Management Science
Midterm Exam
Course Introduction
Management Science is a discipline that applies analytical and quantitative methods to aid in decision-making and problem-solving within organizations. This course explores the foundations and practical applications of models such as linear programming, decision analysis, forecasting, simulation, and network optimization. Through real-world case studies and hands-on exercises, students will learn how to formulate complex business problems, analyze data, and implement solutions that drive operational efficiency and strategic success. Emphasis is placed on using software tools to support analysis and on interpreting results to make informed managerial decisions.
Recommended Textbook
Modern Business Statistics with Microsoft Excel 5th Edition by David R. Anderson
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2226 Verified Questions
2226 Flashcards
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Page 2
Chapter 1: Data and Statistics
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Sample Questions
Q1) In a post office, the mailboxes are numbered from 1 to 5,000. These numbers represent
A)categorical data
B)time series data
C)either categorical or quantitative data
D)quantitative data
Answer: A
Q2) A pharmaceutical company is performing clinical trials on a new drug that is intended to relieve symptoms for allergy sufferers. Twelve percent of the 300 clinical trial participants experienced the side effect dry mouth.
a.What is the population being studied?
b.What is the sample being studied?
c.Based on the sample, what percentage of the population do you think would suffer from dry mouth?
Answer: a.All allergy sufferers
b.The 300 participants
c.12%
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Chapter 2: Descriptive Statistics: Tabular and Graphical Displays
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Sample Questions
Q1) The sum of frequencies for all classes will always equal
A)1
B)the number of elements in a data set
C)the number of classes
D)a value between 0 and 1
Answer: B
Q2) Data that provide labels or names for groupings of like items are known as
A)categorical data
B)quantitative data
C)label data
D)generic data
Answer: A
Q3) The ages of employees at a company represent
A)categorical data
B)quantitative data
C)label data
D)time series data
Answer: B
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Chapter 3: Descriptive Statistics: Numerical Measures
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139 Flashcards
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Sample Questions
Q1) The difference between the largest and the smallest data values is the A)variance
B)interquartile range
C)range
D)coefficient of variation
Answer: C
Q2) Refer to Exhibit 3-2. The interquartile range is A)1
B)2
C)10
D)12
Answer: B
Q3) If the data distribution is symmetric, the skewness is A)0
B).5
C)1
D)None of the other answers is correct.
Answer: A
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Chapter 4: Introduction to Probability
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Sample Questions
Q1) If A and B are independent events with P(A) = 0.05 and P(B) = 0.65, then P(A|B) =
A)0.05
B)0.0325
C)0.65
D)0.8
Q2) If A and B are mutually exclusive, then
A)P(A) + P(B) = 0
B)P(A) + P(B) = 1
C)P(A I B) = 0
D)P(A I B) = 1
Q3) Thirty-five percent of the students who enroll in a statistics course go to the statistics laboratory on a regular basis. Past data indicates that 40% of those students who use the lab on a regular basis make a grade of B or better. On the other hand, 10% of students who do not go to the lab on a regular basis make a grade of B or better. If a particular student made an A, determine the probability that she or he used the lab on a regular basis.
Q4) A student has to take 7 more courses before she can graduate. If none of the courses are prerequisites to others, how many groups of three courses can she select for the next semester?
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Chapter 5: Discrete Probability Distributions
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Sample Questions
Q1) Four percent of the customers of a mortgage company default on their payments. A sample of five customers is selected. What is the probability that exactly two customers in the sample will default on their payments?
A)0.2592
B)0.0142
C)0.9588
D)0.7408
Q2) During lunchtime, customers arrive at Bob's Drugs according to a Poisson distribution with \(\lambda\) = 4 per minute.
a. During a one minute interval, determine the following probabilities: (1) no arrivals; (2) one arrival; (3) two arrivals; and, (4) three or more arrivals.
b. What is the probability of two arrivals in a two-minute period?
Q3) Refer to Exhibit 5-10. What is the random variable in this experiment?
A)the 0.8 probability of catching fish
B)the 3 days
C)the number of days out of 3 that Pete catches fish
D)the number of fish in the body of water
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Chapter 6: Continuous Probability Distributions
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Sample Questions
Q1) The weights of items produced by a company are normally distributed with a mean of 4.5 ounces and a standard deviation of 0.3 ounces.
a.What is the probability that a randomly selected item from the production will weigh at least 4.14 ounces?
b.What percentage of the items weighs between 4.8 and 5.04 ounces?
c.Determine the minimum weight of the heaviest 5% of all items produced.
d.If 27,875 of the items of the entire production weigh at least 5.01 ounces, how many items have been produced?
Q2) Refer to Exhibit 6-5. What is the probability that a randomly selected item weighs exactly 8 ounces?
A)0.5
B)1.0
C)0.3413
D)None of the alternative answers is correct.
