Decision Sciences
Test Preparation
Course Introduction
Decision Sciences is an interdisciplinary field that focuses on the use of quantitative, qualitative, and analytical methods to aid decision-making in complex environments. The course introduces students to key concepts such as probability theory, statistics, optimization, simulation, and predictive modeling, emphasizing their application to real-world business and organizational problems. Students learn how to frame decisions, evaluate alternatives, assess risks, and use data-driven approaches to enhance the quality and effectiveness of decisions. Through case studies, practical exercises, and software tools, participants develop skills to tackle uncertainty, improve processes, and make informed choices in various professional contexts.
Recommended Textbook
Statistics for Business and Economics 11th Edition by David
R. Anderson
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2222 Verified Questions
2222 Flashcards
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Chapter 1: Data and Statistics
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Sample Questions
Q1) Refer to Exhibit 1-1.The manager's statement that 40% of Daisy City's 2,000 homes are in violation of city codes is
A)an exactly correct statement
B)only an approximation,since it is based upon sample information
C)obviously wrong,since it is based upon a study of only 200 homes
D)None of these alternatives is correct.
Answer: B
Q2) Refer to Exhibit 1-3.Gender is an example of ________ data.
A)nominal
B)ordinal
C)interval
D)ratio
Answer: A
Q3) Data collected over several time periods are
A)time series data
B)time controlled data
C)crossectional data
D)time crossectional data
Answer: A
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Chapter 2: Descriptive Statistics: Tabular and Graphical Presentations
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Sample Questions
Q1) The total number of data items with a value less than the upper limit for the class is given by the
A)frequency distribution
B)relative frequency distribution
C)cumulative frequency distribution
D)cumulative relative frequency distribution
Answer: C
Q2) Refer to Exhibit 2-1.The number of students working 19 hours or less
A)is 80
B)is 100
C)is 180
D)is 300
Answer: B
Q3) In a cumulative percent frequency distribution,the last class will have a cumulative percent frequency equal to A)one
B)100
C)the total number of elements in the data set
D)None of these alternatives is correct.
Answer: B
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Chapter 3: Descriptive Statistics: Numerical Measures
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156 Flashcards
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Sample Questions
Q1) The symbol \(\sigma\)<sup>2</sup> is used to represent
A)the variance of the population
B)the standard deviation of the sample
C)the standard deviation of the population
D)the variance of the sample
Answer: A
Q2) Which of the following provides a measure of central location for the data?
A)standard deviation
B)mean
C)variance
D)range
Answer: B
Q3) From a population of size 1,000,a random sample of 100 items is selected.The mean of the sample
A)must be 10 times smaller than the mean of the population
B)must be equal to the mean of the population,if the sample is truly random
C)must be 10 times larger than the mean of the population
D)can be larger,smaller or equal to the mean of the population
Answer: D
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Chapter 4: Introduction to Probability
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Sample Questions
Q1) Three applications for admission to a local university are checked,and it is determined whether each applicant is male or female.The number of sample points in this experiment is A)2
B)4 C)6
D)8
Q2) The probability of an economic decline in the year 2008 is 0.23.There is a probability of 0.64 that we will elect a republican president in the year 2008.If we elect a republican president,there is a 0.35 probability of an economic decline.Let "D" represent the event of an economic decline,and "R" represent the event of election of a Republican president. a.Are "R" and "D" independent events?
b.What is the probability of a Republican president and economic decline in the year 2008?
c.If we experience an economic decline in the year 2008,what is the probability that there will a Republican president?
d.What is the probability of economic decline or a Republican president in the year 2008? Hint: You want to find P(D| R).
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Chapter 5: Discrete Probability Distributions
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Sample Questions
Q1) The records of a department store show that 20% of its customers who make a purchase return the merchandise in order to exchange it.In the next six purchases, a.what is the probability that three customers will return the merchandise for exchange? b.what is the probability that four customers will return the merchandise for exchange? c.what is the probability that none of the customers will return the merchandise for exchange?
