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Take Test: Midterm (MLO 4.1, 4.2, 4.3, 4.4, 4.5, 4.6)
Test Information
DescriptionThe Midterm includes terminology and information presented in the first weeks of the course.
You may use your notes and book but not a partner or any other resources. Be sure to adhere to University’s Academic Integrity Policy. There is no time limit, but once you begin, you are forced to complete the test.
Midterm Overview:
This exam contains 50 Multiple Choice questions worth 2 points each.
Students’ have two attempts and the best score will be kept. Time is unlimited.
Please do not press, ‘submit’ button unless you finish.
Instructions
Multiple AttemptsThis test allows 2 attempts. This is attempt number 1.
Force CompletionThis test can be saved and resumed later.
Your answers are saved automatically.
Question Completion Status:
QUESTION 1
Which of the following special cases does not require reformulation of the problem in order to obtain a solution?a.infeasibility
b.alternate optimality
c.each case requires a reformulation.
d.unboundedness
2 points
QUESTION 2
The trend pattern is easy to identify by usinga.a weighted moving average
b.regression analysis
c.a moving average
d.exponential smoothing
2 points
QUESTION 3
Whenever a categorical variable such as season has k levels, the number of dummy variables requireda.k
b.k + 1
c.2k
d.k − 1
2 points
QUESTION 4
A posterior probability associated with sample information is of the forma.P(a state of nature | a sample outcome)
b.P(a sample outcome | a state of nature)
c.P(a sample outcome | a decision alternative)
d.P(a decision alternative | a sample outcome)
2 points
QUESTION 5
If P(A|B) = .4, thena.P(B|A) = .6
b.P(A)*P(B) = .4
c.P(A) / P(B) = .4
d.None of the alternatives is correct.
2 points
QUESTION 6
A(n) __________ is a graphical representation in which the sample space is represented by a rectangle and events are represented as circles.a.tree diagram
b.frequency polygon
c.Venn diagram
d.histogram
2 points
QUESTION 7
A model that uses a system of symbols to represent a problem is calleda.analog.
b.iconic.
c.constrained.
d.mathematical.
2 points
QUESTION 8
States of naturea.can describe uncontrollable natural events such as floods or freezing temperatures.
b.can be selected by the decision maker.
c.cannot be enumerated by the decision maker.
d.All of the alternatives are true.
2 points
QUESTION 9
A variable added to the left-hand side of a less-than-or-equal-to constraint to convert the constraint into an equality isa.a surplus variable
b.a non-negative variable
c.a slack variable
d.a standard variable
2 points
QUESTION 10
The amount by which an objective function coefficient can change before a different set of values for the decision variables becomes optimal is thea.dual solution.
b.range of feasibility.
c.optimal solution.
d.range of optimality.
2 points
QUESTION 11
Sensitivity analysis is often referred to asa.duality analysis.
b.feasibility testing.
c.postoptimality analysis.
d.alternative analysis.
2 points
QUESTION 12
Decision variablesa.tell how much or how many of something to produce, invest, purchase, hire, etc.
b.must exist for each constraint.
c.measure the objective function.
d.represent the values of the constraints.
2 points
QUESTION 13
The probability of an eventa.is the sum of the probabilities of the sample points in the event.
b.is the product of the probabilities of the sample points in the event.
c.is the minimum of the probabilities of the sample points in the event.
d.is the maximum of the probabilities of the sample points in the event.
2 points
QUESTION 14
For a maximization problem, the conservative approach is often referred to as thea.maximax approach.
b.minimax approach.
c.minimin approach.
d.maximin approach.
2 points
QUESTION 15
Which of the following is not one of the commonly used names for the body of knowledge involving quantitative approaches to decision-making?a.operations research
b.efficiency studies
c.business analytics
d.management science
2 points
QUESTION 16
Which of the following is not a question answered by standard sensitivity analysis information?a.By how much will the objective function value change if the right-hand side value of a constraint changes beyond the range of feasibility?
b.Over what range can a constraint’s right-hand side value without the constraint’s dual price possibly changing?
c.By how much will the objective function value change if a decision variable’s coefficient in the objective function changes within the range of optimality?
d.If the right-hand side value of a constraint changes, will the objective function value change?
