mat540 quiz 2

8/13/2019 mat540 quiz 2

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• Question 1

Seventy two percent of all observations fall within 1 standard

deviation of the mean if the data is normally distributed.

Answer

SelectedAnswer:

False

CorrectAnswer:

False

• Question 2

If two events are not mutually exclusive, then !A or "# $ !A# %!"# Answer

SelectedAnswer:

False

CorrectAnswer:

False

• Question 3

robability trees are used only to compute conditionalprobabilities.

Answer

SelectedAnswer:

False

CorrectAnswer:

False

• Question 40 out of 2 points

&he minimin criterion is optimistic.

Answer

CorrectAnswer:

&rue


8/13/2019 mat540 quiz 2


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. We

then pick the decision with the largest maximum regret.

Answer

CorrectAnswer:

False

• Question 6

"oth maximin and minimin criteria are optimistic. Answer

SelectedAnswer: False

CorrectAnswer:

False


&he e'ual li(elihood criterion assi)ns a probability of *.+ to eachstate of nature, re)ardless of how many states of nature there are.

Answer

CorrectAnswer:

False

• Question 8

Assume that it ta(es a colle)e student an avera)e of + minutesto find a par(in) spot in the main par(in) lot. Assume also thatthis time is normally distributed with a standard deviation of minutes. Find the probability that a randomly selected colle)estudent will ta(e between and - minutes to find a par(in) spotin the main par(in) lot.Answer

SelectedAnswer:

*.-/

CorrectAnswer:

*.-

8/13/2019 mat540 quiz 2


/


&he chi0s'uare test is a statistical test to see if an observed data fit a .Answer

CorrectAnswer:

All of theabove

• Question 10

&he metropolitan airport commission is considerin) theestablishment of limitations on noise pollution around a localairport. At the present time, the noise level per 2et ta(eoff in onenei)hborhood near the airport is approximately normallydistributed with a mean of 1** decibels and a standard deviationof 3 decibels. 4hat is the probability that a randomly selected 2et will )enerate a noise level of more than 1*+ decibels5Answer

SelectedAnswer:

*.*

/+CorrectAnswer:

*.*/+

• Question 11

A business owner is tryin) to decide whether to buy, rent, orlease office space and has constructed the followin) payoff table

based on whether business is bris( or slow.

If the probability of bris( business is .* and for slow business is .-*, the expected value of perfect information is:Answer

8/13/2019 mat540 quiz 2


SelectedAnswer:

1

CorrectAnswer:

1

•

Question 12

A )roup of friends are plannin) a recreational outin) and haveconstructed the followin) payoff table to help them decide whichactivity to en)a)e in. Assume that the payoffs represent theirlevel of en2oyment for each activity under the various weatherconditions.

4eather

Cold 4arm 6ainy S1 S S3"i(e: A1 1* 7 -8i(e: A 1 1+ Fish: A3 / 7 9 If the )roup chooses to minimie their maximum re)ret, whatactivity will they choose5Answer

SelectedAnswer:

Any of the

aboveCorrectAnswer:

Any of theabove

• Question 13

A business owner is tryin) to decide whether to buy, rent, orlease office space and has constructed the followin) payoff tablebased on whether business is bris( or slow.

&he maximax strate)y is:Answer

Selected

8/13/2019 mat540 quiz 2


Answer: "uy

CorrectAnswer:

"uy

• Question 14

A )roup of friends are plannin) a recreational outin) and haveconstructed the followin) payoff table to help them decide whichactivity to en)a)e in. Assume that the payoffs represent theirlevel of en2oyment for each activity under the various weatherconditions.

4eather Cold 4arm 6ainy S1 S S3"i(e: A1 1* 7 -8i(e: A 1 1+ Fish: A3 / 7 9 4hat is the conservative decision for this situation5Answer

SelectedAnswer:

A3

CorrectAnswer:

A3

• Question 15

A life insurance company wants to update its actuarial tables.Assume that the probability distribution of the lifetimes of theparticipants is approximately a normal distribution with a meanof /1 years and a standard deviation of 3.+ years. 4hat

proportion of the plan participants are expected to see their /+thbirthday5 Note: Write your answers with two places after the decimal,

rounding off as appropriate.

