Management Science
Mock Exam
Course Introduction
Management Science is an interdisciplinary field that applies quantitative analysis, mathematical modeling, and analytical methods to solve complex organizational and managerial problems. This course equips students with techniques in operations research, decision analysis, optimization, simulation, and data analytics to improve resource allocation, productivity, and decision-making within various business settings. Through case studies and practical applications, students will learn to formulate and implement data-driven solutions for real-world management challenges, enhancing their ability to drive efficient and effective organizational outcomes.
Recommended Textbook Business Statistics For Contemporary Decision Making 9th Edition by Ken Black
Available Study Resources on Quizplus
19 Chapters
1767 Verified Questions
1767 Flashcards
Source URL: https://quizplus.com/study-set/3702
Page 2
Chapter 1: Introduction to Statistics
Available Study Resources on Quizplus for this Chatper
94 Verified Questions
94 Flashcards
Source URL: https://quizplus.com/quiz/73687
Sample Questions
Q1) Which types of data are normally used in parametric statistics?
A) Interval or ratio level data
B) Ordinal or nominal level data
C) Nominal or ratio level data
D) Ratio or ordinal level data
E) Relative or ratio level data
Answer: A
Q2) Grades on a test range from 0 to 100. This level of data is _______.
A) interval level data
B) ordinal level data
C) nominal level data
D) ratio level data
E) relative level data
Answer: D
Q3) Variables and measurement data are interchangeable terms.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Charts and Graphs
Available Study Resources on Quizplus for this Chatper
92 Verified Questions
92 Flashcards
Source URL: https://quizplus.com/quiz/73688
Sample Questions
Q1) A frequency distribution was developed. The lower endpoint of the first class is 9.30,and the midpoint is 9.35. What is the upper endpoint of this class?
A) 9.50
B) 9.60
C) 9.70
D) 9.40
E) 9.80
Answer: D
Q2) For any given data set,a frequency distribution with a larger number of classes will always be better than the one with a smaller number of classes.
A)True
B)False
Answer: False
Q3) In contrast to quantitative data graphs that are plotted along a numerical scale,qualitative graphs are plotted using non-numerical categories.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Descriptive Statistics
Available Study Resources on Quizplus for this Chatper
81 Verified Questions
81 Flashcards
Source URL: https://quizplus.com/quiz/73689
Sample Questions
Q1) The average of the squared deviations about the arithmetic mean is called the variance.
A)True
B)False
Answer: True
Q2) A commuter travels many miles to work each morning. She has timed this trip 5 times during the last month. The time (in minutes)required to make this trip was 34,39,41,35,and 41. The mode time required for this trip was _______.
A) 39
B) 41
C) 37.5
D) 38
E) 35
Answer: B
Q3) A nonzero value of the skewness indicates asymmetry of the distribution of the data.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Probability
Available Study Resources on Quizplus for this Chatper
87 Verified Questions
87 Flashcards
Source URL: https://quizplus.com/quiz/73690
Sample Questions
Q1) Bayes' rule is a rule to assign probabilities under the relative frequency method.
A)True
B)False
Q2) If the occurrence of one event precludes the occurrence of another event,then the two events are mutually exclusive.
A)True
B)False
Q3) Which of the following is a legitimate probability value?
A) 1.67
B) 16/15
C) -0.23
D) 3/2
E) 0.28
Q4) Given two events A and B each with a non-zero probability,if the conditional probability of A given B is zero,it implies that the events A and B are independent.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
6
Chapter 5: Discrete Distributions
Available Study Resources on Quizplus for this Chatper
88 Verified Questions
88 Flashcards
Source URL: https://quizplus.com/quiz/73691
Sample Questions
Q1) A hypergeometric distribution applies to experiments in which the trials represent sampling with replacement.
A)True
B)False
Q2) One hundred policyholders file claims with CareFree Insurance. Ten of these claims are fraudulent. Claims manager Earl Evans randomly selects four of the one hundred claims for thorough investigation. If x represents the number of fraudulent claims in Earl's sample,x has a _______________.
