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1
0 Question out of 2 points
Seventy two
percent of all
observations fall
within 1 standard
deviation of the
mean if the data is
normally
distributed.
Answer
Selected Answer:
Correct Answer:
Question 2
2 out of 2 points
Probability trees
are used only to
compute
conditional
probabilities.
Answer
Selected Answer:
Correct Answer:
Question 3
0 out of 2 points
If two events are
not mutually
exclusive, then
P(A or B) = P(A)
+ P(B)
Answer
Selected Answer:
Correct Answer:
Question 4
2 out of 2 points
The Hurwicz
criterion is a
compromise
between the
minimax and
minimin criteria.
Answer
Selected Answer:
Correct Answer:
Question 5
2 out of 2 points
The minimax
regret criterion
maximizes the
minimum regret.
Answer
Selected Answer:
Correct Answer:
Question 6
2 out of 2 points
The Hurwicz
criterion is a
compromise
between the
maximax and
maximin criteria.
Answer
Selected Answer:
Correct Answer:
Question 7
2 out of 2 points
The maximin
approach involves
choosing the
alternative with
the highest or
lowest payoff.
Answer
Selected Answer:
Correct Answer:
Question 8
2 out of 2 points
A professor would
like to utilize the
normal
distribution to
assign grades such
that 5% of
students receive
A's. If the exam
average is 62 with
a standard
deviation of 13,
what grade should
be the cutoff for
an A? (Round
your answer.)
Answer
Selected Answer:
83
Correct Answer:
83
Question 9
0 out of 2 points
Assume that it
takes a college
student an average
of 5 minutes to
find a parking spot
in the main
parking lot.
Assume also that
this time is
normally
distributed with a
standard deviation
of 2 minutes. Find
the probability
that a randomly
selected college
student will take
between 2 and 6
minutes to find a
parking spot in the
main parking lot.
Answer
Selected Answer:
0.4772
Correct Answer:
0.6247
Question 10
0 out of 2 points
The metropolitan
airport
commission is
considering the
establishment of
limitations on
noise pollution
around a local
airport. At the
present time, the
noise level per jet
takeoff in one
neighborhood near
the airport is
approximately
normally
distributed with a
mean of 100
decibels and a
standard deviation
of 3 decibels.
What is the
probability that a
randomly selected
jet will generate a
noise level of
more than 105
decibels?
Answer
Selected Answer:
0.0228
Correct Answer:
0.0475
Question 11
2 out of 2 points
The maximin
criterion results in
the
Answer
Selected Answer:
maximum of the minimum payoffs
Correct Answer:
maximum of the minimum payoffs
Question 12
2 out of 2 points
A group of friends
are planning a
recreational outing
and have
constructed the
following payoff
table to help them
decide which
activity to engage
in. Assume that
the payoffs
represent their
level of enjoyment
for each activity
under the various
weather
conditions.
Weather
Cold
Warm Rainy
S1
S2
S3
Bike: A1
10
8
6
Hike: A2 14
15
2
Fish: A3
7
8
9
If the group
chooses to
minimize their
maximum regret,
what activity will
they Answer:
Any choose?
Answer
Selected of the above
Correct Answer:
Any of the above
Question 13
2 out of 2 points
A business owner
is trying to decide
whether to buy,
rent, or lease
office space and
has constructed
the following
payoff table based
on whether
business is brisk
or slow.
If the probability
of brisk business
is .40 and for slow
business is .60, the
expected value of
perfect
information is:
Answer
Selected Answer:
12
Correct Answer:
12
Question 14
2 out of 2 points
Determining the
worst payoff for
each alternative
and choosing the
alternative with
the best worst is
called
Answer
Selected Answer:
maximin
Correct Answer:
maximin
Question 15
0 out of 2 points
A brand of
television has a
lifetime that is
normally
distributed with a
mean of 7 years
and a standard
deviation of 2.5
years. What is the
probability that a
randomly chosen
TV will last more
than 8 years?
Write your
anwsers with two
places after the
decimal.
Answer
Selected Answer:
Correct Answer:
Question 16
0 out of 2 points
A life insurance
company wants to
estimate their
annual payouts.
Assume that the
probability
distribution of the
lifetimes of the
participants is
approximately a
normal
distribution with a
mean of 68 years
and a standard
deviation of 4
years. What
proportion of the
plan recipients
would receive
payments beyond
age 75? Round
your answer to
four places after
the decimal.
Answer
Selected Answer:
Correct Answer:
Question 17
0 out of 2 points
The quality
control manager
for ENTA Inc.
must decide
whether to accept
(a1), further
analyze (a2) or
reject (a3) a lot of
incoming material.
Assume the
following payoff
table is available.
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 maximin?
Answer
Selected Answer:
Correct Answer:
Question 18
0 out of 2 points
A business owner
is trying to decide
whether to buy,
rent, or lease
office space and
has constructed
the following
payoff table based
on whether
business is brisk
or slow.
If the probability
of brisk business
is .40, what is the
numerical
maximum
expected value?
Answer
Selected Answer:
Correct Answer:
Question 19
2 out of 2 points
Consider the
following decision
tree.
What is the
expected value for
the best decision?
Round your
answer to the
nearest whole
number.
Answer
Selected Answer:
Correct Answer:
Question 20
0 out of 2 points
The quality
control manager
for ENTA Inc.
must decide
whether to accept
(a1), further
analyze (a2) or
reject (a3) a lot of
incoming material.
Assume the
following payoff
table is available.
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:
Correct Answer:

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