Quantitative Proficiency Exam Questions
and Answers
Page 1 of 120
,Question 1
If P(A) = 0.3, P(B) = 0.2, P(A and B) = 0.0, what can be said about events A and B?
A) They are independent.
B) They are mutually exclusive.
C) They are posterior probabilities.
D) They are collectively exhaustive.
Correct Answer
B) They are mutually exclusive
Question 2
Two models of a product — Regular (X) and Deluxe (Y) — are produced by a
company. A linear programming model is used to determine the production
schedule. The formulation is as follows:
Maximize profit = 50X + 60Y
Subject to:
8X + 10Y ≤ 800 (labor hours)
X + Y ≤ 120 (total units demanded)
4X + 5Y ≤ 500 (raw materials)
all variable ≥ 0
The optimal solution is X = 100, Y = 0.
Which of these constraints is redundant?
A) the first constraint
B) the second constraint
C) the third constraint
D) the fourth constraint
Correct Answer
B) the second constraint
&
C) the third constraint
Page 2 of 120
,Question 3
Which of the following is not considered a criterion for decision making under
uncertainty?
A) optimistic
B) pessimistic
C) equally likely
D) random selection
Correct Answer
D) Random Selection
Question 4
Which of the following methods tells whether the forecast tends to be too high
or too low?
A) MAD
B) MSE
C) MAPE
D) bias
Correct Answer
D) Bias
Question 5
An analytic and systematic approach to the study of decision making is referred
to as
A) decision making under risk
B) decision making under uncertainty
C) decision theory
D) decision analysis
Correct Answer
C) Decision Theory
Page 3 of 120
, Question 6
Subjective probability assessments depend on
A) the total number of trials.
B) the relative frequency of occurrence.
C) the number of occurrences of the event.
D) experience and judgment.
Correct Answer
D) Experience and Judgement
Question 7
Enrollment in a particular class for the last four semesters has been 122, 128, 100,
and 155 (listed from oldest to most recent). The best forecast of enrollment next
semester, based on a three-semester moving average, would be
A) 116.7.
B) 168.3.
C) 135.0.
D) 127.7.
Correct Answer
D) 127.7.
Question 8
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 three-day weighted moving average where the weights are 3, 1,
and 1 (the highest weight is for the most recent number).
A) 12.8
B) 13.0
C) 70.0
D) 14.0
Correct Answer
D) 14.0
Page 4 of 120
and Answers
Page 1 of 120
,Question 1
If P(A) = 0.3, P(B) = 0.2, P(A and B) = 0.0, what can be said about events A and B?
A) They are independent.
B) They are mutually exclusive.
C) They are posterior probabilities.
D) They are collectively exhaustive.
Correct Answer
B) They are mutually exclusive
Question 2
Two models of a product — Regular (X) and Deluxe (Y) — are produced by a
company. A linear programming model is used to determine the production
schedule. The formulation is as follows:
Maximize profit = 50X + 60Y
Subject to:
8X + 10Y ≤ 800 (labor hours)
X + Y ≤ 120 (total units demanded)
4X + 5Y ≤ 500 (raw materials)
all variable ≥ 0
The optimal solution is X = 100, Y = 0.
Which of these constraints is redundant?
A) the first constraint
B) the second constraint
C) the third constraint
D) the fourth constraint
Correct Answer
B) the second constraint
&
C) the third constraint
Page 2 of 120
,Question 3
Which of the following is not considered a criterion for decision making under
uncertainty?
A) optimistic
B) pessimistic
C) equally likely
D) random selection
Correct Answer
D) Random Selection
Question 4
Which of the following methods tells whether the forecast tends to be too high
or too low?
A) MAD
B) MSE
C) MAPE
D) bias
Correct Answer
D) Bias
Question 5
An analytic and systematic approach to the study of decision making is referred
to as
A) decision making under risk
B) decision making under uncertainty
C) decision theory
D) decision analysis
Correct Answer
C) Decision Theory
Page 3 of 120
, Question 6
Subjective probability assessments depend on
A) the total number of trials.
B) the relative frequency of occurrence.
C) the number of occurrences of the event.
D) experience and judgment.
Correct Answer
D) Experience and Judgement
Question 7
Enrollment in a particular class for the last four semesters has been 122, 128, 100,
and 155 (listed from oldest to most recent). The best forecast of enrollment next
semester, based on a three-semester moving average, would be
A) 116.7.
B) 168.3.
C) 135.0.
D) 127.7.
Correct Answer
D) 127.7.
Question 8
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 three-day weighted moving average where the weights are 3, 1,
and 1 (the highest weight is for the most recent number).
A) 12.8
B) 13.0
C) 70.0
D) 14.0
Correct Answer
D) 14.0
Page 4 of 120
