Practice Questions MBAC 6030 Midterm

Practice Questions - Name of Candidate Student ID Signature THE UNIVERSITY OF NEW SOUTH WALES Sch

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MBAC 6030 Practice Midterm Questions These questions are intended as a study guide. It is even possible that some of these questions will show up on the midterm. Therefore, I will not answer specific questions about the practice/review. You may certainly study with your team or other classmates to determine the best answer to each of these questions. The idea is for you to review the material in the text and from class notes rather than getting the answers directly from me. (Feel free to send me a question if you’re stumped. I will probably not give a direct answer but send you to the best place for you to find the answer or the solution method.) You will be allowed to use a calculator and/or Excel during the midterm. You will not be able to use your text. I have included the formulas you might need as well as both a z table and a t table. You may be more comfortable using the excel functions to find these values but feel free to use the tables. I will not be taking off points due to rounding errors. In each problem 1-4, a random variable or experiment will be described. Based on the description identify the appropriate probability model (distribution) from the following list. You may use one distribution more than once. (a) Discrete Uniform Distribution (b) Binomial Distribution (c) Poisson Distribution (d) Exponential Distribution (e) Normal Distribution 1. In a randomly-chosen month, which probability model would you use to describe the number of accidents at the intersection of two streets? 2. Define X to be the number of ice cream scoops purchased by a customer. X can be 1, 2, 3, or 4 and each value is equally likely. The distribution on X is best described by which probability model? 3. For a randomly-selected customer placing a call to a customer-support center, the waiting time until s/he speaks to a customer service representative is best described by which probability model? 4. Which probability model is most nearly correct to describe the number of burned-out fluorescent tubes in a classroom with 24 fluorescent tubes? 5. Describe the relationship between the mean and median for a left-skewed distribution. Which of these two measures is a better measure of central tendency in this case? 6. Which type of chart is best for showing the relationship between two quantitative variables? 7. Describe the four characteristics of the binomial distribution? 8 . The graph below summarizes the Profit/Sales ratios for 25 Fortune 500 companies. Describe the distribution. 1
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9. Find the conditional probability that a randomly selected customer of Virgin resides in Wayne County. 10. Bill manages a bike shop that is part of a large chain. He receives shipments of bikes, already assembled, from the distribution center on a regular basis. The probability that a bike has been assembled correctly is .25. Because this probability is so low, Bill must inspect the bikes when he receives them. Suppose he received a
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This note was uploaded on 06/01/2008 for the course MBAC 6030 taught by Professor Seward during the Fall '07 term at Colorado.

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Practice Questions - Name of Candidate Student ID Signature THE UNIVERSITY OF NEW SOUTH WALES Sch

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