Bus 324 final multiple choice ch 1, 2, 3

In binary integer linear program, the integer variables take only the values:

a. 0 or 1.

What is the confidence coefficient when the level of significance is 0.03?

a. 0.9700

_____ is used to test the hypothesis that the values of the regression parameters β1, β2, . . . , βq are all zero.

a. An F test

60. Which of the following data patterns best describes the scenario shown in the given time series plot?

a. Linear trend pattern

Which of the following are necessary to be determined to define the classes for a frequency distribution with quantitative data?

a. Number of nonoverlapping bins, width of each bin, and bin limits

______ helps in constructing a mathematical model to predict the future sales, based on past data.

a. Predictive analytics

51. Which of the following inferences can be drawn from the scatter chart given below?

a. The residuals have a varying variance.

A summary of data that shows the number of observations in each of several nonoverlapping bins is called

a. a frequency distribution.

Chapter 9 The objective function for a linear optimization problem is: Max 3x + 5y, with one of the constraints being x, y ≥ 0 and integer. x and y are the only decisions variables. This is an example of a(n) _____.

a. all-integer linear program

A constraint involving binary variables that does not allow certain variables to equal one unless certain other variables are equal to one is known as a _____.

a. conditional constraint

The _____ shows the number of data items with values less than or equal to the upper class limit of each class.

a. cumulative frequency distribution

A(n) _____ solution satisfies all the constraint expressions simultaneously.

a. feasible

A linear regression analysis for which any one unit change in the independent variable is assumed to:

a. have the same change in the dependent variable.

A two-dimensional graph representing the data using different shades of color to indicate magnitude is called a ______.

a. heat map

The moving averages and exponential smoothing methods are appropriate for a time series exhibiting _____.

a. horizontal pattern

Chapter 8 The term _____ refers to the expression that defines the quantity to be maximized or minimized in a linear programming model.

a. objective function

Any data value with a z-score less than -3 or greater than +3 is treated as a(n)

a. outlier.

chapter 5 forecast is defined as a(n):

a. prediction of future values of a time series.

The act of collecting data that are representative of the population data is called

a. random sampling.

In the graph of the simple linear regression equation, the parameter β1 is the _____ of the regression line

a. slope

Trend refers to:

a. the long-run shift or movement in the time series observable over several periods of time

A children's apparel manufacturer used descriptive analytics:

a. to present supply chain to managers visually.

A canned food manufacturer has its manufacturing plants in three locations across a state. Their product has to be transported to three central distribution centers, which in turn disperse the goods to seventy-two stores across the state. Which of the following visualization tools could help understand this problem better?

c. A network graph

_____ act(s) as a representative of the population.

c. A sample

_____ are collected from several entities at the same point in time.

c. Cross-sectional data

Which of the following is true about determining the proper form of the hypotheses?

c. H0 is always assumed to be true in testing

_____ is the situation in which no solution to the linear programming problem satisfies all the constraints.

c. Infeasibility

The linear program that results from dropping the integer requirements for the variables in an integer linear program is known as _____.

c. LP relaxation

A canned food manufacturer has its manufacturing plants in three locations across a state. Their product has to be transported to three central distribution centers, which in turn disperse the goods to seventy-two stores across the state. Which of the following is most likely to be the objective function in this scenario?

c. Minimizing the cost of shipping goods from the plant to the store

The correlation coefficient will always take values

c. between -1 and +1.

If the scatter chart indicates a positive linear relationship between two variables, then their correlation coefficient is

c. between 0 and +1.

In order to visualize three variables in two-dimensional graph, we use a

c. bubble chart.

The data on grades (A, B, C, and D) scored by all students in a test is an example of

c. categorical data.

A useful type of table for describing data of two variables is a

c. crosstabulation.

The variance is based on the

c. deviation about the mean.

For a one-tailed test, the critical value:

c. helps determine if the test statistic falls in the rejection region or not.

Chapter 3 Data-ink is the ink used in a table or chart that

c. is necessary to convey the meaning of the data to the audience.

Chapter 2 A variable is defined as a

c. quantity of interest that can take on different values.

Constraints are:

c. restrictions that limit the settings of the decision variables.

chapter 4 A regression analysis involving one independent variable and one dependent variable is referred to as a _____.

c. simple regression

The procedure of using sample data to find the estimated regression equation is better known as _____.

c. the least squares method

Tables should be used when

c. the values being displayed have different units or very different magnitudes.

