Week 2 Quiz

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BUSAD 5120 – Decision Sciences Quiz #1 Instructions: Answer 33 questions on this quiz. That means skip 3 questions. If you answer more than 33 I will choose up to 3 random numbers and will disregard those questions so only 33 will remain to be graded. All questions are worth the same point value (3 points each). Email me your completed quiz no later than Sunday, Nov 2nd. Chapter 1: TRUE/FALSE (1-9) 1) Management science involves the philosophy of approaching a problem in a subjective manner. FALSE 2) Management scientists use the terms "data" and "information" interchangeably--that is, the two terms mean the same thing. TRUE 3) A variable is a value that is usually a coefficient of a parameter in an equation. TRUE 4)…show more content…
TRUE 20) Relative frequency is the more widely used definition of objective probability. TRUE 21) The events in an experiment are mutually exclusive if only one can occur at a time. TRUE 22) The variance of a random variable is computed by multiplying each possible value of the variable by its probability and summing these products. TRUE 23) An inspector correctly identifies defective products 90% of the time. For the next 10 products, the probability that he makes fewer than two incorrect inspections is 0.736. 24) The cumulative probability for all six outcomes of tossing a fair die should end with the value 1.00. 25) A marginal probability is the probability of occurrence of a single event. 26) The Bayesian analysis can enable one to improve marginal probabilities of the occurrence of an event by gathering additional information. 27) A succession of events that do not affect each other are independent events. 28) A conditional probability is the probability that an event will occur given that another event has already occurred. 29) Jim is considering pursuing an MS in Information Systems degree. He has applied to two different universities. The acceptance rate for applicants with similar qualifications is 20% for University X and 45% for University Y. -What is the probability that Jim will be accepted at both universities? P(X)P(Y)=(0.2)(0.45)=0.09 Jim has a 9% of possibility to be accepted at

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