A) normal distribution
B) hypergeometric distribution, but may be approximated by a binomial C) binomial distribution, but may be approximated by a normal D) binomial distribution, but may be approximated by a Poisson
E) exponential distribution
Q3) For the Poisson distribution the mean represents twice the value of the standard deviation..
A)True B)False
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Continuous Distributions
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/73692
Sample Questions
Q1) If x,the time (in minutes)to complete an oil change job at certain auto service station,is uniformly distributed over the interval 20 to 30,inclusively (20 \(\le\) x \(\le\) 30),then the mean of this distribution is __________________.
A) 50
B) 25
C) 10
D) 15
E) 5
Q2) Within a range of z scores from -2 to +2,you can expect to find _______ per cent of the values in a normal distribution.
A) 95
B) 99
C) 68
D) 34
E) 100
Q3) A standard normal distribution has a mean of one and a standard deviation of three.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 8
Chapter 7: Sampling and Sampling Distributions
Available Study Resources on Quizplus for this Chatper
93 Verified Questions
93 Flashcards
Source URL: https://quizplus.com/quiz/73693
Sample Questions
Q1) If random variable X is distributed according to a uniform distribution between 0 and 1 (X ~ U[0,1]),and 100 random samples of sizes 35-40 were taken,the sum of the sample means would be ______.
A) 50.0
B) 37.5
C) 0.50
D) 0.38
E) 0.005
Q2) A carload of steel rods has arrived at Cybermatic Construction Company. The car contains 50,000 rods. Claude Ong,manager of Quality Assurance,directs his crew measure the lengths of 100 randomly selected rods. If the population of rods have a mean length of 120 inches and a standard deviation of 0.05 inch,the probability that Claude's sample has a mean less than 119.985 inches is _____________.
A) 0.9974
B) 0.0026
C) 0.4987
D) 0.0013
E) 0.0030
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: Statistical Inference: Estimation for Single Populations
Available Study Resources on Quizplus for this Chatper
88 Verified Questions
88 Flashcards
Source URL: https://quizplus.com/quiz/73694
Sample Questions
Q1) A researcher wants to estimate the proportion of manufacturing companies that use the "six sigma" method.For this purpose,she takes a random sample of 50 manufacturing companies and finds out that 28 of them employ this method.The point estimate for the proportion of the population that uses this method is ______.
A) 0.88
B) 0.56
C) 0.44
D) 0.28
E) 0.22
Q2) In determining the interval estimates for a population proportion using the sample proportion,it is appropriate to use the z-distribution.
A)True
B)False
Q3) Given the error we are willing to tolerate,the sample size is determined by the meanµ of the population and the confidence level.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 10
Chapter 9: Statistical Inference: Hypothesis Testing for
Single Populations
Available Study Resources on Quizplus for this Chatper
101 Verified Questions
101 Flashcards
Source URL: https://quizplus.com/quiz/73695
Sample Questions
Q1) The probability of type II error becomes bigger if the level of significance is changed from 0.01 to 0.05.
A)True
B)False
Q2) David Desreumaux,VP of Human Resources of American First Banks (AFB),is reviewing the employee training programs of AFB banks. Based on a recent census of personnel,David knows that the variance of teller training time in the Southeast region is 8,and he wonders if the variance in the Southwest region is the same number. His staff randomly selected personnel files for 15 tellers in the Southwest Region,and determined that their mean training time was 25 hours and that the standard deviation was 4 hours. Assume that teller training time is normally distributed. Using \(\alpha\) = 0.10,the critical values of chi-square are ________.
A) 7.96 and 26.30
B) 6.57 and 23.68
C) -1.96 and 1.96
D) -1.645 and 1.645
E) -6.57 and 23.68
To view all questions and flashcards with answers, click on the resource link above.
Page 11
Chapter 10: Statistical Inferences About Two Populations
Available Study Resources on Quizplus for this Chatper
98 Verified Questions
98 Flashcards
Source URL: https://quizplus.com/quiz/73696
Sample Questions
Q1) If the populations are normally distributed and the variances of the two populations are equal,it is appropriate to use the "pooled" formula to determine the t-statistic for the hypothesis test of the difference in the two population means.
