©SIRJOEL EXAM SOLUTIONS
11/3/2024 10:54 PM
CBK Test Questions With 100% Verified
Answers.
The formula for conditional probability - answer✔The equation P(A/B)= P(AB)/P(B) is
.900 - answer✔Suppose that 10 golfers enter a tournament and that their respective skill levels
are approximately the same. Six of the entrants are female and two of those are older than 40
years old. Three of the men are older than 40 years old. What is the probability that the winner
will be either female or older than 40 years old?
8 - answer✔A discrete random variable has a mean of 400 and a variance of 64. What is the
standard deviation
The entire area under each of the curves equals 1 - answer✔Which of the following is not true
about continuous random variables?
the average or expected monetary outcome of a decision if it can be repeated a large number of
times - answer✔expected monetary value (EMV) is
true - answer✔By studying a person's Utility Curve, one can determine whether the individual is
a risk seeker, risk avoider, or is indifferent to risk
, ©SIRJOEL EXAM SOLUTIONS
11/3/2024 10:54 PM
alt. 3 - answer✔The following is an opportunity loss table
alt 1- 0, 90, 85
alt 2- 50, 0, 110
alt 3- 75, 80, 0
which decision should be made based on the minimax regret criterion?
14 - answer✔Daily demand for newspapers for the last 10 days has been as follows: 12, 13, 16,
15, 12, 18, 14, 12, 13, 15 (listed from oldest to most recent) forecast sales for the next day using
a two-day moving average
exponential smoothing - answer✔Which of the following is not classified as a qualitative
forecasting model
$720 - answer✔Mark Achin sells 3,600 electric motors each year. The cost of these is $200 each,
and demand is constant throughout the year. The cost of placing an order is $40, while the
holding cost is $20 per unit per year. There are 360 working days per year and the lead-time is 5
days. If Mark orders 200 units each time he places an order, what would his total ordering cost
be for the year
, ©SIRJOEL EXAM SOLUTIONS
11/3/2024 10:54 PM
7 - answer✔Sales for boxes of Girl Scout cookies over a 4-month period were forecasted as
follows: 100, 120, 115, and 126. The actual results over the 4-month period were as follows:
110, 114, 119, 115. What was the MAD of the 4-month forecast?
levels for finished goods are a direct function of demand, includes raw materials, work-in-
process, and finished goods, is any stored resource used to satisfy current or future need, and
needs from raw materials through finished goods can be reasonably determined, once finished
goods demand is determined - answer✔Inventory
$1,200 - answer✔R. C. Barker makes purchasing decisions for his company. one product that he
buys costs $50 per unit when the order quantity is less than 500. When the quantity ordered is
500 or more, the price per unit drops to $48. The ordering cost is $30 per order and the annual
demand is 7,500 units. The holding cost is 10% of the purchase cost. If R.C. orders 500 units
each time he places an order, what would the total annual holding cost be?
184 pizzas - answer✔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 $.40 per pizza
per year. What is the optimal number of pizzas Judith should order?
none of the above - answer✔consider the following linear programming problem:
11/3/2024 10:54 PM
CBK Test Questions With 100% Verified
Answers.
The formula for conditional probability - answer✔The equation P(A/B)= P(AB)/P(B) is
.900 - answer✔Suppose that 10 golfers enter a tournament and that their respective skill levels
are approximately the same. Six of the entrants are female and two of those are older than 40
years old. Three of the men are older than 40 years old. What is the probability that the winner
will be either female or older than 40 years old?
8 - answer✔A discrete random variable has a mean of 400 and a variance of 64. What is the
standard deviation
The entire area under each of the curves equals 1 - answer✔Which of the following is not true
about continuous random variables?
the average or expected monetary outcome of a decision if it can be repeated a large number of
times - answer✔expected monetary value (EMV) is
true - answer✔By studying a person's Utility Curve, one can determine whether the individual is
a risk seeker, risk avoider, or is indifferent to risk
, ©SIRJOEL EXAM SOLUTIONS
11/3/2024 10:54 PM
alt. 3 - answer✔The following is an opportunity loss table
alt 1- 0, 90, 85
alt 2- 50, 0, 110
alt 3- 75, 80, 0
which decision should be made based on the minimax regret criterion?
14 - answer✔Daily demand for newspapers for the last 10 days has been as follows: 12, 13, 16,
15, 12, 18, 14, 12, 13, 15 (listed from oldest to most recent) forecast sales for the next day using
a two-day moving average
exponential smoothing - answer✔Which of the following is not classified as a qualitative
forecasting model
$720 - answer✔Mark Achin sells 3,600 electric motors each year. The cost of these is $200 each,
and demand is constant throughout the year. The cost of placing an order is $40, while the
holding cost is $20 per unit per year. There are 360 working days per year and the lead-time is 5
days. If Mark orders 200 units each time he places an order, what would his total ordering cost
be for the year
, ©SIRJOEL EXAM SOLUTIONS
11/3/2024 10:54 PM
7 - answer✔Sales for boxes of Girl Scout cookies over a 4-month period were forecasted as
follows: 100, 120, 115, and 126. The actual results over the 4-month period were as follows:
110, 114, 119, 115. What was the MAD of the 4-month forecast?
levels for finished goods are a direct function of demand, includes raw materials, work-in-
process, and finished goods, is any stored resource used to satisfy current or future need, and
needs from raw materials through finished goods can be reasonably determined, once finished
goods demand is determined - answer✔Inventory
$1,200 - answer✔R. C. Barker makes purchasing decisions for his company. one product that he
buys costs $50 per unit when the order quantity is less than 500. When the quantity ordered is
500 or more, the price per unit drops to $48. The ordering cost is $30 per order and the annual
demand is 7,500 units. The holding cost is 10% of the purchase cost. If R.C. orders 500 units
each time he places an order, what would the total annual holding cost be?
184 pizzas - answer✔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 $.40 per pizza
per year. What is the optimal number of pizzas Judith should order?
none of the above - answer✔consider the following linear programming problem:
