{"id":77656,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/saint-gba334-midterm-exam"},"modified":"2017-08-18T07:15:38","modified_gmt":"2017-08-18T07:15:38","slug":"saint-gba334-midterm-exam","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/saint-gba334-midterm-exam\/","title":{"rendered":"Saint GBA334 midterm exam"},"content":{"rendered":"<p><strong>1.<\/strong><\/p>\n<p>The following is a payoff table giving profits for various situations.<\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td>State<\/td>\n<td>Of<\/td>\n<td>Nature<\/td>\n<\/tr>\n<tr>\n<td>Alternatives<\/td>\n<td>A<\/td>\n<td>B<\/td>\n<td>C<\/td>\n<\/tr>\n<tr>\n<td>Alternative 1<\/td>\n<td>100<\/td>\n<td>120<\/td>\n<td>180<\/td>\n<\/tr>\n<tr>\n<td>Alternative 2<\/td>\n<td>120<\/td>\n<td>140<\/td>\n<td>120<\/td>\n<\/tr>\n<tr>\n<td>Alternative 3<\/td>\n<td>200<\/td>\n<td>100<\/td>\n<td>50<\/td>\n<\/tr>\n<tr>\n<td>Do Nothing<\/td>\n<td>0<\/td>\n<td>0<\/td>\n<td>0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The probabilities for states of nature A, B, and C are 0.3, 0.5, and 0.2, respectively. What decision should be made based on the minimax regret criterion?<\/p>\n<p>(Points : 2.5) <label>Alternative 1<\/label><br \/> <label>Alternative 2<\/label><br \/> <label>Alternative 3<\/label><br \/> <label>Do Nothing<\/label><br \/> <label>None of the above<\/label><\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 2. <strong>2.<\/strong> Hampton sells handcrafted yard decorations at county fairs. The variable cost to make these is $20 each, and he sells them for $50. The cost to rent a booth at teh afir is $150. How many of these must Hampton sell to break even? (Points : 2.5)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p> <label>50<\/label><br \/> <label>20<\/label><br \/> <label>150<\/label><br \/> <label>5<\/label><br \/> <label>None of the above<\/label><\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 3. <strong>3.<\/strong>The following is a payoff table giving profits for various situations. <\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td>State<\/td>\n<td>Of<\/td>\n<td>Nature<\/td>\n<\/tr>\n<tr>\n<td>Alternatives<\/td>\n<td>A<\/td>\n<td>B<\/td>\n<td>C<\/td>\n<\/tr>\n<tr>\n<td>Alternative 1<\/td>\n<td>100<\/td>\n<td>120<\/td>\n<td>180<\/td>\n<\/tr>\n<tr>\n<td>Alternative 2<\/td>\n<td>120<\/td>\n<td>140<\/td>\n<td>120<\/td>\n<\/tr>\n<tr>\n<td>Alternative 3<\/td>\n<td>200<\/td>\n<td>100<\/td>\n<td>50<\/td>\n<\/tr>\n<tr>\n<td>Do Nothing<\/td>\n<td>0<\/td>\n<td>0<\/td>\n<td>0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The probabilities for states of nature A, B, and C are 0.3, 0.5, and 0.2, respectively. What decision should be made based on the equally likely criterion?<\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p> <label>Alternative 1<\/label><br \/> <label>Alternative 2<\/label><br \/> <label>Alternative 3<\/label><br \/> <label>Do Nothing<\/label><br \/> <label>None of the above<\/label><\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 4. <strong>4.<\/strong>The classical method of determining probability is <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>subjective probability.<br \/> marginal probability.<br \/> <label>objective probability.<\/label><br \/> joint probability.<br \/> conditional probability.<\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 5. <strong>5.<\/strong>Enrollment in a particular class for the last four semesters has been 120, 126, 110, and 130 (listed from oldest to most recent). Develop a forecast of enrollment next semester using exponential smoothing with an alpha = 0.2. Assume that an initial forecast for the first semester was 120 (so the forecast and the actual were the same). <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>118.96<br \/> 121.17<br \/> 130<br \/> 120<br \/> None of the above<\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 6. <strong>6.<\/strong>The dependent variable is also called the response variable. <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p> <label>True<\/label><br \/> <label>False<\/label><\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 7. <strong>7.<\/strong>The correlation coefficient resulting from a particular regression analysis was 0.58. What was the coefficient of determination? <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p> <label>0.3364<\/label><br \/> <label>-0.3364<\/label><br \/> <label>0.7616<\/label><br \/> <label>-0.7616<\/label><br \/> There is insufficient information to answer the question.