Question 1

If two events (A,B) are independent, then the conditional probability of P(A|B) = ________.

Accepted Answer

The answer of If two events (A,B) are independent, then...

Question 2

A company is considering producing some new Gameboy electronic games. Based on past records, management believes that there is a 70 percent chance that each of these will be successful and a 30 percent chance of failure. Market research may be used to revise these probabilities. In the past, the successful products were predicted to be successful based on market research 90 percent of the time. However, for products that failed, the market research predicted these would be successes 20 percent of the time. If market research is performed for a new product, what is the probability that the results indicate a successful market for the product and the product actually is successful?

Accepted Answer

A)  0.90 
B)  0.54 
C)  0.60 
D)  0.63 
E)  None of the above 
A)  0.90 
B)  0.54 
C)  0.60 
D)  0.63 
E)  None of the above

Question 3

A company is considering producing some new Gameboy electronic games. Based on past records, management believes that there is a 70 percent chance that each of these will be successful and a 30 percent chance of failure. Market research may be used to revise these probabilities. In the past, the successful products were predicted to be successful based on market research 90 percent of the time. However, for products that failed, the market research predicted these would be successes 20 percent of the time. If market research is performed for a new product, what is the probability that the results indicate an unsuccessful market for the product and the product is actually successful?

Accepted Answer

A)  0.63 
B)  0.06 
C)  0.07 
D)  0.24 
E)  0.21 
A)  0.63 
B)  0.06 
C)  0.07 
D)  0.24 
E)  0.21

Question 4

Assume you have a normal distribution representing the likelihood of completion times. The mean of this distribution is 10, and the standard deviation is 3. The probability of completing the project in 7 or fewer days is the same as the probability of completing the project in 13 days or more.

Accepted Answer

A) True 
 B)False

Question 5

Data for a particular subdivision near downtown Houston indicate that the average price per square foot for a home is $100 with a standard deviation of $5 (normally distributed). What is the probability that the average price per square foot for a home is less than $108?

Accepted Answer

A)  0.152 
B)  0.097 
C)  0.848 
D)  0.945 
E)  None of the above 
A)  0.152 
B)  0.097 
C)  0.848 
D)  0.945 
E)  None of the above

Question 6

A new young executive is perplexed at the number of interruptions that occur due to employee relations. She has decided to track the number of interruptions that occur during each hour of her day. Over the last month, she has determined that between 0 and 3 interruptions occur during any given hour of her day. The data is shown below.   On average, she should expect 1.0 interruptions per hour.

Accepted Answer

A) True 
 B)False

Question 7

Bayes' theorem enables us to calculate the probability that one event takes place knowing that a second event has or has not taken place.

Accepted Answer

A) True 
 B)False

Question 8

Arrivals in a university advising office during the week of registration are known to follow a Poisson distribution with an average of 4 people arriving each hour.
(a) What is the probability that exactly 4 people will arrive in the next hour?
(b) What is the probability that exactly 5 people will arrive in the next hour?

Accepted Answer

(a) P(X=4)

Question 9

The mean and standard deviation of the Poisson distribution are equal.

Accepted Answer

A) True 
 B)False

Question 10

A southwestern tourist city has records indicating that the average daily temperature in the summer is 82 degrees F, which is normally distributed with a standard deviation of 3 degrees F. Based on these records, determine:
(a) the probability of a daily temperature between 79 degrees F and 85 degrees F.
(b) the probability that the daily temperature exceeds 90 degrees F.
(c) the probability that the daily temperature is below 76 degrees F.

Accepted Answer

(a) P(79<X<85)

Question 11

A production process is known to produce a particular item in such a way that 5 percent of these are defective. If two items are randomly selected as they come off the production line, what is the probability that both are defective (assuming that they are independent)?

Accepted Answer

A)  0.0100 
B)  0.1000 
C)  0.2000 
D)  0.0025 
E)  0.0250 
A)  0.0100 
B)  0.1000 
C)  0.2000 
D)  0.0025 
E)  0.0250

Question 12

The use of "expert opinion" is one way to approximate subjective probability values.

Accepted Answer

A) True 
 B)False

Question 13

Queuing Theory makes use of the

Accepted Answer

A)  normal probability distribution. 
B)  uniform probability distribution. 
C)  binomial probability distribution. 
D)  Poisson probability distribution. 
E)  None of the above 
A)  normal probability distribution. 
B)  uniform probability distribution. 
C)  binomial probability distribution. 
D)  Poisson probability distribution. 
E)  None of the above

Question 14

Bayes' theorem is used to calculate

Accepted Answer

A)  revised probabilities. 
B)  joint probabilities. 
C)  prior probabilities. 
D)  subjective probabilities. 
E)  marginal probabilities. 
A)  revised probabilities. 
B)  joint probabilities. 
C)  prior probabilities. 
D)  subjective probabilities. 
E)  marginal probabilities.

Question 15

A local "home TV repair service" company has two repairmen who make all of the home repairs. The company sends Repairman D on 70 percent of all jobs, because the likelihood of a "second follow-up call" within a week is only 0.08 compared to 0.20 for Repairman K. If you had a recent repair job that is going to require a second follow-up call, what is the probability that Repairman K did your initial repair work?

