MGMT 650 Quiz 2: Probability, Risk and Forecasting Questions and Correct Answers | New Update

Unit 2 Quiz: Probability, Risk and Forecasting

Attempt Score - 100 %
Overall Grade (Highest Attempt) - 100 %


Question 1 (3 points)

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Which of the following rules calculates the chance that at least one of
two events will happen?
Question 1 options:
Addition Rule
Conditional Probability
Complement Rule
Multiplication Rule


Question 2 (3 points)

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In probability, events are considered independent when:
Question 2 options:
One event increases the likelihood of another
The occurrence of one does not affect the other
They are part of the same sample space
They occur under the same conditions


Question 3 (3 points)

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Which Excel function would best estimate the chance of
receiving exactly 5 patient arrivals per hour in an ER setting?
Question 3 options:

, NORM.DIST
BINOM.DIST
POISSON.DIST
HYPGEOM.DIST


Question 4 (3 points)

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What does the complement rule calculate?
Question 4 options:
Probability that an event will occur
Probability that an event will not occur
Probability of two independent events occurring
Probability of a conditional event


Question 5 (3 points)

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A business manager wants to know the probability of getting 7 sales
out of 10 calls. Which distribution applies?
Question 5 options:
Exponential
Binomial
Poisson
Normal


Question 6 (3 points)

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The NORM.DIST function in Excel is used when working with:
Question 6 options:
Count-based probabilities
Proportional differences