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Introduction to Management Science, 10e (Taylor) Chapter 11 Probability and Statistics 1) Deterministic techniques assume that no uncertainty exists in model parameters. Answer: TRUE Diff: 1 Page Ref: 489 Main Heading: Types of Probability Key words: deterministic techniques 2) Probabilistic techniques assume that no uncertainty exists in model parameters. Answer: FALSE Diff: 1 Page Ref: 489 Main Heading: Types of Probability Key words: probabilistic techniques 3) Objective probabilities that can be stated prior to the occurrence of an event are classical or a priori. Answer: TRUE Diff: 2 Page Ref: 489 Main Heading: Types of Probability Key words: objective probabilities, classical probabilities 4) Objective probabilities that are stated after the outcomes of an event have been observed are relative frequencies. Answer: TRUE Diff: 2 Page Ref: 489 Main Heading: Types of Probability Key words: relative frequencies 5) Relative frequency is the more widely used definition of objective probability. Answer: TRUE Diff: 1 Page Ref: 490 Main Heading: Types of Probability Key words: relative frequencies 6) Subjective probability is an estimate based on personal belief, experience, or knowledge of a situation. Answer: TRUE Diff: 2 Page Ref: 490 Main Heading: Types of Probability Key words: subjective probability 1 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall 7) An experiment is an activity that results in one of several possible outcomes. Answer: TRUE Diff: 1 Page Ref: 491 Main Heading: Fundamentals of Probability Key words: experiment 8) The events in an experiment are mutually exclusive if only one can occur at a time. Answer: TRUE Diff: 1 Page Ref: 491 Main Heading: Fundamentals of Probability Key words: mutually exclusive events 9) In a given experiment, the probabilities of all mutually exclusive events sum to one. Answer: TRUE Diff: 1 Page Ref: 491 Main Heading: Fundamentals of Probability Key words: mutually exclusive events, rules of probability 10) A set of events is collectively exhaustive when it includes all the events that can occur in an experiment. Answer: TRUE Diff: 2 Page Ref: 492 Main Heading: Fundamentals of Probability Key words: collectively exhaustive events 11) A marginal probability is the probability of a single event occurring. Answer: TRUE Diff: 1 Page Ref: 492 Main Heading: Fundamentals of Probability Key words: marginal probability 12) A Venn diagram visually displays mutually exclusive and non-mutually exclusive events. Answer: TRUE Diff: 2 Page Ref: 492 Main Heading: Fundamentals of Probability Key words: Venn diagram 13) A joint probability is the probability that two or more events that are mutually exclusive can occur simultaneously. ... View Full Document

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