CBK Test UPDATED Actual Exam Questions and CORRECT Answers
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Course
CBK
Institution
CBK
CBK Test UPDATED Actual Exam
Questions and CORRECT Answers
the formula for conditional probability - CORRECT ANSWER- The equation P(A/B)=
P(AB)/P(B) is
.900 - CORRECT ANSWER- Suppose that 10 golfers enter a tournament and that their
respective skill levels are approximately the same. Six of...
CBK Test UPDATED Actual Exam
Questions and CORRECT Answers
the formula for conditional probability - CORRECT ANSWER- ✔✔The equation P(A/B)=
P(AB)/P(B) is
.900 - CORRECT 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 - CORRECT 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 - CORRECT 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 - CORRECT ANSWER- ✔✔expected monetary value (EMV) is
true - CORRECT 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
alt. 3 - CORRECT 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 - CORRECT 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 - CORRECT ANSWER- ✔✔Which of the following is not classified
as a qualitative forecasting model
$720 - CORRECT 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
7 - CORRECT 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 - CORRECT ANSWER- ✔✔Inventory
$1,200 - CORRECT 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 - CORRECT 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 - CORRECT ANSWER- ✔✔consider the following linear programming
problem:
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