Answer

SelectedAnswer:

*.13

Correct

8/13/2019 mat540 quiz 2


Answer: *.13 .13


A brand of television has a lifetime that is normally distributed with amean of / years and a standard deviation of .+ years. 4hat is theprobability that a randomly chosen &; will last more than 7 years5Note: Write your answers with two places after the decimal, rounding off asappropriate. Answer

CorrectAnswer:

*.3

.3

• Question 17

A mana)er has developed a payoff table that indicates theprofits associated with a set of alternatives under possiblestates of nature.

Alt S1 S1 1*

0 7 3 7 + 4hat is the hi)hest expected value5 Assume that the probabilityof S is e'ual to *..

Answer

SelectedAnswer:

-.7

CorrectAnswer:

-.7


&he 'uality control mana)er for <=&A Inc. must decide whether toaccept !a1#, further analye !a# or re2ect !a3# a lot of incomin)material. Assume the followin) payoff table is available. 8istoricaldata indicates that there is 3*> chance that the lot is poor 'uality!s1#, +* > chance that the lot is fair 'uality !s# and *> chancethat the lot is )ood 'uality !s3#.

8/13/2019 mat540 quiz 2


4hat is the numerical value of the minimax re)ret5

Answer

CorrectAnswer:

+*

• Question 19

&he 'uality control mana)er for <=&A Inc. must decide whetherto accept !a1#, further analye !a# or re2ect !a3# a lot ofincomin) material. Assume the followin) payoff table is

available. 8istorical data indicates that there is 3*> chance thatthe lot is poor 'uality !s1#, +* > chance that the lot is fair 'uality!s# and *> chance that the lot is )ood 'uality !s3#.

4hat is the numerical value of the maximin5Answer

SelectedAnswer:

*

CorrectAnswer:

*


A business owner is tryin) to decide whether to buy, rent, or leaseoffice space and has constructed the followin) payoff table based onwhether business is bris( or slow.

If the probability of bris( business is .*, what is the numericalmaximum expected value5 Answer

CorrectAnswer:

+/

8/13/2019 mat540 quiz 2


Question 1

2 out of 2 points

Probability trees are used only to compute conditional probabilities.

Answer

Selected Answer: False

Correct Answer: False

Question 2

2 out of 2 points

If two events are not mutually exclusive, ten P!A or "# $ P!A# % P!"#

Answer



Question 3

2 out of 2 points

Seventy two percent of all observations fall witin & standard deviation of temean if te data is normally distributed.

Answer



Question 4

2 out of 2 points

8/13/2019 mat540 quiz 2


Using the minimax regret criterion, we first construct a table ofregrets. Subsequently, for each possible decision, we look across thestates of nature and make a note of the maximum regret possible forthat decision. We then pick the decision with the largest maximumregret.

Answer



Question 5

' out of 2 points

(e )urwic* criterion is a compromise between te maximax and maximincriteria.

Answer


Correct Answer: (rue

Question 6

2 out of 2 points

"ot maximin and minimin criteria are optimistic.

Answer



Question 7

' out of 2 points

8/13/2019 mat540 quiz 2


(e )urwic* criterion is a compromise between te minimax and minimincriteria.

Answer

Selected Answer: (rue


Question 8

2 out of 2 points

Assume tat it ta+es a collee student an averae of - minutes to find a par+inspot in te main par+in lot. Assume also tat tis time is normally distributed

wit a standard deviation of 2 minutes. Find te probability tat a randomlyselected collee student will ta+e between 2 and minutes to find a par+inspot in te main par+in lot.Answer

Selected Answer: '.2/0

Correct Answer: '.2/

0

Question 9

2 out of 2 points

A professor would li+e to utili*e te normal distribution to assin rades suctat -1 of students receive As. If te exam averae is 2 wit a standarddeviation of &3, wat rade sould be te cutoff for an A4 !5ound your

answer.#Answer

Selected Answer: 63

Correct Answer: 63

8/13/2019 mat540 quiz 2


Question 10

2 out of 2 points

(e metropolitan airport commission is considerin te establisment oflimitations on noise pollution around a local airport. At te present time, tenoise level per 7et ta+eoff in one neiborood near te airport isapproximately normally distributed wit a mean of &'' decibels and a standarddeviation of 3 decibels. 8at is te probability tat a randomly selected 7etwill enerate a noise level of more tan &'- decibels4Answer

Selected Answer: '.'/0-

Correct Answer: '.'/0-

Question 11

' out of 2 points

A roup of friends are plannin a recreational outin and ave constructed tefollowin payoff table to elp tem decide wic activity to enae in.Assume tat te payoffs represent teir level of en7oyment for eac activityunder te various weater conditions.

