8/13/2019 mat540 quiz 2 http://slidepdf.com/reader/full/mat540-quiz-2 1/27 • Question 1 Seventy two percent of all observations fall within 1 standard deviation of the mean if the data is normally distributed. Answer Selected Answer: Fals e Correct Answer: Fals e • Question 2 If two events are not mutually exclusive, then !A or "# $ !A# % !"# Answer Selected Answer: Fals e Correct Answer: Fals e • Question 3 robability trees are used only to compute conditional probabilities. Answer Selected Answer: Fals e Correct Answer: Fals e • Question 4 0 out of 2 points &he minimin criterion is optimistic. Answer Correct Answer: &ru e • Question 5 0 out of 2 points
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Using the minimax regret criterion, we first construct a table ofregrets. Subsequently, for each possible decision, we look across the states ofnature and make a note of the maximum regret possible for that decision. We
then pick the decision with the largest maximum regret.
Answer
CorrectAnswer:
False
• Question 6
"oth maximin and minimin criteria are optimistic. Answer
SelectedAnswer: False
CorrectAnswer:
False
• Question 70 out of 2 points
&he e'ual li(elihood criterion assi)ns a probability of *.+ to eachstate of nature, re)ardless of how many states of nature there are.
Answer
CorrectAnswer:
False
• Question 8
Assume that it ta(es a colle)e student an avera)e of + minutesto find a par(in) spot in the main par(in) lot. Assume also thatthis time is normally distributed with a standard deviation of minutes. Find the probability that a randomly selected colle)estudent will ta(e between and - minutes to find a par(in) spotin the main par(in) lot.Answer
&he chi0s'uare test is a statistical test to see if an observed data fit a .Answer
CorrectAnswer:
All of theabove
• Question 10
&he metropolitan airport commission is considerin) theestablishment of limitations on noise pollution around a localairport. At the present time, the noise level per 2et ta(eoff in onenei)hborhood near the airport is approximately normallydistributed with a mean of 1** decibels and a standard deviationof 3 decibels. 4hat is the probability that a randomly selected 2et will )enerate a noise level of more than 1*+ decibels5Answer
SelectedAnswer:
*.*
/+CorrectAnswer:
*.*/+
• Question 11
A business owner is tryin) to decide whether to buy, rent, orlease office space and has constructed the followin) payoff table
based on whether business is bris( or slow.
If the probability of bris( business is .* and for slow business is .-*, the expected value of perfect information is:Answer
A )roup of friends are plannin) a recreational outin) and haveconstructed the followin) payoff table to help them decide whichactivity to en)a)e in. Assume that the payoffs represent theirlevel of en2oyment for each activity under the various weatherconditions.
4eather
Cold 4arm 6ainy S1 S S3"i(e: A1 1* 7 -8i(e: A 1 1+ Fish: A3 / 7 9 If the )roup chooses to minimie their maximum re)ret, whatactivity will they choose5Answer
SelectedAnswer:
Any of the
aboveCorrectAnswer:
Any of theabove
• Question 13
A business owner is tryin) to decide whether to buy, rent, orlease office space and has constructed the followin) payoff tablebased on whether business is bris( or slow.
A )roup of friends are plannin) a recreational outin) and haveconstructed the followin) payoff table to help them decide whichactivity to en)a)e in. Assume that the payoffs represent theirlevel of en2oyment for each activity under the various weatherconditions.
4eather Cold 4arm 6ainy S1 S S3"i(e: A1 1* 7 -8i(e: A 1 1+ Fish: A3 / 7 9 4hat is the conservative decision for this situation5Answer
SelectedAnswer:
A3
CorrectAnswer:
A3
• Question 15
A life insurance company wants to update its actuarial tables.Assume that the probability distribution of the lifetimes of theparticipants is approximately a normal distribution with a meanof /1 years and a standard deviation of 3.+ years. 4hat
proportion of the plan participants are expected to see their /+thbirthday5 Note: Write your answers with two places after the decimal,
A brand of television has a lifetime that is normally distributed with amean of / years and a standard deviation of .+ years. 4hat is theprobability that a randomly chosen &; will last more than 7 years5Note: Write your answers with two places after the decimal, rounding off asappropriate. Answer
CorrectAnswer:
*.3
.3
• Question 17
A mana)er has developed a payoff table that indicates theprofits associated with a set of alternatives under possiblestates of nature.
Alt S1 S1 1*
0 7 3 7 + 4hat is the hi)hest expected value5 Assume that the probabilityof S is e'ual to *..
