BUS 660 Week 4 Midterm (Spring 2023)

(BUS 660 Week 4 Midterm)

1. Question: A posterior probability associated with sample information is of the form
2. Question: When production volume exceeds the breakeven point, we can …
3. Question: Which of the following exponential smoothing constant values puts the same weight on the most recent time series value as does a 5-period miming average?
4. Question: The decision variables of a model are also known as the
5. Question: An experiment consists of tossing 4 coins successively. The number of sample points in this experiment is
6. Question: One measure of the accuracy of a forecasting model is the
7. Question: When the exponential distribution probability is given as P(x < 9 )= 1 – C9 IS the average value for x is 9
8. Question: Z is a standard normal random variable. What is the value of z if the area to the right of: is 0.9503?
9. Question: The complement of P(A I B) is 0 p IBC) KB I A) P(AC I B) P(A (l B)
10. Question: In American football, touchdowns are worth 6 points. After scoring a touchdown, the scoring team may subsequently attempt to score 1 or 2 additional points. 8. anqm13t 03 056 1.00 Going for 1 point is virtually an … success, while going for 2 points is successful only with probability p. Consider the following game situation. The Temple Wildcats are losing by 14 points to the Killeen Tigers near the end of regulation time. The only way for Temple to win (or tie) this game is to score two touchdowns while not allowing Killeen to score again. The Temple coach must decide whether to attempt a 1-point or 2-point conversion after each touchdown. 9. ancim13t.02.043 1.00 ■’ If the score is tied at the end of regulation time, the game goes into overtime. The Temple coach believes that there is a 40% chance that Temple will win if the 10. Problem 4-05 (Algorithmic) 0 92 ■ game goes into overtime. The probability of successfully converting a 1-point conversion is 1.0. The probability of successfully converting a 2-point conversion is p.
    • Assume Temple will score two touchdowns and Killeen will not score. Create a decision tree for the decision of whether Temple’s coach should go for a 1-11. anqm13t 07 010 1.00 I 12. Problem 8-21 (Algorithmic) 0.47 r point conversion or a 2-point conversion after each touchdown. The terminal nodes in the decision tree should be either WIN or LOSE for Temple.
    • Assume that a WIN results in a value of 1.0 and LOSE results in a value of 0. Further, assume that the probability of converting a 2-point conversion is p = 28%. Should Temple’s coach go for a 1-point conversion or 2-point conversion after scoring the first touchdown?
11. Question: Because the dual price represents the improvement in the value of the optimal solution per unit increase in right-hand-side, a dual price cannot be negative.
12. Question: Problem 8-21 (Algorithmic) Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. The profit per night for each type of room and rental class is as follows: Round Tree’s management makes a forecast of the demand by rental class for each night in the future. A linear programming model …to maximize profit is … to determine how many reservations to accept for each rental class. The demand forecast for a particular night is 130 rentals in the Super Saver class, 50 rentals in the Deluxe class, and 45 rentals in the Business class. Round Tree has 105 Type I rooms and 145 Type II rooms. – Use linear programming to determine how many reservations to accept in each rental class and how the reservations should be allocated to room types. – How many reservations can be accommodated in each rental class? – Management is considering offering a ree breakfast to anyone upgrading from a Super Saver reservation to Deluxe class. If the cost of the breakfast to Round Tree is $5, should this incentive be offered? – With a little work, an unused office area could be converted to a rental room. If the conversion cost is the same for both types of rooms, would you recommend converting the office to a Type I or a Type II room? – Could the linear programming model be modified to plan for the allocation of rental demand for the next night
13. Question: P(AIB) = P(BIA) for all events A and B.
14. Question: If there is a maximum of 4,000 hours of labor available per month and 300 ping-pons balls (xi) or 125 wife balls (x2) can … per hour of labor, which of the following constraints reflects this situation?
15. Question: Gradual shifting of a time series to relatively higher or lower values over a long period of time is …
16. Question: Whenever a categorical variable such as season has k levels, the number of dummy variables …
17. Question: P(A n B) P(A)
