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DESC MIDTERM > Example Midterm Questions > Flashcards

Example Midterm Questions Flashcards

1
Q

Which DSS is best when analyzing multi-sequenced decision problems?

a. Normal tables
b. Decision trees
c. Factor matrices
d. Payoff tables

A

Decision trees

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2
Q

How many smoothing coefficients are required in the smoothing with trend and seasonality model?

a. 2
b. 3
c. 4
d. 1

A

3

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3
Q

Which one is NOT part of the decision making process?

a. Normalize possible inputs
b. List alternatives
c. Identify possible outcomes
d. Evaluate alternatives

A

Normalize possible inputs

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4
Q

Which one of the following categories can an organization employ to gain competitive advantage by outperforming its competitors?

a. Producing consistent quality
b. All of the others
c. Low cost operations
d. On-time delivery

A

All of the others

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5
Q

What is the expected value given payoffs of 100 and 200 with a probability of occurrence of 0.60 and 0.40, respectively?

a. 240
b. 100
c. 200
d. 140

A

140

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6
Q

Which one best describes an advantage of Bayesian analysis?

a. Upgrades initial probability estimates with new information
b. Replaces decision trees
c. Replaces EV analysis
d. Allows the decision maker to know with certainty all probability values of major outcomes

A

Upgrades initial probability estimates with new information

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7
Q

What does a beta-coefficient of 0.5 mean in multiple regression?

a. For every unit increase in the independent variable, the dependent variable increases by 0.5 units
b. Slope is not statistically significant
c. Is the same as R-square
d. For every unit increase in the dependent variable, the independent variable increases by 0.5 units

A

a. For every unit increase in the independent variable, the dependent variable increases by 0.5 units

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8
Q

Which is the first step in the capacity planning process?

a. Develop alternatives
b. Estimate future demand requirements
c. Specify timing
d. Identify gaps

A

Estimate future demand requirements

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9
Q

What is the basic criteria in selecting the “best” time series model?

a. Minimizes the error in the historical database
b. Normalizes the error in the historical database
c. Maximizes the error in the historical database
d. Standardizes the error in the historical database

A

Minimizes the error in the historical database

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10
Q

Which one is an alternative way to represent a payoff table?

a. Decision tree
b. NPV table
c. Bayesian network
d. None of the others

A

Decision tree

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11
Q

Which one of the following is a standard forecasting method?

a. All of the others
b. Time Series
c. Relational
d. Judgmental

A

All of the others

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12
Q

Which product was associated with the Keywest case?

a. Baseball
b. Jet skis
c. Drone
d. None of the others

A

None of the others

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13
Q

How will the value of Y change if X1 is increased by one unit while holding X2 constant for the following regression equation: Yr = 10 + 4 X1 - 3 X2?

a. None of the others
b. Decrease by 4
c. Increase by 4
d. Remain unchanged

A

Increase by 4

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14
Q

Which one best describes a decision variable?

a. Limited to government action
b. Model parameter
c. Controllable
d. Uncontrollable

A

Controllable

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15
Q

What is the primary purpose of MAD in the forecasting process?

a. Estimate the trend line
b. Eliminate forecast errors
c. Measure forecast accuracy
d. Identify seasonality

A

Measure forecast accuracy

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16
Q

Which one influences the width of the confidence interval estimate for the predicted value of y?

a. Sample size
b. All of the others
c. Standard error of the estimate
d. Value of X used in the prediction

A

All of the others

17
Q

Which one is the relationship used to determine the break-even volume?

A

Fixed Cost/ (Sales price per unit - variable costs)

18
Q

Which forecasting technique is based primarily on projecting past behavior into the future?

a. Time Series
b. Regression
c. Judgmental
d. Time Horizon

A

Time Series

19
Q

Which one of the following is a multiple regression solution option?

a. All of the others
b. Self-stepwise
c. Full
d. Auto-stepwise

A

All of the others

20
Q

What is the primary advantage in using p-values instead of t scores in evaluating the regression model predictor variables?

a. Higher statistical significance
b. Smaller data base required
c. More accuracy
d. Indicates the probability of chance results

A

Indicates the probability of chance results

21
Q

Which decision environment is associated with the maximax rule?

a. Decision making under uncertainty
b. Decision making under certainty
c. Decision making under risk
d. Decision making under normality

A

Decision making under uncertainty

DESC MIDTERM (13 decks)

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