Q3) The monthly earnings of computer programmers are normally distributed with a mean of $4,000. If only 1.7 percent of programmers have monthly incomes of less than $2,834, what is the value of the standard deviation of the monthly earnings of the computer programmers?
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Chapter 7: Sampling and Sampling Distributions
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Sample Questions
Q1) The life expectancy in the United States is 75 with a standard deviation of 7 years. A random sample of 49 individuals is selected.
a.What is the probability that the sample mean will be larger than 77 years?
b.What is the probability that the sample mean will be less than 72.7 years?
c.What is the probability that the sample mean will be between 73.5 and 76 years?
d.What is the probability that the sample mean will be between 72 and 74 years?
e.What is the probability that the sample mean will be larger than 73.46 years?
Q2) In a local university, 10% of the students live in the dormitories. A random sample of 100 students is selected for a particular study.
a.What is the probability that the sample proportion of students living in the dormitories is between 0.172 and 0.178?
b.What is the probability that the sample proportion of students living in the dormitories is greater than 0.025?
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9
Chapter 8: Interval Estimation
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Sample Questions
Q1) The margin of error in an interval estimate of the population mean is a function of all of the following except
A)level of significance
B)sample mean
C) sample size
D) variability of the population
Q2) A real estate agent wants to estimate the mean selling price of two-bedroom homes in a particular area. She wants to estimate the mean selling price to within $10,000 with an 89.9% level of confidence. The standard deviation of selling prices is unknown but the agent estimates that the highest selling price is $1,000,000 and the lowest is $50,000. How many homes should be sampled?
Q3) The manager of a department store wants to determine what proportion of people who enter the store use the store's credit card for their purchases. What size sample should he take so that at 99% confidence the error will not be more than 8%?
Q4) In a random sample of 400 registered voters, 120 indicated they plan to vote for Candidate A. Determine a 95% confidence interval for the proportion of all the registered voters who will vote for Candidate A.
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Chapter 9: Hypothesis Tests
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Sample Questions
Q1) The level of significance can be any
A)negative value
B)value
C)value larger than 0.1
D)None of the answers is correct.
Q2) In hypothesis testing if the null hypothesis has been rejected when the alternative hypothesis has been true,
A)a Type I error has been committed
B)a Type II error has been committed
C)either a Type I or Type II error has been committed
D)the correct decision has been made
Q3) Read the t statistic from the table of t distributions and circle the correct answer. A two-tailed test, a sample of 20 at a .20 level of significance; t =
A)1.328
B)2.539
C)1.325
D)2.528
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Chapter 10: Inference About Means and Proportions With
Two Populations
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Sample Questions
Q1) Refer to Exhibit 10-4. The degrees of freedom for the t-distribution are A)22
B)21
C)20
D)19
Q2) Refer to Exhibit 10-13. The test statistic has a value of
A)1.96
B)1.645
C)0.8
D)2.7
Q3) 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.
Q4) Refer to Exhibit 10-6. At 95% confidence, the margin of error is A)1.694
B)3.32
C)1.96
D)15
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Chapter 11: Inferences About Population Variances
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Sample Questions
Q1) Refer to Exhibit 11-4. The null hypothesis
A)should be rejected
B)should not be rejected
C)should be revised
D)None of these alternatives is correct.
Q2) Refer to Exhibit 11-3. The null hypothesis
A)should be rejected
B)should not be rejected
C)should be revised
D)None of these alternatives is correct.
Q3) The random variable for a chi-square distribution may assume
A)any value between -1 to 1
B)any value between - infinity to +infinity
C)any negative value
D)any value greater than zero
Q4) Refer to Exhibit 11-3. The test statistic is
A)1.2
B)31.2
C)30
D)500
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Chapter 12: Tests of Goodness of Fit, Independence and Multiple Proportions
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Sample Questions
Q1) Refer to Exhibit 12-6. The calculated value for the test statistic equals A)300
B)4
C)0
D)8
Q2) Refer to Exhibit 12-1. The expected frequency for each group is
A)0.333
B)0.50
C)1/3
D)50
Q3) The sampling distribution for a goodness of fit test is
A)the Poisson distribution
B)the t distribution
C)the normal distribution
D)the chi-square distribution
Q4) The test for goodness of fit
A)is always a lower-tail test
B)is always an upper-tail test
C)is always a two-tailed test
D)can be a lower- or upper-tail test
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Chapter 13: Experimental Design and Analysis of Variance
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Sample Questions
Q1) Refer to Exhibit 13-7. The computed test statistics is A)32
B)8
C)0.667
D)4
Q2) Refer to Exhibit 13-4. The mean square between treatments (MSTR) is
A)3.34
B)10.00
C)50.00
D)12.00
Q3) Refer to Exhibit 13-3. The null hypothesis is to be tested at the 1% level of significance. The critical value from the table is
A)4.26
B)8.02
C)16.69
D)99.39
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Chapter 14: Simple Linear Regression
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Sample Questions
Q1) Refer to Exhibit 14-2. The least squares estimate of b<sub>1</sub> equals A)-0.7647
B)-0.13
C)21.4
D)16.412
Q2) Refer to Exhibit 14-2. The least squares estimate of b<sub>0</sub> equals A)-7.647
B)-1.3
C)21.4
D)16.41176
Q3) Refer to Exhibit 14-5. The least squares estimate of b<sub>0</sub> (intercept) equals A)1 B)-1 C)6 D)5
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Chapter 15: Multiple Regression
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Sample Questions
Q1) For a multiple regression model, SSR = 600 and SSE = 200. The multiple coefficient of determination is
A)0.333
B)0.275
C)0.300
D)0.75
Q2) Refer to Exhibit 15-2. If SSR = 600 and SSE = 300, the test statistic F is
A)2.33
B)0.70
C)17.5
D)1.75
Q3) In a multiple regression model, the values of the error term ,\(\varepsilon\), are assumed to be
A)zero
B)dependent on each other
C)independent of each other
D)always negative
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Chapter 16: Regression Analysis: Model Building
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Sample Questions
Q1) Refer to Exhibit 16-4. The life expectancy of a rat that was not given any protein and that did not take agent x<sub>2</sub> is
A)36.7
B)34.3
C)36
D)38.4
Q2) Excel's Regression tool can be used to perform the ____ procedure.