Answer
SelectedAnswer:
-.7
CorrectAnswer:
-.7
• Question 180 out of 2 points
&he 'uality control mana)er for <=&A Inc. must decide whether toaccept !a1#, further analye !a# or re2ect !a3# a lot of incomin)material. Assume the followin) payoff table is available. 8istoricaldata indicates that there is 3*> chance that the lot is poor 'uality!s1#, +* > chance that the lot is fair 'uality !s# and *> chancethat the lot is )ood 'uality !s3#.
4hat is the numerical value of the minimax re)ret5
Answer
CorrectAnswer:
+*
• Question 19
&he 'uality control mana)er for <=&A Inc. must decide whetherto accept !a1#, further analye !a# or re2ect !a3# a lot ofincomin) material. Assume the followin) payoff table is
available. 8istorical data indicates that there is 3*> chance thatthe lot is poor 'uality !s1#, +* > chance that the lot is fair 'uality!s# and *> chance that the lot is )ood 'uality !s3#.
4hat is the numerical value of the maximin5Answer
SelectedAnswer:
*
CorrectAnswer:
*
• Question 200 out of 2 points
A business owner is tryin) to decide whether to buy, rent, or leaseoffice space and has constructed the followin) payoff table based onwhether business is bris( or slow.
If the probability of bris( business is .*, what is the numericalmaximum expected value5 Answer
Using the minimax regret criterion, we first construct a table ofregrets. Subsequently, for each possible decision, we look across thestates of nature and make a note of the maximum regret possible forthat decision. We then pick the decision with the largest maximumregret.
Answer
Selected Answer: False
Correct Answer: False
Question 5
' out of 2 points
(e )urwic* criterion is a compromise between te maximax and maximincriteria.
(e )urwic* criterion is a compromise between te minimax and minimincriteria.
Answer
Selected Answer: (rue
Correct Answer: False
Question 8
2 out of 2 points
Assume tat it ta+es a collee student an averae of - minutes to find a par+inspot in te main par+in lot. Assume also tat tis time is normally distributed
wit a standard deviation of 2 minutes. Find te probability tat a randomlyselected collee student will ta+e between 2 and minutes to find a par+inspot in te main par+in lot.Answer
Selected Answer: '.2/0
Correct Answer: '.2/
0
Question 9
2 out of 2 points
A professor would li+e to utili*e te normal distribution to assin rades suctat -1 of students receive As. If te exam averae is 2 wit a standarddeviation of &3, wat rade sould be te cutoff for an A4 !5ound your
(e metropolitan airport commission is considerin te establisment oflimitations on noise pollution around a local airport. At te present time, tenoise level per 7et ta+eoff in one neiborood near te airport isapproximately normally distributed wit a mean of &'' decibels and a standarddeviation of 3 decibels. 8at is te probability tat a randomly selected 7etwill enerate a noise level of more tan &'- decibels4Answer
Selected Answer: '.'/0-
Correct Answer: '.'/0-
Question 11
' out of 2 points
A roup of friends are plannin a recreational outin and ave constructed tefollowin payoff table to elp tem decide wic activity to enae in.Assume tat te payoffs represent teir level of en7oyment for eac activityunder te various weater conditions.
A business owner is tryin to decide weter to buy, rent, or lease office spaceand as constructed te followin payoff table based on weter business is bris+ or slow.
If te probability of bris+ business is ./' and for slow business is .', teexpected value of perfect information is:Answer
eterminin te worst payoff for eac alternative and coosin te alternativewit te best worst is calledAnswer
Selected Answer: maximin
Correct Answer: maximin
Question 15
' out of 2 points
A brand of television as a lifetime tat is normally distributed wit a mean of0 years and a standard deviation of 2.- years. 8at is te probability tat arandomly cosen (; will last more tan 6 years4 Note: Write your answerswith two places after the decimal, rounding off as appropriate. Answer
Selected Answer: .3-
Correct Answer:
Evaluation Method Correct Answer Case ensitivit!
Exact Match '.3/
Exact Match .3/
Question 16
2 out of 2 points
A life insurance company wants to update its actuarial tables. Assume tat te probability distribution of te lifetimes of te participants is approximately anormal distribution wit a mean of 0& years and a standard deviation of 3.-years. 8at proportion of te plan participants are expected to see teir 0-t birtday4 Note: Write your answers with two places after the decimal,rounding off as appropriate.
(e =uality control manaer for >?(A Inc. must decide weter to accept!a&#, furter analy*e !a2# or re7ect !a3# a lot of incomin material. Assume tefollowin payoff table is available. )istorical data indicates tat tere is 3'1cance tat te lot is poor =uality !s&#, -' 1 cance tat te lot is fair =uality!s2# and 2'1 cance tat te lot is ood =uality !s3#.