18. Question: If P(A U B) = P(A) — P(B), then A and B are mutually exclusive.
19. Question: Problem 1-15 (Algorithmic): Preliminary plans are underway for construction of a new stadium for a major league baseball team. City officials question the number and profitability of the luxury corporate boxes … for the upper deck of the stadium. Corporations and … individuals may purchase a box for $325000. The fixed construction cost for the upper-deck area is … to be $4500000, with a variable cost of $150000 for each box constructed. What is the breakeven point for the number of luxury boxes in the new stadium? Preliminary drawings for the stadium show that space is available for the construction of up to 47 luxury boxes. Promoters indicate that buyers are available and that all 47 could be sold if constructed. what is your recommendation concerning the construction of luxury boxes?
20. Question: A cost that is … no matter what values the decision variables assume is
21. Question: Problem 3-13 (Algorithmic): Military radar and missile detection systems are …to warn a country of enemy attacks. A reliability question deals with the ability of the detection system to identify an attack and issue the warning. Assume that a particular detection system has a 0.83 probability of detecting a missile attack. Answer the following questions using the binomial probability distribution:
    • What is the probability that one detection system will detect an attack? If …, round your answer to two decimal places.
    • If two detection systems are … in the same area and operate independently, what is the probability that at least one of the systems will detect the attack? If …, round your answer to two decimal places.
    • If 4 systems are … , what is the probability that at least one of the systems will detect the attack? If required, round your answer to four decimal places.
    • Would you recommend that multiple detection systems …?
22. Question: Problem 7-37 (Algorithmic): The New England Cheese Company produces two cheese spreads by blending mild cheddar cheese with extra sharp cheddar cheese. The cheese spreads are …in 12-ounce containers, which are then sold to distributors throughout the Northeast. The Regular blend contains 800/0 mild cheddar and 20% extra sharp, and the Zesty blend contains 60% mild cheddar and 400/0 extra sharp. This year, a local dairy cooperative offered to provide up to 8100 pounds of mild cheddar cheese for $1.20 per pound and up to 3000 pounds of extra sharp cheddar cheese for $1.40 per pound. The cost to blend and package the cheese spreads, excluding the cost of the cheese, is $0.20 per container. If each container of Regular is sold for $1.95 and each container of Zesty is sold for $2.20, how many containers of Regular and Zesty should New England Cheese produce? Do not round your interim computations. If required, round your answers to the nearest whole number.
23. Question: A negative dual price indicates that increasing the right-hand side of the …constraint would be detrimental to the objective.
24. Question: Problem 6-23 (Algorithmic): The medical community unanimously agrees on the health benefits of regular exercise, but are adults listening? During each of the past 15 years, a polling organization has …americans about their exercise habits. In the most recent of these polls, slightly over half of all American adults … that they exercise for 30 or more minutes at least three times per week. The following data show the percentages of adults who reported that they exercise for 30 or more minutes at least three times per week during each of the 15 years of this study.
25. Question: If A and B are mutually exclusive events. then P (A. B) = 0
26. Question: Problem 2-11 (Algorithmic): Let A be an event that a person’s primary method of transportation to and from work is an automobile and B be an event that a person’s primary method of transportation to and from work is a bus. Suppose that in a large city P(A) = 0.42 and P(B) = 0.35.
    • Are events A and B mutually exclusive?
    • Find the probability that a person’s primary method of transportation is some means other than a bus. If … , round your answer to two decimal places.
27. Question: Which of the methods for decision making best protects the decision maker from undesirable results?
28. Question: In situations where you need to compare forecasting methods for different time periods, the most appropriate accuracy measure is
29. Question: The improvement in the value of the objective function per unit increase in a right-hand side is the
30. Question: The dual price for a < constraint will always be

(BUS 660 Week 4 Midterm, BUS 660 Week 4 Midterm, BUS 660 Week 4 Midterm, BUS 660 Week 4 Midterm)