A)True
B)False
Q2) To determine if there is a difference in the speed of a wireless router from two different manufacturers a network manager will draw independent samples of wireless routers from the two manufacturers and compare the difference in the sample means for the connection speed.
A)True
B)False
Q3) Hypothesis tests conducted on sets of matched samples are sometimes referred to as correlated t tests.
A)True
B)False
Q4) The ratio of two independent sample variances follows the F distribution.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: A Nalysis of Variance and Design of Experiments
Available Study Resources on Quizplus for this Chatper
106 Verified Questions
106 Flashcards
Source URL: https://quizplus.com/quiz/73697
Sample Questions
Q1) Analysis of variance may be used to test the differences in the means of more than two independent populations.
A)True
B)False
Q2) In an experimental design,treatment variables are response variables.
A)True
B)False
Q3) The statistical methods of analysis of variance assume equal sample means.
A)True B)False
Q4) An experimental design contains only independent variables.
A)True B)False
Q5) The Tukey-Kramer procedure allows us to simultaneously examine all pairs of population means after the ANOVA test has been completed without increasing the true level.
A)True B)False
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Simple Regression Analysis and Correlation
Available Study Resources on Quizplus for this Chatper
106 Verified Questions
106 Flashcards
Source URL: https://quizplus.com/quiz/73698
Sample Questions
Q1) If there is perfect negative correlation between two sets of numbers,then _______.
A) r = 0
B) r = -1
C) r = +1
D) SSE=1
E) MSE = 1
Q2) A quality manager is developing a regression model to predict the total number of defects as a function of the day of week the item is produced.Production runs are done 10 hours a day,7 days a week. The dependent variable is ______.
A) day of week
B) production run
C) percentage of defects
D) number of defects
E) number of production runs
Q3) Regression output from Minitab software includes an ANOVA table.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
14
Chapter 13: Multiple Regression Analysis
Available Study Resources on Quizplus for this Chatper
93 Verified Questions
93 Flashcards
Source URL: https://quizplus.com/quiz/73699
Sample Questions
Q1) The model y = \(\beta\)<sub> 0</sub> + \(\beta\)<sub> 1</sub>x<sub>1</sub> + \(\beta\)<sub> 2</sub>x<sub>2</sub> + \(\beta\)<sub> 3</sub>x<sub>3</sub> + \(\varepsilon\) is a first-order regression model.
A)True
B)False
Q2) In a multiple regression model,the partial regression coefficient of an independent variable represents the increase in the y variable when that independent variable is increased by one unit if the values of all other independent variables are held constant.
A)True
B)False
Q3) The multiple regression formulas used to estimate the regression coefficients are designed to ________________.
A) minimize the total sum of squares (SST)
B) minimize the sum of squares of error (SSE)
C) maximize the standard error of the estimate
D) maximize the p-value for the calculated F value
E) minimize the mean error
To view all questions and flashcards with answers, click on the resource link above.
Page 15
Chapter 14: Building Multiple Regression Models
Available Study Resources on Quizplus for this Chatper
95 Verified Questions
95 Flashcards
Source URL: https://quizplus.com/quiz/73700
Sample Questions
Q1) If a square-transformation is applied to a series of positive numbers,all greater than 1,the numerical values of the numbers in the transformed series will be smaller than the corresponding numbers in the original series.
A)True
B)False
Q2) Regression models in which the highest power of any predictor variable is 1 and in which there are no cross product terms are referred to as first-order models.
A)True
B)False
Q3) If a data set contains k independent variables,the "all possible regression" search procedure will determine 2<sup>k</sup> - 1 different models.
A)True
B)False
Q4) A qualitative variable which represents categories such as geographical territories or job classifications may be included in a regression model by using indicator or dummy variables.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 16
Chapter 15: Time-Series Forecasting and Index Numbers
Available Study Resources on Quizplus for this Chatper
94 Verified Questions
94 Flashcards
Source URL: https://quizplus.com/quiz/73701
Sample Questions
Q1) In statistics,the Winters' Three Parameter statistic is a test statistic used to detect the presence of autocorrelation in the residuals from a regression analysis.