<\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 8. <strong>8.<\/strong>What is the formula for the break-even point of a simple profit model? <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Fixed Cost \/ Variable Cost Per Unit<br \/> (Selling Price Per Unit \u2014Variable Cost Per Unit) \/ Fixed Cost<br \/> Fixed Cost \/ (Selling Price Per Unit \u2014Variable Cost Per Unit)<br \/> Fixed Cost \/ (Variable Cost Per Unit \u2014 Selling Price Per Unit)<br \/> <label>Selling Price Per Unit \u2014 (Fixed Cost \/ Variable Cost Per Unit)<\/label><\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 9. <strong>9.<\/strong> The costs involved in a typical inventory model are order costs, management costs, and holding costs. (Points : 2.5)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p> <label>True<\/label><br \/> <label>False<\/label><\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 10. <strong>10.<\/strong>Mean absolute deviation (MAD) is simply the sum of forecast errors. <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p> <label>True<\/label><br \/> <label>False<\/label><\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 11. <strong>11.<\/strong>A medium-term forecast is considered to cover what length of time? <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p> <label>2-4 weeks<\/label><br \/> 1 month to 1 year<br \/> 2-4 years<br \/> 5-10 years<br \/> 20 years<\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 12. <strong>12.<\/strong>A store of Pizza Hut provides the following data on the quantity of pizzas sold during the month of January through July 2014, the price of a large pizza, and the advertising expenses. <\/p>\n<table>\n<tbody>\n<tr>\n<td>Quantity Sold<\/td>\n<td>Price<\/td>\n<td>Advertising Expenses<\/td>\n<\/tr>\n<tr>\n<td>8500<\/td>\n<td>$10<\/td>\n<td>$3,000<\/td>\n<\/tr>\n<tr>\n<td>4800<\/td>\n<td>14<\/td>\n<td>1000<\/td>\n<\/tr>\n<tr>\n<td>6500<\/td>\n<td>12<\/td>\n<td>1500<\/td>\n<\/tr>\n<tr>\n<td>7800<\/td>\n<td>11<\/td>\n<td>2000<\/td>\n<\/tr>\n<tr>\n<td>6000<\/td>\n<td>13<\/td>\n<td>1500<\/td>\n<\/tr>\n<tr>\n<td>8000<\/td>\n<td>10<\/td>\n<td>2500<\/td>\n<\/tr>\n<tr>\n<td>7000<\/td>\n<td>11<\/td>\n<td>1800<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The regression output is as follow:<\/p>\n<table>\n<tbody>\n<tr>\n<td>SUMMARY OUTPUT<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><em>Regression Statistics<\/em><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Multiple R<\/td>\n<td>0.98154<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>R Square<\/td>\n<td>0.96342<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Adjusted R Square<\/td>\n<td>0.94513<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Standard Error<\/td>\n<td>301.7577<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Observations<\/td>\n<td>7<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>ANOVA<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><em>df<\/em><\/td>\n<td><em>SS<\/em><\/td>\n<td><em>MS<\/em><\/td>\n<td><em>F<\/em><\/td>\n<td><em>Significance F<\/em><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Regression<\/td>\n<td>2<\/td>\n<td>9592912<\/td>\n<td>4796456<\/td>\n<td>52.67491<\/td>\n<td>0.001338<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Residual<\/td>\n<td>4<\/td>\n<td>364230.8<\/td>\n<td>91057.69<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Total<\/td>\n<td>6<\/td>\n<td>9957143<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><em>Coefficients<\/em><\/td>\n<td><em>Standard Error<\/em><\/td>\n<td><em>t Stat<\/em><\/td>\n<td><em>P-value<\/em><\/td>\n<td><em>Lower 95%<\/em><\/td>\n<td><em>Upper 95%<\/em><\/td>\n<\/tr>\n<tr>\n<td>Intercept<\/td>\n<td>12460.58<\/td>\n<td>3181.967<\/td>\n<td>3.915998<\/td>\n<td>0.017306<\/td>\n<td>3626.02<\/td>\n<td>21295.13<\/td>\n<\/tr>\n<tr>\n<td>Price<\/td>\n<td>-577.885<\/td>\n<td>204.148<\/td>\n<td>-2.83071<\/td>\n<td>0.047311<\/td>\n<td>-1144.69<\/td>\n<td>-11.0789<\/td>\n<\/tr>\n<tr>\n<td>Advertising Expenses<\/td>\n<td>0.615385<\/td>\n<td>0.458403<\/td>\n<td>1.342454<\/td>\n<td>0.250575<\/td>\n<td>-0.65735<\/td>\n<td>1.888115<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Which of the following is correct about the relationship between quantity sold and the price of pizza? (Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p> <label>There is a positive relationhsip between quantity sold and price of pizza and the relationship is statistically significant at 1%.