8eater Cold 8arm 5ainy S& S2 S3"i+e: A& &' 6 )i+e: A2 &/ &- 2Fis: A3 0 6 9

If te roup cooses to minimi*e teir maximum reret, wat activity will teycoose4Answer

Selected Answer: A3

8/13/2019 mat540 quiz 2


Correct Answer: Any of te above

Question 12

2 out of 2 points

(e maximin criterion results in teAnswer

Selected Answer: maximum of te minimum payoffs

Correct Answer:

maximum of te minimum payoffs

Question 13

2 out of 2 points

A business owner is tryin to decide weter to buy, rent, or lease office spaceand as constructed te followin payoff table based on weter business is bris+ or slow.

If te probability of bris+ business is ./' and for slow business is .', teexpected value of perfect information is:Answer

Selected Answer: &2

Correct Answer: &2

Question 14

2 out of 2 points

8/13/2019 mat540 quiz 2


eterminin te worst payoff for eac alternative and coosin te alternativewit te best worst is calledAnswer

Selected Answer: maximin

Correct Answer: maximin

Question 15

' out of 2 points

A brand of television as a lifetime tat is normally distributed wit a mean of0 years and a standard deviation of 2.- years. 8at is te probability tat arandomly cosen (; will last more tan 6 years4 Note: Write your answerswith two places after the decimal, rounding off as appropriate. Answer

Selected Answer: .3-

Correct Answer:

Evaluation Method Correct Answer Case ensitivit!

Exact Match '.3/

Exact Match .3/

Question 16

2 out of 2 points

A life insurance company wants to update its actuarial tables. Assume tat te probability distribution of te lifetimes of te participants is approximately anormal distribution wit a mean of 0& years and a standard deviation of 3.-years. 8at proportion of te plan participants are expected to see teir 0-t birtday4 Note: Write your answers with two places after the decimal,rounding off as appropriate.

8/13/2019 mat540 quiz 2


Answer

Selected Answer: .&3

Correct Answer:


Exact Match '.&3

Exact Match .&3

Question 17

2 out of 2 points

A manaer as developed a payoff table tat indicates te profits associatedwit a set of alternatives under 2 possible states of nature.

Alt S& S2& &' 2

2 <2 6 3 6 - 8at is te iest expected value4 Assume tat te probability of S2 is e=ualto './.

Answer

Selected Answer: .6

Correct Answer:


Exact Match .6

Question 18

2 out of 2 points

8/13/2019 mat540 quiz 2


(e =uality control manaer for >?(A Inc. must decide weter to accept!a&#, furter analy*e !a2# or re7ect !a3# a lot of incomin material. Assume tefollowin payoff table is available. )istorical data indicates tat tere is 3'1cance tat te lot is poor =uality !s&#, -' 1 cance tat te lot is fair =uality!s2# and 2'1 cance tat te lot is ood =uality !s3#.

8at is te numerical value of te maximin4Answer

Selected Answer: /'

Correct Answer:


Exact Match /'

Question 19

2 out of 2 points

A roup of friends are plannin a recreational outin and ave constructed tefollowin payoff table to elp tem decide wic activity to enae in.

Assume tat te payoffs represent teir level of en7oyment for eac activityunder te various weater conditions.

8eater Cold 8arm 5ainy S& S2 S3"i+e: A& &' 6 )i+e: A2 &/ &- 2Fis: A3 0 6 9 If te probabilities of cold weater !S&#, warm weater !S2#, and rainy weater

!S3# are '.2, './, and './, respectively wat is te >;PI for tis situation4

Answer

Selected Answer: 2.6

Correct Answer:


8/13/2019 mat540 quiz 2


Exact Match 2.6

Question 20

2 out of 2 points


If te probability of bris+ business is ./', wat is te numerical maximumexpected value4

Answer

Selected Answer: -0

Correct Answer:


Exact Match -0

MAT 540 – Strayer Spring 2013 – Quiz 2 Anwsers

• Question 1

2 out of 2 points

If two events are not mutually exclusive, ten P!A or "# $ P!A# % P!"#

Answer



• Question 2

8/13/2019 mat540 quiz 2


2 out of 2 points

Probability trees are used only to compute conditional probabilities.

Answer



• Question 3

2 out of 2 points

Seventy two percent of all observations fall witin & standard deviation of temean if te data is normally distributed.