A set of observations on a variable measured at successive points in time or over successive periods of

c. time series

A _____ is a line that provides an approximation of the relationship between the variables.

c. trendline

Compute the relative frequencies for the data given in the table below: Grades Number of students A 16 B 28 C 33 D 13 Total 90

d. 0.18, 0.31, 0.37, 0.14

_____ is the amount by which the predicted value differs from the observed value of the time series variable.

d. Forecast error

For a two-sample hypothesis test for differences in population parameters (1) and (2), which of the following is the correct form of an upper-tailed test?

d. H0: population parameter (1) - population parameter (2) ≤ 0 vs. H1: population parameter (1) - population parameter (2) > 0

Which of the following is a valid one-sample hypothesis test?

d. H0: population parameter = constant vs. H1: population parameter ≠ constant

61. Which of the following data patterns best describes the scenario shown in the given time series plot?

d. Seasonal pattern

62. Which of the following data patterns best describes the scenario shown in the given time series plot?

d. Seasonal pattern and linear trend

53. Which of the following inferences can be drawn from the scatter chart given below?

d. The residual distribution is not normally distributed

Which algorithm, developed by George Dantzig, is effective at investigating extreme points in an intelligent way to find the optimal solution to even very large linear programs?

d. The simplex algorithm

59. Which of the following data patterns best describes the scenario shown in the below plot?

d. Time series with a horizontal pattern

The objective function for a linear optimization problem is: Max 3x + 2y, with one of the constraints being x, y = 0, 1. x and y are the only decision variables. This is an example of a _____.

d. binary integer linear program

Rob is a financial manager with Sharez, an investment advisory company. He must select specific investments—for example, stocks and bonds—from a variety of investment alternatives. Restrictions on the type of permissible investments would be a _____ in this case.

d. constraint

Prediction of the value of the dependent variable outside the experimental region is called _____.

d. extrapolation

A _____ pattern exists when the data fluctuate randomly around a constant mean over time.

d. horizontal

The coefficient of determination:

d. is used to evaluate the goodness of fit.

. The sum of two or more binary variables must be less than or equal to one in _____ constraint.

d. mutually exclusive

Autoregressive models:

d. occur whenever all the independent variables are previous values of the same time series.

The data on the time taken by 10 students in a class to answer a test is an example of

d. quantitative data.

The simplest measure of variability is the

d. range.

A _____ is a graphical presentation of the relationship between two quantitative variables.

d. scatter chart

The study of how changes in the input parameters of a linear programming problem affect the optimal solution is known as_____.

d. sensitivity analysis

Which of the following is a Type I error?

d. the null hypothesis is actually true, but the hypothesis test incorrectly rejects it

A line chart displaying the data values collected over a period of time is termed as a

d. time series plot.

Consider the clustered bar chart of the dashboard developed to monitor the performance of a call center: This chart allows the IT manager to

b. identify a particular type of problem by location.

Type II error occurs when the test:

b. incorrectly fails to reject an actually false null hypothesis.

The objective function for an optimization problem is: Max 5x - 3y, with one of the constraints being x, y ≥ 0 and y integer. x and y are the only decisions variables. This is an example of a(n) _____.

b. mixed-integer linear program

Chapter 3.5 Which of the following propositions describes an existing theory or belief?

b. null hypothesis

A variable whose values are not known with certainty is called a _____.

b. random variable

The change in the optimal objective function value per unit increase in the right-hand side of a constraint is given by the _____.

b. shadow price

The following scatter chart would help conclude that:

b. the model fails to capture the relationship between the variables accurately

Nonnegativity constraints ensure that

b. the solution to the problem will contain only nonnegative values for the decision variables.

Data collected from several entities over several time periods is

b. time series data.

Problems with infeasible solutions arise in practice because:

b. too many restrictions have been placed on the problem.

The situation in which the value of the solution may be made infinitely large in a maximization linear programming problem or infinitely small in a minimization problem without violating any of the constraints is known as _____.

b. unbounded

A _____ determines how far a particular value is from the mean relative to the data set's standard deviation.

b. z-score

When the mean value of the dependent variable is independent of variation in the independent variable, the slope of the regression line is _____.

b. zero

What would be the value of the sum of squares due to regression (SSR) if the total sum of squares (SST) is 25.32 and the sum of squares due to error (SSE) is 6.89?

c. 18.43

If the forecasted value of the time series variable for period 2 is 22.5 and the actual value observed for period 2 is 25, what is the forecast error in period 2?

c. 2.5

What would be the coefficient of determination if the total sum of squares (SST) is 23.29 and the sum of squares due to regression (SSR) is 10.03?

b. 0.43

______ encompasses reports, data dashboards, and descriptive statistics to describe the past data.

b. Descriptive analytics

_____ uses a weighted average of past time series values as the forecast.

b. Exponential smoothing

A manufacturer wishes to determine if the average profit from the sale of his product exceeds $6,710. Which of the following is the appropriate hypothesis test?

b. H0: population mean profit from sale ≤ $6,710 vs. H1: population mean profit from sale > $6,710

Which of the following techniques is used in predictive analytics?

b. Linear regression

Rob is a financial manager with Sharez, an investment advisory company. He must select specific investments—for example, stocks and bonds—from a variety of investment alternatives. Which of the following statements is most likely to be the objective function in this scenario?

b. Maximization of expected return

Robin Inc. feared that the average company loss is running beyond $34,000. It initially conducted a hypothesis test on a sample extracted from its database. The hypothesis was formulated as H0: average company loss $34,000 vs. H1: average company loss > $34,000. The test resulted in favor of Robin Inc.'s loss not exceeding $34,000. Detailed study of company accounts later revealed that the average company loss had run up to $37,896. Which of the following errors were made during the hypothesis test?

b. Type II error

A controllable input for a linear programming model is known as a _____.

b. decision variable