GBA 334 Midterm exam - Midterm Exam GBA 334 Frederick Truss...

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Midterm Exam GBA 334Frederick Truss1. a.What is a mathematical model?
b.Give a minimum of two general examples of types of mathematical models and explainthe explain the expected outcome for each of the models.
c.Provide two well-defined real world practical applications of the use of a mathematicalmodel to solve a business problem.One model must be deterministic and the other must beprobabilistic.Show how the business problem was solved using each of the modelspresented and explain in detail the results of each.2.The normal distribution is the most important distribution in statistics. It is also used inmany business processes. Provide examples of two differentbusiness processes described bythe normal distribution. Demonstrate the use of the normal distribution by providing apractical example for each two businesses processes presented showing how the normaldistribution was used to solve a real world problem. Show your work in detail along withthe results and decisions made.3.There are several techniques used to solve decision - making problems. Describe thetechniques discussed in class used to solve problems under uncertainty.
Criterion of realism (Hurwicz) - This is a weighted average compromise between optimism andpessimism.Equally likely (Laplace) - Considers all the payoffs for each alternative

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Term
Fall
Professor
MROGICH
Tags
Statistics, Forecasting, Regression Analysis, Pearson product moment correlation coefficient, Real world example, Chrysler 200

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