Answer



• Question 4

2 out of 2 points

(e )urwic* criterion is a compromise between te maximax and maximincriteria.

Answer

Selected Answer: (rue


• Question 5

2 out of 2 points

8/13/2019 mat540 quiz 2


(e e=ual li+eliood criterion assins a probability of '.- to eac state ofnature, reardless of ow many states of nature tere are.

Answer



• Question 6

' out of 2 points

(e minimin criterion is optimistic.

AnswerSelected Answer: False


• Question 7

2 out of 2 points

(e maximin approac involves coosin te alternative wit te iest orlowest payoff.

Answer



• Question 8

2 out of 2 points

(e ci<s=uare test is a statistical test to see if an observed data fit a @@@@@@@@@.Answer

Selected Answer:

8/13/2019 mat540 quiz 2


All of te above

Correct Answer: All of te above

• Question 9

2 out of 2 points

(e metropolitan airport commission is considerin te establisment oflimitations on noise pollution around a local airport. At te present time, tenoise level per 7et ta+eoff in one neiborood near te airport is

approximately normally distributed wit a mean of &'' decibels and a standarddeviation of 3 decibels. 8at is te probability tat a randomly selected 7etwill enerate a noise level of more tan &'- decibels4Answer

Selected Answer: '.'/0-

Correct Answer: '.'/0

-

• Question 10

2 out of 2 points

Assume tat it ta+es a collee student an averae of - minutes to find a par+inspot in te main par+in lot. Assume also tat tis time is normally distributedwit a standard deviation of 2 minutes. Find te probability tat a randomly

selected collee student will ta+e between 2 and minutes to find a par+inspot in te main par+in lot.Answer

Selected Answer: '.2/0

8/13/2019 mat540 quiz 2


Correct Answer: '.2/0

• Question 11

2 out of 2 points

(e maximin criterion results in teAnswer

Selected Answer: maximum of te minimum payoffs

Correct Answer: maximum of te minimum payoffs

• Question 12

2 out of 2 points


(e maximin stratey is:Answer

Selected Answer:

8/13/2019 mat540 quiz 2


ease

Correct Answer: ease

• Question 13

2 out of 2 points


(e maximax stratey is:Answer

Selected Answer:

"uy

Correct Answer: "uy

• Question 14

2 out of 2 points


8/13/2019 mat540 quiz 2


If te probability of bris+ business is ./' and for slow business is .', teexpected value of perfect information is:Answer

Selected Answer:

&2

Correct Answer:

&2

• Question 15

' out of 2 points

A life insurance company wants to update its actuarial tables. Assume tat te

probability distribution of te lifetimes of te participants is approximately anormal distribution wit a mean of 0& years and a standard deviation of 3.-years. 8at proportion of te plan participants are expected to see teir 0-t birtday4 Note: Write your answers with two places after the decimal,rounding off as appropriate.

Answer

Selected Answer: .30

Correct Answer:


Exact Match '.&3

Exact Match .&3

8/13/2019 mat540 quiz 2


• Question 16

2 out of 2 points

A branda of television as a lifetime tat is normally distributed wit a mean of0 years and a standard deviation of 2.- years. 8at is te probability tat arandomly cosen (; will last more tan 6 years4 Note: Write your answerswith two places after the decimal, rounding off as appropriate. Answer

Selected Answer: .3-

Correct Answer:


Exact Match '.3/

Exact Match .3/

• Question 17

2 out of 2 points

Consider te followin decision tree.

8/13/2019 mat540 quiz 2


8at is te expected value for te best decision4 5ound your answer to te nearestwole number.Answer

Selected Answer:

2&''

Correct Answer:


Exact Match B2&''

Exact Match B2,&''

Exact Match 2&''

Exact Match 2,&''

• Question 18

' out of 2 points

8/13/2019 mat540 quiz 2



If te probability of bris+ business is ./', wat is te numerical maximumexpected value4

Answer

Selected Answer:

39

Correct Answer:


Exact Match -0

• Question 19

2 out of 2 points


8/13/2019 mat540 quiz 2


8at is te numerical value of te maximin4Answer

Selected Answer:

/'

Correct Answer:


Exact Match /'

• Question 20

' out of 2 points


8at is te numerical value of te minimax reret4

8/13/2019 mat540 quiz 2


Answer

Selected Answer:

6'

Correct Answer:


Exact Match -'

Tuesday, April 30, 2013 1:50:50 AM EDT

mat540 quiz 2

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