2 points
QUESTION 17
Infeasibility means that the number of solutions to the linear programming models that satisfies all constraints isa.an infinite number.
b.at least 2.
c.at least 1.
d.0.
2 points
QUESTION 18
To find the optimal solution to a linear programming problem using the graphical methoda.find the feasible point that is the farthest away from the origin.
b.find the feasible point that is at the highest location.
c.find the feasible point that is closest to the origin.
d.None of the alternatives is correct.
2 points
QUESTION 19
If there is a maximum of 4,000 hours of labor available per month and 300 ping-pong balls (x1) or 125 wiffle balls (x2) can be produced per hour of labor, which of the following constraints reflects this situation?a.300×1 + 125×2 = 4,000
b.300×1 + 125×2 > 4,000
c.300×1 + 125×2 < 4,000
d.425(x1 + x2) < 4,000
2 points
QUESTION 20
All of the following are true about a cyclical pattern excepta.It is often due to multiyear business cycles.
b.It is an alternating sequence of data points above and below the trend line.
c.It is often combined with long-term trend patterns and called trend-cycle patterns.
d.It usually is easier to forecast than a seasonal pattern due to less variability.
2 points
QUESTION 21
Inputs to a quantitative modela.are a trivial part of the problem solving process.
b.are uncertain for a stochastic model.
c.must all be deterministic if the problem is to have a solution.
d.are uncontrollable for the decision variables.
2 points
QUESTION 22
Posterior probabilities are computed usinga.the classical method
b.the empirical rule
c.Chebyshev’s theorem
d.Bayes’ theorem
2 points
QUESTION 23
In the set of all past due accounts, let the event A mean the account is between 31 and 60 days past due and the event B mean the account is that of a new customer. The complement of A isa.all accounts fewer than 31 or more than 60 days past due.
b.all accounts from new customers and all accounts that are from 31 to 60 days past due.
c.all new customers whose accounts are between 31 and 60 days past due.
d.all new customers.
2 points
QUESTION 24
Sensitivity analysis is concerned with how certain changes affecta.the unconstrained solution.
b.the feasible solution.
c.the degenerative solution.
d.the optimal solution.
2 points
QUESTION 25
All of the following are true about qualitative forecasting methods excepta.They generally involve the use of expert judgment to develop forecasts.
b.They assume the pattern of the past will continue into the future.
c.They are appropriate when past data on the variable being forecast are not applicable.
d.They are appropriate when past data on the variable being forecast are not available.
2 points
QUESTION 26
Which of the following is not a valid representation of a probability?a.35%
b.0
c.3/8
d.1.04
2 points
QUESTION 27
A solution that satisfies all the constraints of a linear programming problem except the nonnegativity constraints is calleda.infeasible.
b.semi-feasible.
c.optimal.
d.feasible.
2 points
QUESTION 28
All linear programming problems have all of the following properties EXCEPTa.variables that are all restricted to nonnegative values.
b.alternative optimal solutions.
c.a set of linear constraints.
d.a linear objective function that is to be maximized or minimized.
2 points
QUESTION 29
Which of the methods for decision making best protects the decision maker from undesirable results?a.the conservative approach
b.the optimistic approach
c.minimax regret
d.minimum regret
2 points
QUESTION 30
A constraint with a positive slack valuea.has no restrictions for its dual price.
b.will have a positive dual price.
c.will have a dual price of zero.
d.will have a negative dual price.