A)True
B)False
Q2) The forecast value for September 21.1 and the actual value turned out to be 18.Using exponential smoothing with \(\alpha\) = 0.30,the forecast value for October would be
A) 18.09
B) 18.93
C) 20.17
D) 21.00
E) 17.07
Q3) One of the main techniques for isolating the effects of seasonality is decomposition. A)True
B)False
Q4) The long-term general direction of data is referred to as series. A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Chapter 16: Analysis of Categorical Data
Available Study Resources on Quizplus for this Chatper
85 Verified Questions
85 Flashcards
Source URL: https://quizplus.com/quiz/73702
Sample Questions
Q1) The null hypothesis for a chi-square test of independence is that the two variables are not related.
A)True
B)False
Q2) The null hypothesis in a chi-square goodness-of-fit test is that the observed distribution is the same as the expected distribution.
A)True
B)False
Q3) Ophelia O'Brien,VP of Consumer Credit of American First Banks (AFB),monitors the default rate on personal loans at the AFB member banks. One of her standards is "no more than 5% of personal loans should be in default." On each Friday,the default rate is calculated for a sample of 500 personal loans. Last Friday's sample contained 30 defaulted loans. Using \(\alpha\) = 0.01,observed chi-square value is _______.
A) 13.38
B) 26.29
C) 2.09
D) 1.05
E) 3.98
To view all questions and flashcards with answers, click on the resource link above. Page 18
Chapter 17: Nonparametric Statistics
Available Study Resources on Quizplus for this Chatper
99 Verified Questions
99 Flashcards
Source URL: https://quizplus.com/quiz/73703
Sample Questions
Q1) The nonparametric alternative to analysis of variance for a randomized block design is the _______.
A) chi-square test
B) Kruskal-Wallis test
C) Mann-Whitney U test
D) Wilcoxon test
E) Friedman test
Q2) Statistical techniques based on assumptions about the population from which the sample data are selected are called _______.
A) population statistics
B) parametric statistics
C) nonparametric statistics
D) chi-square statistics
E) correlation statistics
Q3) The alternative hypothesis for the Friedman test is that at least one treatment is different from at least one other treatment.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 19
Chapter 18: Statistical Quality Control
Available Study Resources on Quizplus for this Chatper
86 Verified Questions
86 Flashcards
Source URL: https://quizplus.com/quiz/73704
Sample Questions
Q1) If a process is in control,less than 0.3% of all the points that represent the process output such as the average measurement or the proportion defective should be beyond the upper and lower control limits.
A)True
B)False
Q2) Control charts are used to examine the output of a process for disturbing patterns or for data points that indicate that the process is out of control.
A)True
B)False
Q3) Jack Joyner,Director of Quality Control at Covington Castings (CC),is designing a c chart to monitor the number of nonconformances per aluminum casting produced at CC. The total number of nonconformances for 26 castings is 91. The centerline for Jack's c chart is ___________.
A) 117.00
B) 0.2857
C) 3.50
D) 65.00
E) 26.00
To view all questions and flashcards with answers, click on the resource link above.
20
Chapter 19: Decision Analysis
Available Study Resources on Quizplus for this Chatper
91 Verified Questions
91 Flashcards
Source URL: https://quizplus.com/quiz/73705
Sample Questions
Q1) In decision-making under uncertainty,a pessimistic approach is the __________.
A) maximin criterion
B) maximax criterion
C) Hurwicz criterion
D) minimax regret strategy
E) maximin regret strategy
Q2) In a decision-making under uncertainty scenario using the strategy of minmax regret,all the entries in the opportunity loss table must be zero or positive.
A)True
B)False
Q3) In a decision analysis problem,variables (such as general macroeconomic conditions)which are not under the decision maker's control are called prior probabilities.
A)True
B)False
Q4) In a decision-making under uncertainty scenario,the best decision alternative based on the strategy of minmax regret will always have zero regret.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 21