Q2) Refer to Exhibit 5-1.The expected daily demand is A)1.0
B)2.2
C)2,since it has the highest probability D)of course 4,since it is the largest demand level
Q3) Refer to Exhibit 5-12.What is the probability that in a given day there will be at least 1 accident?
A)0.15
B)0.85
C)at least 1
D)0.5
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Chapter 6: Continuous Probability Distributions
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Sample Questions
Q1) The life expectancy of Timely brand watches is normally distributed with a mean of four years and a standard deviation of eight months.
a.What is the probability that a randomly selected watch will be in working condition for more than five years?
b.The company has a three-year warranty period on their watches.What percentage of their watches will be in operating condition after the warranty period?
c.What is the minimum and the maximum life expectancy of the middle 95% of the watches?
d.Ninety-five percent of the watches will have a life expectancy of at least how many months?
Q2) The First National Mortgage Company has noted that 6% of its customers pay their mortgage payments after the due date.
a.What is the probability that in a random sample of 150 customers 7 will be late on their payments?
b.What is the probability that in a random sample of 150 customers at least 10 will be late on their payments?
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Chapter 7: Sampling and Sampling Distributions
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Sample Questions
Q1) The average lifetime of a light bulb is 3,000 hours with a standard deviation of 696 hours.A simple random sample of 36 bulbs is taken.
a.What are the expected value,standard deviation,and shape of the sampling distribution of \(\bar{x}\) ?
b.What is the probability that the average life in the sample will be between 2,670.56 and 2,809.76 hours?
c.What is the probability that the average life in the sample will be greater than 3,219.24 hours?
d.What is the probability that the average life in the sample will be less than 3,180.96 hours?
Q2) Random samples of size 17 are taken from a population that has 200 elements,a mean of 36,and a standard deviation of 8.Which of the following best describes the form of the sampling distribution of the sample mean for this situation?
A)approximately normal because the sample size is small relative to the population size
B)approximately normal because of the central limit theorem
C)exactly normal
D)None of these alternatives is correct.
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Chapter 8: Interval Estimation
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Sample Questions
Q1) A simple random sample of 144 items resulted in a sample mean of 1257.85 and a standard deviation of 480.Develop a 95% confidence interval for the population mean.
Q2) The z value for a 97.8% confidence interval estimation is
A)2.02
B)1.96
C)2.00
D)2.29
Q3) Two hundred students are enrolled in an Economics class.After the first examination,a random sample of 6 papers was selected.The grades were 65,75,89,71,70 and 80.
a.Determine the standard error of the mean.
b.What assumption must be made before we can determine an interval for the mean grade of all the students in the class? Explain why.
c.Assume the assumption of Part b is met.Provide a 95% confidence interval for the mean grade of all the students in the class.
Q4) A sample of 60 students from a large university is taken.The average age in the sample was 22 years with a standard deviation of 6 years.Construct a 95% confidence interval for the average age of the population.
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Chapter 9: Hypothesis Tests
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Sample Questions
Q1) A two-tailed test is performed at 95% confidence.The p-value is determined to be 0.09.The null hypothesis
A)must be rejected
B)should not be rejected
C)could be rejected,depending on the sample size
D)has been designed incorrectly
Q2) For a one-tailed hypothesis test (upper tail)the p-value is computed to be 0.034.If the test is being conducted at 95% confidence,the null hypothesis
A)could be rejected or not rejected depending on the sample size
B)could be rejected or not rejected depending on the value of the mean of the sample C)is not rejected
D)is rejected
Q3) Refer to Exhibit 9-8.The value of the test statistic for this hypothesis test is A)1.96
B)1.645
C)-2.5 D)-1.645
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Chapter 10: Statistical Inference About Means and
Proportions With Two Populations
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Sample Questions
Q1) Refer to Exhibit 10-3.The 95% confidence interval for the difference between the two population means is
A)-9.92 to -2.08
B)-3.92 to 3.92
C)-13.84 to 1.84
D)-24.228 to 12.23
Q2) Refer to Exhibit 10-9.At 90% confidence the null hypothesis
A)should not be rejected
B)should be rejected
C)should be revised
D)None of these alternatives is correct.