<\/label><br \/> <label>There is a negative relationship between the quantity sold and the price of pizza and the relationship is statistically significant at 5%.<\/label><br \/> <label>There is a negative relationship between quantity sold and the price of pizza but the relationship is not statistically significant.<\/label><br \/> There is insufficient information to answer the question.<br \/> <label>None of the above.<\/label><\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 13. <strong>13.<\/strong>Daily demand for newspapers for the last 10 days has been as follows: 12, 13, 16, 15, 12, 18, 14, 12, 13, 15 (listed from oldest to most recent). Forecast sales for the next day using a two-day moving average. <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>14<br \/> <label>13<\/label><br \/> 15<br \/> 28<br \/> 12.5<\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 14. <strong>14.<\/strong>A model is a representation of a situation. <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p> <label>True<\/label><br \/> <label>False<\/label><\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 15. <strong>15.<\/strong>Historical data indicates that only 20% of cable customers are willing to switch companies. If a binomial process is assumed, then in a sample of 20 cable customers, what is the probability that no more than 3 customers would be willing to switch their cable? <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>0.85<br \/> 0.15<br \/> 0.20<br \/> 0.411<br \/> 0.589<\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 16. <strong>16.<\/strong> Purchasing department supplies comprise one of the \u201ccarrying cost factors.\u201d (Points : 2.5)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p> <label>True<\/label><br \/> <label>False<\/label><\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 17. <strong>17.<\/strong>The jury of executive opinion forecasting model uses the opinions of a small group of high-level managers, often in combination with statistical models, and results in a group estimate of demand. <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p> <label>True<\/label><br \/> <label>False<\/label><\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 18. <strong>18.<\/strong>Demand for soccer balls at a new sporting goods store is forecasted using the following regression equation: <em>Y<\/em> = 98 + 2.2<em>X<\/em> where <em>X<\/em> is the number of months that the store has been in existence. Let April be represented by <em>X<\/em> = 4. April is assumed to have a seasonality index of 1.15. What is the forecast for soccer ball demand for the month of April (rounded to the nearest integer)? <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>123<br \/> 107<br \/> 100<br \/> 115<br \/> None of the above<\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 19. <strong>19.<\/strong>The economic order quantity helps one estimate the optimal number of units to purchase with each order. <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p> <label>True<\/label><br \/> <label>False<\/label><\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 20. <strong>20.<\/strong>Inventory <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>is any stored resource used to satisfy current or future need.<br \/> <label>includes raw materials, work-in-process, and finished goods.<\/label><br \/> levels for finished goods are a direct function of demand.<br \/> needs from raw materials through finished goods can be reasonably determined, once finished goods demand is determined.<br \/> All of the above<\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 21. <strong>21.<\/strong>Given two statistically independent events (<em>A<\/em>,<em>B<\/em>), the joint probability of <em>P<\/em>(<em>AB<\/em>) = <em>P<\/em>(<em>A<\/em>) + <em>P<\/em>(<em>B<\/em>). <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p> <label>True<\/label><br \/> <label>False<\/label><\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 22. <strong>22.<\/strong>The use of \u201cexpert opinion\u201d is one way to approximate subjective probability values. <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p> <label>True<\/label><br \/> <label>False<\/label><\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 23. <strong>23.