Accepted Answer

P(K|2nd) =

Question 16

The number of phone calls coming into a switchboard in the next five minutes will either be 0, 1, 2, 3, 4, 5, or 6. The probabilities are the same for each of these (1/7). If X is the number of calls arriving in a five-minute time period, what is the mean of X?

Accepted Answer

A)  2 
B)  3 
C)  4 
D)  5 
E)  None of the above 
A)  2 
B)  3 
C)  4 
D)  5 
E)  None of the above

Question 17

The number of cell phone minutes used by high school seniors follows a normal distribution with a mean of 500 and a standard deviation of 50. What is the probability that a student uses more than 350 minutes?

Accepted Answer

A)  0.001 
B)  0.999 
C)  0.618 
D)  0.382 
E)  None of the above 
A)  0.001 
B)  0.999 
C)  0.618 
D)  0.382 
E)  None of the above

Question 18

Mutually exclusive events exist if only one of the events can occur on any one trial.

Accepted Answer

A) True 
 B)False

Question 19

A call center receives calls from customers at a rate of 2 per min. The time between customer calls follows an exponential distribution.
(a) What is the probability that it takes 1/3 of a minute or less between consecutive customer calls?
(b) What is the probability that it take 1/2 of a minute or more between consecutive customer calls?

Accepted Answer

The answer of A call center receives calls from customers...

Question 20

The Department of Motor Vehicles (DMV) can service customers at a rate of 20 per hour (or 1/3 per minute) when it comes to license renewals. The service time follows an exponential distribution. What is the probability that it will take less than 2 minutes for a particular customer to get a license renewal?

Accepted Answer

A)  1 
B)  0.487 
C)  0.513 
D)  0 
E)  0.1 
A)  1 
B)  0.487 
C)  0.513 
D)  0 
E)  0.1

If two events (A,B) are independent, then the conditional probability of P(A|B) = ________.

Assume you have a normal distribution representing the likelihood of completion times. The mean of this distribution is 10, and the standard deviation is 3. The probability of completing the project in 7 or fewer days is the same as the probability of completing the project in 13 days or more.

Data for a particular subdivision near downtown Houston indicate that the average price per square foot for a home is $100 with a standard deviation of $5 (normally distributed). What is the probability that the average price per square foot for a home is less than $108?

Bayes' theorem enables us to calculate the probability that one event takes place knowing that a second event has or has not taken place.

The mean and standard deviation of the Poisson distribution are equal.

A production process is known to produce a particular item in such a way that 5 percent of these are defective. If two items are randomly selected as they come off the production line, what is the probability that both are defective (assuming that they are independent)?

The use of "expert opinion" is one way to approximate subjective probability values.

Queuing Theory makes use of the

Bayes' theorem is used to calculate

The number of phone calls coming into a switchboard in the next five minutes will either be 0, 1, 2, 3, 4, 5, or 6. The probabilities are the same for each of these (1/7). If X is the number of calls arriving in a five-minute time period, what is the mean of X?

The number of cell phone minutes used by high school seniors follows a normal distribution with a mean of 500 and a standard deviation of 50. What is the probability that a student uses more than 350 minutes?

Mutually exclusive events exist if only one of the events can occur on any one trial.

Introduction to Quantitative Analysis

Decision Analysis

Regression Models

Forecasting

Inventory Control Models

Linear Programming Models: Graphical and Computer Methods

Linear Programming Applications

Transportation and Assignment Models

Integer Programming, Goal Programming, and Nonlinear Programming

Network Models

Project Management

Waiting Lines and Queuing Theory Models

Simulation Modeling

Markov Analysis

Statistical Quality Control

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Exam 2: Probability Concepts and Applications

If two events (A,B) are independent, then the conditional probability of P(A|B) = ________.

Assume you have a normal distribution representing the likelihood of completion times. The mean of this distribution is 10, and the standard deviation is 3. The probability of completing the project in 7 or fewer days is the same as the probability of completing the project in 13 days or more.

Data for a particular subdivision near downtown Houston indicate that the average price per square foot for a home is $100 with a standard deviation of $5 (normally distributed). What is the probability that the average price per square foot for a home is less than $108?

Bayes' theorem enables us to calculate the probability that one event takes place knowing that a second event has or has not taken place.

The mean and standard deviation of the Poisson distribution are equal.

A production process is known to produce a particular item in such a way that 5 percent of these are defective. If two items are randomly selected as they come off the production line, what is the probability that both are defective (assuming that they are independent)?

The use of "expert opinion" is one way to approximate subjective probability values.

Queuing Theory makes use of the

Bayes' theorem is used to calculate

The number of phone calls coming into a switchboard in the next five minutes will either be 0, 1, 2, 3, 4, 5, or 6. The probabilities are the same for each of these (1/7). If X is the number of calls arriving in a five-minute time period, what is the mean of X?

The number of cell phone minutes used by high school seniors follows a normal distribution with a mean of 500 and a standard deviation of 50. What is the probability that a student uses more than 350 minutes?

Mutually exclusive events exist if only one of the events can occur on any one trial.

Introduction to Quantitative Analysis

Decision Analysis

Regression Models

Forecasting

Inventory Control Models

Linear Programming Models: Graphical and Computer Methods

Linear Programming Applications

Transportation and Assignment Models

Integer Programming, Goal Programming, and Nonlinear Programming

Network Models

Project Management

Waiting Lines and Queuing Theory Models

Simulation Modeling

Markov Analysis

Statistical Quality Control

Filters