Q3) Refer to Exhibit 10-1.The point estimate of the difference between the means of the two populations is
A)-28
B)3 C)4
D)-4
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Page 12
Chapter 11: Inferences About Population Variances
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Sample Questions
Q1) The sampling distribution of the ratio of independent sample variances extracted from two normal populations with equal variances is the
A)chi-square distribution
B)normal distribution
C)Z distribution
D)t distribution
Q2) A sample of 15 items provides a sample mean of 18 and a sample variance of 16.Compute a 95% confidence interval estimate for the standard deviation of the population.
Q3) A machine produces pipes used in airplanes.The average length of the pipe is 16 inches.The acceptable variance for the length is .3 inches.A sample of 25 pipes was taken.The average length in the sample was 15.95 inches with a variance of .4 inches.
a.Construct a 95% confidence interval for the population variance.
b.State the null and alternative hypotheses to be tested.
c.Compute the test statistic.
d.The null hypothesis is to be tested at the 5% level of significance.State the decision rule for the test using the critical value approach.
e.What do you conclude about the population variance?
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Chapter 12: Tests of Goodness of Fit and Independence
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Sample Questions
Q1) A population where each element of the population is assigned to one and only one of several classes or categories is a
A)multinomial population
B)Poisson population
C)normal population
D)None of these alternatives is correct.
Q2) Refer to Exhibit 12-3.The test statistic is
A)10.08
B)54.02
C)1.96
D)1.645
Q3) Refer to Exhibit 12-1.The conclusion of the test (at 95% confidence)is that the A)distribution is uniform
B)distribution is not uniform
C)test is inconclusive
D)None of these alternatives is correct.
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Chapter 13: Analysis of Variance and Experimental Design
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113 Flashcards
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Sample Questions
Q1) The critical F value with 8 numerator and 29 denominator degrees of freedom at \(\alpha\) = 0.01 is
A)2.28
B)3.20
C)3.33
D)3.64
Q2) Refer to Exhibit 13-2.The mean square between treatments equals A)288
B)518.4
C)1,200
D)8,294.4
Q3) Refer to Exhibit 13-5.The mean square within treatments (MSE)is A)60
B)15
C)300
D)20
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Chapter 14: Simple Linear Regression
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Sample Questions
Q1) Refer to Exhibit 14-3.The least squares estimate of b<sub>1</sub> equals A)1
B)-1
C)-11
D)11
Q2) Refer to Exhibit 14-8.The coefficient of correlation is
A)-0.2295
B)0.2295
C)0.0527
D)-0.0572
Q3) Refer to Exhibit 14-7.The least squares estimate of b<sub>0</sub> (intercept)equals A)-10
B)10
C)0.5
D)-0.5
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Chapter 15: Multiple Regression
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Sample Questions
Q1) Refer to Exhibit 15-6.The degrees of freedom for the sum of squares explained by the regression (SSR)are
A)2
B)3
C)13
D)15
Q2) Refer to Exhibit 15-8.From the above function,it can be said that the expected yearly income of
A)males is $3 more than females
B)females is $3 more than males
C)males is $3,000 more than females
D)females is $3,000 more than males
Q3) For a multiple regression model,SST = 200 and SSE = 50.The multiple coefficient of determination is
A)0.25
B)4.00
C)250
D)0.75
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Chapter 16: Regression Analysis: Model Building
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Sample Questions
Q1) Refer to Exhibit 16-1.The coefficient of X<sub>1</sub>
A)is significant
B)is not significant
C)can not be tested,because not enough information is provided
D)None of these alternatives is correct.
Q2) The joint effect of two variables acting together is called
A)autocorrelation
B)interaction
C)serial correlation
D)joint regression
Q3) Refer to Exhibit 16-2.The value of SSE is A)3,740
B)170
C)260
D)2000
Q4) All the variables in a multiple regression analysis
A)must be quantitative
B)must be either quantitative or qualitative but not a mix of both C)must be positive
D)None of these alternatives is correct.
