GBA 398 Integrated Perspectives on Business Module 2 CBK ADM Quiz Answers
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Saint Leo GBA 398 Module 2 CBK ADM Quiz Answers
1. If two events are mutually exclusive, then:
2. What is the formula for the break-even point of a simple profit model?
3. The number of cell phone minutes used by high school seniors follows a normal distribution with a mean of 500 and a standard deviation of 50. What is the probability that a student uses fewer than 600 minutes?
4. Data for a particular subdivision near downtown Houston indicate that the average price per square foot for a home is $100 with a standard deviation of $5 (normally distributed). What is the probability that the average price per square foot for a home is greater than $110?
5. By studying a person's Utility Curve, one can determine whether the individual is a risk seeker, risk avoider, or is indifferent to risk.
6. The following is a payoff table giving profits for various situations. What decision would an optimist make?
7. Data for a particular subdivision near downtown Houston indicate that the average price per square foot for a home is $100 with a standard deviation of $5 (normally distributed). What is the probability that the average price per square foot for a home is less than $85?
8. The following is an opportunity loss table. What decision should be made based on the minimax regret criterion?
9. A scatter diagram is a graphical depiction of the relationship between the dependent and independent variables.
10. As one increases the number of periods used in the calculation of a moving average,
11. Inventory:
12. Demand for soccer balls at a new sporting goods store is forecasted using the following regression equation: Y = 98 + 2.2X where X is the number of months that the store has been in existence. Let April be represented by X = 4. April is assumed to have a seasonality index of 1.15. What is the forecast for soccer ball demand for the month of April (rounded to the nearest integer)?
13. The annual demand for a product is 1,000 units. The company orders 200 units each time an order is placed. The lead-time is 6 days, and the company has determined that 20 units should be held as a safety stock. There are 250 working days per year. What is the reorder point?
14. Judith Thompson is the manager of the student center cafeteria. She is introducing pizza as a menu item. The pizza is ordered frozen from a local pizza establishment and baked at the cafeteria. Judith anticipates a weekly demand of 10 pizzas. The cafeteria is open 45 weeks a year, 5 days a week. The ordering cost is $15 and the holding cost is $0.40 per pizza per year. What is the optimal number of pizzas Judith should order?
15. Which of the following is not a property of all linear programming problems?
16. The mathematical theory behind linear programming states that an optimal solution to any problem will lie at a(n) __________ of the feasible region.
17. Consider the following linear programming problem: Which of the following points (X,Y) is in the feasible region?
18. Consider the following linear programming problem:
Which of the following points (X,Y) is feasible?
19. Variations that usually occur in a process are called:
20. In queuing analysis, total expected cost is the sum of expected __________ plus expected __________.
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