A)stepwise regression
B)forward selection
C)backward elimination
D)best-subsets
Q3) The joint effect of two variables acting together is called
A)autocorrelation
B)interaction
C)serial correlation
D)joint regression
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Chapter 17: Time Series Analysis and Forecasting
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Sample Questions
Q1) Refer to Exhibit 17-2. The intercept, b<sub>0</sub>, is
A)2.5
B)2.0
C)1.0
D)1.25
Q2) Refer to Exhibit 17-1. An estimate of the seasonal-irregular component for Quarter 3 of Year 1 is
A).64
B)1.5625
C)5.333
D)30
Q3) The time series pattern showing an alternating sequence of points below and above the trend line lasting more than one year is the
A)trend pattern
B)seasonal pattern
C)trend and seasonal pattern
D)cyclical pattern
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Chapter 18: Nonparametric Methods
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Sample Questions
Q1) Excel's ____ function can be used to conduct a sign test.
A)POISSON.DIST
B)T.INV
C)BINOM.DIST
D)CHISQ.DIST.RT
Q2) Refer to Exhibit 18-6. The null hypothesis should be A)rejected
B)not rejected
C)revised
D)None of these alternatives is correct.
Q3) Refer to Exhibit 18-6. The test statistic has a value of A)1.00
B)1.50
C)2.00
D)2.50
Q4) In a sample of 120 people, 50 indicated that they prefer domestic automobiles, 60 said they prefer foreign-made cars, and 10 indicated no difference in their preference. At a 0.05 level of significance, determine if there is evidence of a significant difference in the preferences for the two makes of automobiles.
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Chapter 19: Statistical Methods for Quality Control
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Sample Questions
Q1) Control charts based on data that can be measured on a continuous scale are called
A)normal control charts
B)variables control charts
C)attributes control charts
D)precision control charts
Q2) The process mean and standard deviation can be estimated by using samples that are selected from the process when
A)it has only assignable-cause variation
B)its output is uniformly distributed
C)it is assumed to be operating in control
D)it is operating at peak capacity
Q3) If the value of c in a single-stage sampling plan is increased, with n remaining constant, the probability of accepting the lot
A)increases
B)decreases
C)is unchanged
D)might increase or decrease, depending on the lot percent defective
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21
Chapter 20: Decision Analysis
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Sample Questions
Q1) The process of revising prior probabilities to create posterior probabilities based on sample information is a
A)revision process
B)sampling revision
C)Bayesian revision
D)posterior revision
Q2) Future events which cannot be controlled by the decision maker are called A)indicators
B)states of nature
C)prior probabilities
D)posterior probabilities
Q3) The probability of the states of nature, after use of Bayes' theorem to adjust the prior probabilities based upon given indicator information, is called
A)marginal probability
B)conditional probability
C)posterior probability
D)None of the answers are correct.
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Chapter 21: Sample Survey
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Sample Questions
Q1) Survey costs are highest for A)mail surveys
B)personal interview surveys
C)Internet surveys
D)telephone surveys
Q2) The units that are selected for sampling constitute the A)sample
B)population
C)frame
D)sampling unit
Q3) Simple random sampling has been used to obtain a sample of size 60 from a population of size 700. The sample mean was 500 with a standard deviation of 60.
a.Estimate the standard error of the mean.
b.Develop an approximate 95% confidence interval for the population mean.
Q4) Refer to Exhibit 21-2. The population total is
A)34,400
B)21,500
C)400,000
D)500,000
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