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Chapter 17: Index Numbers
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Sample Questions
Q1) Refer to Exhibit 17-4.The unweighted aggregate price index in 2010 is (rounded)
A)81.579
B)91.418
C)109.388
D)122.581
Q2) The reason why weights are used in an aggregate index is to
A)insure that all items have an influence on the index which is relative to their respective importance
B)insure that expensive items are considered more heavily
C)insure that current prices will influence the index more than base prices
D)None of these alternatives is correct.
Q3) Refer to Exhibit 17-3.The Paasche index in 2010 (rounded)is
A)96.268
B)97.245
C)102.833
D)103.876
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Chapter 18: Forecasting
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Sample Questions
Q1) The following linear trend expression was estimated using a time series with 17 time periods.
T<sub>t</sub> = 129.2 + 3.8t
The trend projection for time period 18 is
A)68.4
B)193.8
C)197.6
D)6.84
Q2) Refer to Exhibit 18-2.The intercept,b<sub>0</sub>,is
A)2.5
B)2.0
C)1.0 D)1.25
Q3) Refer to Exhibit 18-3.The intercept,b<sub>0</sub>,is
A)-1.5
B)+1.5
C)8.3
D)-8.3
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Chapter 19: Nonparametric Methods
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Sample Questions
Q1) The labeling of parts as "defective" or "non-defective" is an example of A)ordinal data
B)ratio data
C)interval data
D)nominal data
Q2) Refer to Exhibit 19-2.To test the null hypothesis,the appropriate probability distribution to use is the A)normal
B)chi-square
C)t distribution
D)binomial
Q3) Refer to Exhibit 19-6.The null hypothesis that is being tested is
A)H<sub>0</sub>: \(\mu\) = 5
B)H<sub>0</sub>: \(\mu\) = 0.5
C)H<sub>0</sub>: P = 5
D)H<sub>0</sub>: P = 0.5
Q4) In a sample of 300 shoppers,160 indicated they prefer fluoride toothpaste,120 favored nonfluoride,and 20 were indifferent.At a 0.05 level of significance,test for a difference in the preference for the two kinds of toothpaste.
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Chapter 20: Statistical Methods for Quality Control
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Sample Questions
Q1) The quality control department of a company has decided to select a sample of 20 items from each shipment of goods it receives and inspect them for defects.It has been decided that if the sample contains no defective parts,the entire lot will be accepted.
a.What is the probability of accepting a lot that contains 10% defective items?
b.What is the probability of accepting a lot that contains 5% defective items?
c.What is the probability of rejecting a lot that contains 15% defective items?
Q2) The upper and lower control limits of the mean of a process are 66 and 54.Samples of size 16 are used for the inspection process.Determine the mean and the standard deviation for this process.
Q3) The upper and lower control limits of the mean of a process are 606 and 594.Samples of size 225 are used for the inspection process.Determine the mean and the standard deviation for this process.
Q4) Normal or natural variations in process outputs that are due purely to chance are
A)common causes
B)assignable causes
C)control causes
D)None of these alternatives is correct.
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Chapter 21: Decision Analysis
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Sample Questions
Q1) The result obtained when a decision alternative is chosen and a chance event occurs is known as
A)happenstance
B)consequence
C)alternative probability
D)conditional probability
Q2) Refer to Exhibit 21-4.The expected value of perfect information is
A)1.5
B)1.2
C)1.0
D)4.8
Q3) The probability of both sample information and a particular state of nature occurring simultaneously is
A)unconditional probability
B)joint probability
C)marginal probability
D)conditional probability
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Chapter 22: Sample Survey
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Sample Questions
Q1) A method of selecting a sample by randomly selecting the first element and then selecting every K<sup>th</sup> element thereafter is
A)area sampling
B)stratified sampling
C)systematic sampling
D)stratified simple random sampling
Q2) A survey of a subset of a population is called a
A)sample survey
B)target survey
C)sampled population
D)survey of element
Q3) A number added to and subtracted from a point estimate to create an approximate 95% confidence interval is known as
A)cluster of points
B)bound on sampling error
C)area point estimation
D)systematic sampling error
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