Question 1

The Spearman rank- order correlation coefficient requires the data be at the nominal level of measurement.

Accepted Answer

A) True 
 B)False

Question 2

When perfect positive autocorrelation is present in a time series, the Durbin- Watson statistic will be equal to _________ .

Accepted Answer

A) 3 
B) 0 
C) 4 
D) 1

Question 3

The test statistic for the Kruskal- Wallis test follows the Student's t- distribution with k - 1 degrees of freedom.

Accepted Answer

A) True 
 B)False

Question 4

The sign test can be used to determine if consumers prefer one product or service over another.

Accepted Answer

A) True 
 B)False

Question 5

When determining the payoffs for a decision table with order quantity as the alternative and demand as the state of nature, the quantity sold will always be the maximum of the order quantity and demand.

Accepted Answer

A) True 
 B)False

Question 6

If the company decides not to conduct the survey, the expected monetary value of building a large facility is _____.

Accepted Answer

A) $4,000 
B) $4,600 
C) - $700 
D) $3,600

Question 7

The expected value under certainty (EVUC)provides us with an upper limit for how much we should pay for additional information to improve our decision.

Accepted Answer

A) True 
 B)False

Question 8

_______are the choices available to the decision maker in the field of decision analysis.

Accepted Answer

A) Alternatives 
B) States of nature 
C) Outcomes 
D) Payoffs

Question 9

Using the maximin criterion you identify the best payoff for each alternative and then choose the alternative that is the "worst of the best".

Accepted Answer

A) True 
 B)False

Question 10

Given the survey will predict a strong market, the expected monetary value of building a large facility is ________.

Accepted Answer

A) $12,300 
B) $7,300 
C) $10,800 
D) $2,800

Question 11

If the null hypothesis for the sign test is false, 50% of the population will fall below the median and 50% will fall above the median.

Accepted Answer

A) True 
 B)False

Question 12

The test statistic for the two- tail Wilcoxon signed- rank test is the larger of the sum of the negative signed ranks (R- )and the sum of the positive signed ranks (R+).

Accepted Answer

A) True 
 B)False

Question 13

The number on baseball players' uniforms would be an example of _______ data.

Accepted Answer

A) nominal 
B) ordinal 
C) ratio 
D) interval

Question 14

A(n) _________ forecast is generated by averaging the most recent p values in a time series.

Accepted Answer

A) simple moving average 
B) weighted moving average 
C) regression 
D) exponential smoothing

Question 15

The expected value with sample information, in thousands of dollars is ________ .

Accepted Answer

A) $6,000 
B) $6,700 
C) $7,400 
D) $7,100

Question 16

Interval data deals strictly with qualitative data assigned to predetermined categories.

Accepted Answer

A) True 
 B)False

Question 17

Parametric statistics require the level of data measurement to be ordinal or interval.

Accepted Answer

A) True 
 B)False

Question 18

If the company decides not to conduct the survey, the expected monetary value of building a small facility is __________.

Accepted Answer

A) - $700 
B) $4,600 
C) $3,600 
D) $4,000

Question 19

Decision making under uncertainty is the procedure of choice when we have no information about the probability for each state of nature.

Accepted Answer

A) True 
 B)False

Question 20

The expected monetary value, in thousands of dollars, for a large production quantity if Hats- R- Us conducts a market survey and the survey results are positive is ________.

Accepted Answer

A) $560.3 
B) $495.5 
C) $361.2 
D) $438.0

Exam 16: Forecasting Techniques and Analysis for Time Series Data

The Spearman rank- order correlation coefficient requires the data be at the nominal level of measurement.

When perfect positive autocorrelation is present in a time series, the Durbin- Watson statistic will be equal to _________ .

The test statistic for the Kruskal- Wallis test follows the Student's t- distribution with k - 1 degrees of freedom.

The sign test can be used to determine if consumers prefer one product or service over another.

When determining the payoffs for a decision table with order quantity as the alternative and demand as the state of nature, the quantity sold will always be the maximum of the order quantity and demand.

If the company decides not to conduct the survey, the expected monetary value of building a large facility is _____.

The expected value under certainty (EVUC)provides us with an upper limit for how much we should pay for additional information to improve our decision.

_______are the choices available to the decision maker in the field of decision analysis.

Using the maximin criterion you identify the best payoff for each alternative and then choose the alternative that is the "worst of the best".

Given the survey will predict a strong market, the expected monetary value of building a large facility is ________.

If the null hypothesis for the sign test is false, 50% of the population will fall below the median and 50% will fall above the median.

The test statistic for the two- tail Wilcoxon signed- rank test is the larger of the sum of the negative signed ranks (R- )and the sum of the positive signed ranks (R+).

The number on baseball players' uniforms would be an example of _______ data.

A(n) _________ forecast is generated by averaging the most recent p values in a time series.

The expected value with sample information, in thousands of dollars is ________ .

Interval data deals strictly with qualitative data assigned to predetermined categories.

Parametric statistics require the level of data measurement to be ordinal or interval.

If the company decides not to conduct the survey, the expected monetary value of building a small facility is __________.

Decision making under uncertainty is the procedure of choice when we have no information about the probability for each state of nature.

The expected monetary value, in thousands of dollars, for a large production quantity if Hats- R- Us conducts a market survey and the survey results are positive is ________.