

a- joint.

b- subjective.

c- marginal.

d- binomial.

18. Employees of a local company are classified according to gender and job type.

The following table summarizes the number of people in each job category.

female given that the employee is a salaried staff member.

a- .1667

b-.5

c- .6

d- .625

e- .7

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