8at is te numerical value of te maximin4Answer
Selected Answer: /'
Correct Answer:
Evaluation Method Correct Answer Case ensitivit!
Exact Match /'
Question 19
2 out of 2 points
A roup of friends are plannin a recreational outin and ave constructed tefollowin payoff table to elp tem decide wic activity to enae in.
Assume tat te payoffs represent teir level of en7oyment for eac activityunder te various weater conditions.
8eater Cold 8arm 5ainy S& S2 S3"i+e: A& &' 6 )i+e: A2 &/ &- 2Fis: A3 0 6 9 If te probabilities of cold weater !S&#, warm weater !S2#, and rainy weater
!S3# are '.2, './, and './, respectively wat is te >;PI for tis situation4
A business owner is tryin to decide weter to buy, rent, or lease office spaceand as constructed te followin payoff table based on weter business is bris+ or slow.
If te probability of bris+ business is ./', wat is te numerical maximumexpected value4
Answer
Selected Answer: -0
Correct Answer:
Evaluation Method Correct Answer Case ensitivit!
Exact Match -0
MAT 540 – Strayer Spring 2013 – Quiz 2 Anwsers
• Question 1
2 out of 2 points
If two events are not mutually exclusive, ten P!A or "# $ P!A# % P!"#
(e metropolitan airport commission is considerin te establisment oflimitations on noise pollution around a local airport. At te present time, tenoise level per 7et ta+eoff in one neiborood near te airport is
approximately normally distributed wit a mean of &'' decibels and a standarddeviation of 3 decibels. 8at is te probability tat a randomly selected 7etwill enerate a noise level of more tan &'- decibels4Answer
Selected Answer: '.'/0-
Correct Answer: '.'/0
-
• Question 10
2 out of 2 points
Assume tat it ta+es a collee student an averae of - minutes to find a par+inspot in te main par+in lot. Assume also tat tis time is normally distributedwit a standard deviation of 2 minutes. Find te probability tat a randomly
selected collee student will ta+e between 2 and minutes to find a par+inspot in te main par+in lot.Answer
A business owner is tryin to decide weter to buy, rent, or lease office spaceand as constructed te followin payoff table based on weter business is bris+ or slow.
A business owner is tryin to decide weter to buy, rent, or lease office spaceand as constructed te followin payoff table based on weter business is bris+ or slow.
(e maximax stratey is:Answer
Selected Answer:
"uy
Correct Answer: "uy
• Question 14
2 out of 2 points
A business owner is tryin to decide weter to buy, rent, or lease office spaceand as constructed te followin payoff table based on weter business is bris+ or slow.
If te probability of bris+ business is ./' and for slow business is .', teexpected value of perfect information is:Answer
Selected Answer:
&2
Correct Answer:
&2
• Question 15
' out of 2 points
A life insurance company wants to update its actuarial tables. Assume tat te
probability distribution of te lifetimes of te participants is approximately anormal distribution wit a mean of 0& years and a standard deviation of 3.-years. 8at proportion of te plan participants are expected to see teir 0-t birtday4 Note: Write your answers with two places after the decimal,rounding off as appropriate.
A branda of television as a lifetime tat is normally distributed wit a mean of0 years and a standard deviation of 2.- years. 8at is te probability tat arandomly cosen (; will last more tan 6 years4 Note: Write your answerswith two places after the decimal, rounding off as appropriate. Answer
A business owner is tryin to decide weter to buy, rent, or lease office spaceand as constructed te followin payoff table based on weter business is bris+ or slow.
If te probability of bris+ business is ./', wat is te numerical maximumexpected value4
Answer
Selected Answer:
39
Correct Answer:
Evaluation Method Correct Answer Case ensitivit!
Exact Match -0
• Question 19
2 out of 2 points
(e =uality control manaer for >?(A Inc. must decide weter to accept!a&#, furter analy*e !a2# or re7ect !a3# a lot of incomin material. Assume tefollowin payoff table is available. )istorical data indicates tat tere is 3'1cance tat te lot is poor =uality !s&#, -' 1 cance tat te lot is fair =uality!s2# and 2'1 cance tat te lot is ood =uality !s3#.
(e =uality control manaer for >?(A Inc. must decide weter to accept!a&#, furter analy*e !a2# or re7ect !a3# a lot of incomin material. Assume tefollowin payoff table is available. )istorical data indicates tat tere is 3'1cance tat te lot is poor =uality !s&#, -' 1 cance tat te lot is fair =uality!s2# and 2'1 cance tat te lot is ood =uality !s3#.