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Q1) Describe meaning of alternatives, criteria and states of nature. Explain how are they utilized in decision analysis?
Q2) Give a personal example of when and how you could have utilized decision analysis to help in making a decision.
Q3) Variables husband and wife tells you whether husband and wife are employed full time. Utilize sign test to test whether husbands and wives are equally likely to be employed full time. What do you conclude?
Q4) When manager considers effect of changes in an LP model's coefficients he/she is performing:
a) Random analysis.
b) Coefficient analysis.
c) Sensitivity analysis.
d) Qualitative analysis.
Q5) Manager must consider how sensitive model is to changes in all of the following except
a) Differential coefficients.
b) Objective function coefficients.
c) Constraint coefficients.
d) Right-hand side values for constraints.
Using a critical value, test hypothesis at the 1% level of significance.
An experiment was performed to investigate lifetime of a component exposed to high heat. Three different oven types were used at either 550°F or 600°F.
If a complete failure occurs, calculate the probability that the fault occurred in:
Give a possible description why serum cholesterol values for older males are lower than for younger males and reverse is true for females.
Book inventory Record information - Ratio, interval, nominal or ordinal.
For the data shown below, prepare a x-bar chart. Note that the sample size is three. Record the values for the UCL, center line, and LCL. In addition, note any points that are out of control.
Illustrate the maximum number of reservations that it could accept for a flight with a capacity of 160, if it needs the probability of accommodating all reservation holders to be at least 95%.
What is the best estimate of the average tread life in miles for the entire population of these tires?
Use this information to construct a probability table, and then calculate each of the following probabilities: P(foreign car)
At the 0.05 level of significance, can we conclude Middletown students remained in their districts less time than Brockton students? Make use of 5-step hypothesis testing procedure.
For a binomial probability experiment, with n=150 and p=.2, it is appropriate to use the normal approximation to the binomial distribution.
At the .01 significance level, can we conclude that there is more variation in the selling prices of the oceanfront homes?
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