Mat540 Strayer Quiz2 Week3

5/19/2018 Mat540 Strayer Quiz2 Week3

1/6

Review Test Submission: Quiz 2

SKIP TO COURSE MENUSKIP TO TOP FRAME TABS

Content

Question 12 out of 2 point

Seventy two percent of all observations fall within 1 standard deviation of the mean ifthe data is normally distributed.

Answer

Selected Answer: False

Correct Answer: False


If two events are not mutually exclusive, then P(A or B) = P(A) + P(B)

Answer




Probability trees are used only to compute conditional probabilities.

Answer




The maximin approach involves choosing the alternative with the highest or lowestpayoff.

Answer



Question 5

2 out of 2 point

The minimin criterion is optimistic.

Answer

Selected Answer: True

Correct Answer: True

https://blackboard.strayer.edu/webapps/assessment/review/review.jsp?attempt_id=_29785864_1&course_id=_132641_1&content_id=_13987805_1&return_content=1&step=nullhttps://blackboard.strayer.edu/webapps/assessment/review/review.jsp?attempt_id=_29785864_1&course_id=_132641_1&content_id=_13987805_1&return_content=1&step=nullhttps://blackboard.strayer.edu/webapps/assessment/review/review.jsp?attempt_id=_29785864_1&course_id=_132641_1&content_id=_13987805_1&return_content=1&step=null


2/6

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. Wethen pick the decision with the largest maximum regret.

AnswerSelected Answer: True



Both maximin and minimin criteria are optimistic.

Answer




The chi-square test is a statistical test to see if an observed data fit a _________.Answer

Selected Answer:

All of the above

Correct Answer:

All of the above


Assume that it takes a college student an average of 5 minutes to find a parking spot inthe main parking lot. Assume also that this time is normally distributed with a standarddeviation of 2 minutes. Find the probability that a randomly selected college student willtake between 2 and 6 minutes to find a parking spot in the main parking lot.Answer

Selected Answer:

0.6247

Correct Answer:

0.6247 Question 10

2 out of 2 point

The metropolitan airport commission is considering the establishment of limitations onnoise pollution around a local airport. At the present time, the noise level per jet takeoffin one neighborhood near the airport is approximately normally distributed with a meanof 100 decibels and a standard deviation of 3 decibels. What is the probability that arandomly selected jet will generate a noise level of more than 105 decibels?


3/6

Answer

Selected Answer:

0.0475

Correct Answer:

0.0475


A business owner is trying to decide whether to buy, rent, or lease office space and hasconstructed the following payoff table based on whether business is brisk or slow.

The maximin strategy is:Answer

Selected Answer:Lease

Correct Answer:

Lease


A business owner is trying to decide whether to buy, rent, or lease office space and hasconstructed the following payoff table based on whether business is brisk or slow.

The maximax strategy is:Answer

Selected Answer:

Buy

Correct Answer:

Buy


A group of friends are planning a recreational outing and have constructed the followingpayoff table to help them decide which activity to engage in. Assume that the payoffsrepresent their level of enjoyment for each activity under the various weatherconditions.

WeatherCold Warm RainyS1 S2 S3


4/6

Bike: A1 10 8 6Hike: A2 14 15 2Fish: A3 7 8 9

What is the conservative decision for this situation?

AnswerSelected Answer:

A3

Correct Answer:

A3


The maximin criterion results in theAnswer

Selected Answer:

maximum of the maximum payoffs

Correct Answer:

maximum of the minimum payoffs


A brand of television has a lifetime that is normally distributed with a mean of 7 years and astandard deviation of 2.5 years. What is the probability that a randomly chosen TV will lastmore than 8 years? Note: Write your answers with two places after the decimal,rounding off as appropriate.Answer

Selected Answer: 0.34

Correct Answer:

Evaluation Method Correct Answer Case Sensitivity

Exact Match 0.34

Exact Match .34


A life insurance company wants to update its actuarial tables. Assume that the probabilitydistribution of the lifetimes of the participants is approximately a normal distribution with amean of 71 years and a standard deviation of 3.5 years. What proportion of the planparticipants are expected to see their 75th birthday? Note: Write your answers with twoplaces after the decimal, rounding off as appropriate.

Answer

Selected Answer: 0.13

Correct Answer:



5/6

Exact Match 0.13

Exact Match .13


A manager has developed a payoff table that indicates the profits associated with a set ofalternatives under 2 possible states of nature.

Alt S1 S21 10 22 -2 83 8 5

Compute the expected value of perfect information assuming that the probability of S2 is equalto 0.4.

Answer

Selected Answer: 6.8Correct Answer:


Exact Match 2.4


A group of friends are planning a recreational outing and have constructed the followingpayoff table to help them decide which activity to engage in. Assume that the payoffsrepresent their level of enjoyment for each activity under the various weatherconditions.

WeatherCold Warm RainyS1 S2 S3

Bike: A1 10 8 6Hike: A2 14 15 2Fish: A3 7 8 9

If the probabilities of cold weather (S1), warm weather (S2), and rainy weather (S3) are 0.2,0.4, and 0.4, respectively what is the EVPI for this situation?

AnswerSelected Answer: 2.8

Correct Answer:


Exact Match 2.8



6/6

Consider the following decision tree.

What is the expected value for the best decision? Round your answer to the nearest wholenumber.Answer

Selected Answer: 2100

Correct Answer:


Exact Match $2100

Exact Match $2,100

Exact Match 2100

Exact Match 2,100


The quality control manager for ENTA Inc. must decide whether to accept (a1), furtheranalyze (a2) or reject (a3) a lot of incoming material. Assume the following payoff table isavailable. Historical data indicates that there is 30% chance that the lot is poor quality (s1), 50% chance that the lot is fair quality (s2) and 20% chance that the lot is good quality (s3).

What is the numerical value of the minimax regret?

Answer

Selected Answer: 50

Correct Answer:


Exact Match 50

Mat540 Strayer Quiz2 Week3

Documents