MSIS 3223 EXAM BUNDLE (SOLVED) WITH A GUARANTEED PASS!!

Which of the following is true about variance? - ANSWERSit measures the uncertainty of a random variable. A probability density function: - ANSWERScharacterizes outcomes of a continuous random variable. Regression models of ________ data focus on predicting the future. - ANSWERStime-series ...

T/F: Probability is the likelihood that an outcome occurs. - ANSWERSTrue. T/F: The union of two events contains all outcomes that belong to either the two events. - ANSWERSTrue. T/F: Conditional probability is the probability of occurrence of one event 'A' given that another event 'B...

____________ is the likelihood than an outcome occurs. - ANSWERSProbability The ______ of two events contains all outcomes that belong to either of the two events. - ANSWERSunion _______________ is the probability of occurrence of one event 'A' given that another event 'B' is known...

Probability - ANSWERSThe likelihood that an outcome occurs Experiment - ANSWERSThe process that results in an outcome Outcome - ANSWERSResult of an experiment that can be observed Sample space - ANSWERSThe collection of all possible outcomes of an experiment Event - ANSWERSA collection o...

Linear Functions - ANSWERSshow steady increase or decrease over the range of x and is the simplest type of function used in predictive models Logarithmic Functions - ANSWERSare used when the rate of change in a variable increases or decreases quickly and then levels out Diminishing Returns to ...

True - ANSWERSCorrelation measures the strength and direction of a relationship between variables True - ANSWERSThe Delphi approach involves the use of a series of questionnaires to achieve a consensus forecast True - ANSWERSIn order to update a moving average forecast, the value of each data ...

What is the probability that a respondent is male and prefers arts? - ANSWERS2/15 which of the following is the weighted average of the squared deviations from the expected value? - ANSWERSvariance which of the following is a continuous random variable? - ANSWERSnumber of students in class ...

customer surveys - ANSWERSquestion consumers on future plans direct-contact composites - ANSWERSjoint estimates obtained from salespeople or customer service executive opinion - ANSWERSfinance, marketing, and manufacturing managers join to prepare forecast delphi technique - ANSWERSseries o...

If the process that generates the outcome is known, probabilities can be deduced from theoretical arguments; this is the? - ANSWERSClassical Probability Definition This is based on empirical data - ANSWERSRelative Frequency Definition of Probability This is based on judgement and experiences a...

classical definition of probability - ANSWERSIf the process that generates the outcome is known, probabilities can be deduced from theoretical arguments, this is the ______ Relative Frequency - ANSWERSbased on empirical data. The probability that an outcome will occur is simply the relative frequ...

Quality? - ANSWERSThe ability of a product or service to consistently meet or exceed customer expectations Dimensions of Product Quality? - ANSWERSPerformance, Aesthetics, Special Features, Conformance, Reliability, Durability, Perceived Quality, Serviceability, Consistency Performance? - ANSW...

Capacity - ANSWERSThe upper limit or ceiling on the load that an operating unit can handle Design Capacity - ANSWERSThe maximum designed service capacity or output rate. Effective Capacity - ANSWERSDesign capacity minus allowance. Indifference Point - ANSWERSThe quantity that would make two a...

The Delphi Method used for forecasting: - ANSWERSUses a panel of experts, whose identities are typically kept confidential from one another, to respond to a sequence of questionnaires In the Delphi Method: After each round of responses... - ANSWERSindividual opinions, edited to ensure anonymity, ...

Variable Cost - ANSWERSUnit Variable Cost * Quantity Produced Total Cost - ANSWERSFixed Cost + (Variable Cost * Quantity Produced Quantity produced is based on... - ANSWERSprediction of demand Profit = - ANSWERSRevenue - Variable Costs - Fixed Costs One-Way Data Tables - ANSWERSCan be us...