2 points
QUESTION 31
Which of the following approaches to decision making requires knowledge of the probabilities of the states of nature?a.maximin
b.expected value
c.conservative
d.minimax regret
2 points
QUESTION 32
All of the following are true about a stationary time series excepta.The process generating the data has a constant mean
b.There is no variability in the time series over time.
c.A plot of the series will always exhibit a horizontal pattern.
d.Its statistical properties are independent of time.
2 points
QUESTION 33
Using exponential smoothing, the demand forecast for time period 10 equals the demand forecast for time period 9 plusa.α times (the error in the demand forecast for time period 9)
b.α times (the demand forecast for time period 9)
c.α times (the demand forecast for time period 8)
d.α times (the observed demand in time period 9)
2 points
QUESTION 34
If P(A) = 0.38, P(B) = 0.83, and P(A B) = 0.27; then P(A B) =a.0.94
b.1.21
c.1.48
d.0.72
2 points
QUESTION 35
A method of assigning probabilities that assumes the experimental outcomes are equally likely is referred to as thea.subjective method
b.objective method
c.experimental method
d.classical method
2 points
QUESTION 36
Problem definitiona.includes specific objectives and operating constraints.
b.must occur prior to the quantitative analysis process.
c.must involve the analyst and the user of the results.
d.each of these choices are true.
2 points
QUESTION 37
The volume that results in total revenue being equal to total cost is thea.profit mix.
b.break-even point.
c.marginal volume.
d.marginal cost.
2 points
QUESTION 38
A constraint that does not affect the feasible region is aa.slack constraint.
b.non-negativity constraint.
c.redundant constraint.
d.standard constraint.
2 points
QUESTION 39
For a minimization problem, the conservative approach is often referred to as thea.maximax approach
b.minimax approach
c.minimin approach
d.maximin approach
2 points
QUESTION 40
Which of the following is not a proper sample space when all undergraduates at a university are considered?a.S = {age under 21, age 21 or over}
b.S = {in-state, out-of-state}
c.S = {freshmen, sophomores}
d.S = {a major within business, no business major}
2 points
QUESTION 41
A list of all possible outcomes of an experiment is calleda.the experimental outcome.
b.the sample point.
c.the likelihood set.
d.the sample space.
2 points
QUESTION 42
An experiment consists of tossing 4 coins successively. The number of sample points in this experiment isa.4
b.16
c.2
d.8
2 points
QUESTION 43
If a decision variable is not positive in the optimal solution, its reduced cost isa.the amount its objective function value would need to improve before it could become positive.
b.its dual price.
c.what its objective function value would need to be before it could become positive.
d.zero.
2 points
QUESTION 44
In what part(s) of a linear programming formulation would the decision variables be stated?a.objective function and the left-hand side of each constraint
b.the left-hand side of each constraint only
c.the objective function only
d.objective function and the right-hand side of each constraint
2 points
QUESTION 45
To solve a linear programming problem with thousands of variables and constraintsa.a mainframe computer is required.
b.a personal computer can be used.
c.the problem must be partitioned into subparts.
d.unique software would need to be developed.
2 points
QUESTION 46
The complement of P(A | B) isa.P(AC | B)
b.P(A | BC)
c.P(B | A)
d.P(A I B)
2 points
QUESTION 47
In situations where you need to compare forecasting methods for different time periods, the most appropriate accuracy measure isa.ME
b.MAPE
c.MSE
d.MAE
2 points
QUESTION 48
Which of the following is not an advantage of using decision tree analysis?a.the ability to see clearly the future outcome of a decision
b.the ability to see clearly the interdependence of decisions
c.the ability to see clearly what decisions must be made
d.the ability to see clearly in what sequence the decisions must occur
2 points
QUESTION 49
To select a value for α for exponential smoothinga.use a small α when the series varies substantially.
b.use a large α when the series has little random variability.
c.use a value between 0 and 1
d.All of the alternatives are true.
2 points
QUESTION 50
Management science and operations research both involvea.qualitative managerial skills.
b.quantitative approaches to decision making.
c.operational management skills.
d.scientific research as opposed to applications.
2 points
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