1. The expected value of sample information (EVSI) can be used to a) establish a
ID: 2900567 • Letter: 1
Question
1. The expected value of sample information (EVSI) can be used to
a) establish a maximum amount to spend on additional information.
b) calculate conditional probabilities.
c) establish risk avoidance.
d) provide points on a utility curve.
e) None of these
2. What is the range of the Hurwicz criterion coefficient of realism ?
a) 1 to 100
b) 1 to 10
c) 0 to 10
d) 0 to 1
e)-1 to 1
3. Which of the following is not one of the steps considered in the "Six Steps in Decision Making"?
a) Clearly define the problem at hand
b) List the possible alternatives.
c) Apply the model and make your decision.
d) List the payoff or profit of each combination of alternatives and outcomes.
e) Evaluate the success of the decision.
4. Which of the following is an assumption of the regression model?
a) The errors are independent.
b) The errors are not normally distributed.
c) The errors have a standard deviation of zero.
d) The errors have an irregular variance.
e) The errors follow a cone pattern.
5. The coefficient of determination resulting from a particular regression analysis was 0.85. What was the slope of the regression line?
a)
0.85
b)
-0.85
c)
0.922
d)
There is insufficient information to answer the question.
e)
None of these
6. Which of the following statements is true regarding a scatter diagram?
a) It provides very little information about the relationship between the regression variables.
b)
It is a plot of the independent and dependent variables.
c)
It is a line chart of the independent and dependent variables.
d)
It has a value between -1 and +1.
e)
It gives the percent of variation in the dependent variable that is explained by the independent variable.
a) establish a maximum amount to spend on additional information.
b) calculate conditional probabilities.
c) establish risk avoidance.
d) provide points on a utility curve.
e) None of these
2. What is the range of the Hurwicz criterion coefficient of realism ?
a) 1 to 100
b) 1 to 10
c) 0 to 10
d) 0 to 1
e)-1 to 1
3. Which of the following is not one of the steps considered in the "Six Steps in Decision Making"?
a) Clearly define the problem at hand
b) List the possible alternatives.
c) Apply the model and make your decision.
d) List the payoff or profit of each combination of alternatives and outcomes.
e) Evaluate the success of the decision.
4. Which of the following is an assumption of the regression model?
a) The errors are independent.
b) The errors are not normally distributed.
c) The errors have a standard deviation of zero.
d) The errors have an irregular variance.
e) The errors follow a cone pattern.
5. The coefficient of determination resulting from a particular regression analysis was 0.85. What was the slope of the regression line?
a)
0.85
b)
-0.85
c)
0.922
d)
There is insufficient information to answer the question.
e)
None of these
6. Which of the following statements is true regarding a scatter diagram?
a) It provides very little information about the relationship between the regression variables.
b)
It is a plot of the independent and dependent variables.
c)
It is a line chart of the independent and dependent variables.
d)
It has a value between -1 and +1.
e)
It gives the percent of variation in the dependent variable that is explained by the independent variable.
Explanation / Answer
1 a
2 d
3 d
4 a
6 b
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