<\/strong>A store of Pizza Hut provides the following data on the quantity of pizzas sold during the month of January through July 2014, the price of a large pizza, and the advertising expenses. <\/p>\n<table>\n<tbody>\n<tr>\n<td>Quantity Sold<\/td>\n<td>Price<\/td>\n<td>Advertising Expenses<\/td>\n<\/tr>\n<tr>\n<td>8500<\/td>\n<td>$10<\/td>\n<td>$3,000<\/td>\n<\/tr>\n<tr>\n<td>4800<\/td>\n<td>14<\/td>\n<td>1000<\/td>\n<\/tr>\n<tr>\n<td>6500<\/td>\n<td>12<\/td>\n<td>1500<\/td>\n<\/tr>\n<tr>\n<td>7800<\/td>\n<td>11<\/td>\n<td>2000<\/td>\n<\/tr>\n<tr>\n<td>6000<\/td>\n<td>13<\/td>\n<td>1500<\/td>\n<\/tr>\n<tr>\n<td>8000<\/td>\n<td>10<\/td>\n<td>2500<\/td>\n<\/tr>\n<tr>\n<td>7000<\/td>\n<td>11<\/td>\n<td>1800<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The regression output is as follow:<\/p>\n<table>\n<tbody>\n<tr>\n<td>SUMMARY OUTPUT<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><em>Regression Statistics<\/em><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Multiple R<\/td>\n<td>0.98154<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>R Square<\/td>\n<td>0.96342<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Adjusted R Square<\/td>\n<td>0.94513<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Standard Error<\/td>\n<td>301.7577<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Observations<\/td>\n<td>7<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>ANOVA<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><em>df<\/em><\/td>\n<td><em>SS<\/em><\/td>\n<td><em>MS<\/em><\/td>\n<td><em>F<\/em><\/td>\n<td><em>Significance F<\/em><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Regression<\/td>\n<td>2<\/td>\n<td>9592912<\/td>\n<td>4796456<\/td>\n<td>52.67491<\/td>\n<td>0.001338<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Residual<\/td>\n<td>4<\/td>\n<td>364230.8<\/td>\n<td>91057.69<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Total<\/td>\n<td>6<\/td>\n<td>9957143<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><em>Coefficients<\/em><\/td>\n<td><em>Standard Error<\/em><\/td>\n<td><em>t Stat<\/em><\/td>\n<td><em>P-value<\/em><\/td>\n<td><em>Lower 95%<\/em><\/td>\n<td><em>Upper 95%<\/em><\/td>\n<\/tr>\n<tr>\n<td>Intercept<\/td>\n<td>12460.58<\/td>\n<td>3181.967<\/td>\n<td>3.915998<\/td>\n<td>0.017306<\/td>\n<td>3626.02<\/td>\n<td>21295.13<\/td>\n<\/tr>\n<tr>\n<td>Price<\/td>\n<td>-577.885<\/td>\n<td>204.148<\/td>\n<td>-2.83071<\/td>\n<td>0.047311<\/td>\n<td>-1144.69<\/td>\n<td>-11.0789<\/td>\n<\/tr>\n<tr>\n<td>Advertising Expenses<\/td>\n<td>0.615385<\/td>\n<td>0.458403<\/td>\n<td>1.342454<\/td>\n<td>0.250575<\/td>\n<td>-0.65735<\/td>\n<td>1.888115<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>What is the coefficient of determination?<\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p> <label>0.98154<\/label><br \/> <label>0.96342<\/label><br \/> <label>0.94513<\/label><br \/> <label>0.615385<\/label><br \/> <label>None of the above<\/label><\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 24. <strong>24.<\/strong>The following is a payoff table giving profits for various situations. <\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td>State<\/td>\n<td>Of<\/td>\n<td>Nature<\/td>\n<\/tr>\n<tr>\n<td>Alternatives<\/td>\n<td>A<\/td>\n<td>B<\/td>\n<td>C<\/td>\n<\/tr>\n<tr>\n<td>Alternative 1<\/td>\n<td>100<\/td>\n<td>120<\/td>\n<td>180<\/td>\n<\/tr>\n<tr>\n<td>Alternative 2<\/td>\n<td>120<\/td>\n<td>140<\/td>\n<td>120<\/td>\n<\/tr>\n<tr>\n<td>Alternative 3<\/td>\n<td>200<\/td>\n<td>100<\/td>\n<td>50<\/td>\n<\/tr>\n<tr>\n<td>Do Nothing<\/td>\n<td>0<\/td>\n<td>0<\/td>\n<td>0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The probabilities for states of nature A, B, and C are 0.3, 0.5, and 0.2, respectively. What decision would a pessimist make?<\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p> <label>Alternative 1<\/label><br \/> <label>Alternative 2<\/label><br \/> <label>Alternative 3<\/label><br \/> <label>Do Nothing<\/label><br \/> <label>None of the above<\/label><\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 25. <strong>25.<\/strong>Mark Achin sells 3,600 electric motors each year. The cost of these is $200 each, and demand is constant throughout the year. The cost of placing an order is $40, while the holding cost is $20 per unit per year. There are 360 working days per year and the lead-time is 5 days. If Mark orders 200 units each time he places an order, what would his total ordering cost be for the year? <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>$2,000<br \/> $2,720<br \/> <label>$200<\/label><br \/> $720<br \/> None of the above<\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 26. <strong>26.<\/strong>The objective of a(n) ________ system is to reduce costs by integrating all of the operations of a firm. <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>MRP<br \/> ERP<br \/> JIT<br \/> <label>VMI<\/label><br \/> EOQ<\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 27. <strong>27.<\/strong>The following is a payoff table giving profits for various situations. <\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td>State<\/td>\n<td>Of<\/td>\n<td>Nature<\/td>\n<\/tr>\n<tr>\n<td>Alternatives<\/td>\n<td>A<\/td>\n<td>B<\/td>\n<td>C<\/td>\n<\/tr>\n<tr>\n<td>Alternative 1<\/td>\n<td>100<\/td>\n<td>120<\/td>\n<td>180<\/td>\n<\/tr>\n<tr>\n<td>Alternative 2<\/td>\n<td>120<\/td>\n<td>140<\/td>\n<td>120<\/td>\n<\/tr>\n<tr>\n<td>Alternative 3<\/td>\n<td>200<\/td>\n<td>100<\/td>\n<td>50<\/td>\n<\/tr>\n<tr>\n<td>Do Nothing<\/td>\n<td>0<\/td>\n<td>0<\/td>\n<td>0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The probabilities for states of nature A, B, and C are 0.3, 0.5, and 0.2, respectively. What decision would an optimist make?<\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p> <label>Alternative 1<\/label><br \/> <label>Alternative 2<\/label><br \/> <label>Alternative 3<\/label><br \/> <label>Do Nothing<\/label><br \/> <label>State of Nature A<\/label><\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 28. <strong>28.<\/strong>The annual demand for a product is 1,000 units. The company orders 200 units each time an order is placed. The lead-time is 6 days, and the company has determined that 20 units should be held as a safety stock. There are 250 working days per year. What is the reorder point? <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>20<br \/> 24<br \/> 44<br \/> 120<br \/> None of the above<\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 29. <strong>29.<\/strong>The coefficient of determination resulting from a particular regression analysis was 0.7921. What was the correlation coefficient, assuming a positive linear relationship? <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p> <label>0.6274<\/label><br \/> <label>-0.6274<\/label><br \/> <label>0.89<\/label><br \/> <label>-0.89<\/label><br \/> There is insufficient information to answer the question.<\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 30. <strong>30.<\/strong>\u201cThe probability of event <em>B<\/em>, given that event <em>A<\/em> has occurred\u201d is known as a ________ probability. <\/p>\n<p>(Points : 2.5)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>continuous<br \/> <label>marginal<\/label><br \/> <label>simple<\/label><br \/> joint<br \/> conditional<\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 31. <strong>31.<\/strong> In making inventory decisions, the purpose of the basic EOQ model is to (Points : 2.5)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p> <label>minimize carrying costs.<\/label><br \/> <label>minimize ordering costs.<\/label><br \/> <label>minimize the sum of carrying costs and ordering costs.<\/label><br \/> minimize customer dissatisfaction.<br \/> minimize stock on hand.<\/p>\n<\/fieldset>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<fieldset>\n<table>\n<tbody>\n<tr>\n<td>Question 32. <strong>32.<\/strong>A store of Pizza Hut provides the following data on the quantity of pizzas sold during the month of January through July 2014, the price of a large pizza, and the advertising expenses. <\/p>\n<table>\n","protected":false},"excerpt":{"rendered":"<p>1. The following is a payoff table giving profits for various situations. State Of Nature Alternatives A B C Alternative 1 100 120 180 Alternative 2 120 140 120 Alternative 3 200 100 50 Do Nothing 0 0 0 The <a href=\"https:\/\/www.benedictsol.com\/blogs\/saint-gba334-midterm-exam\/\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-77656","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/77656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=77656"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/77656\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=77656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=77656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=77656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}