A marginal probability represents the probability ________.
A) associated with the outcomes of each random variable regardless of the value of the other
B) of a change in a random variable due to a change in another random variable
C) associated with the outcomes of two different random variables that occur at the same time
D) that is found by multiplying the joint probabilities of two variables
Q. 2What are shadow prices? How are shadow prices useful for managers?
What will be an ideal response?
Q. 3The Holt-Winters additive model differs from the Holt-Winters multiplicative model in that the Holt-Winters additive model ________.
A) is synonymous to the double exponential smoothing forecast model
B) is synonymous to the single exponential smoothing forecast model
C) applies to time series with relatively stable seasonality
D) applies to time series whose amplitude increases or decreases over time
Q. 4If the population is not normally distributed, the t-distribution cannot be used.
Indicate whether the statement is true or false
Q. 5Which of the following decisions is chosen in a minimax strategy?
A) the decision corresponding to the maximum value of the largest cost
B) the decision corresponding to the maximum value of the smallest cost
C) the decision corresponding to the minimum value of the smallest cost
D) the decision corresponding to the minimum value of the largest cost
Q. 6Under what circumstances is it necessary to use the coefficient of variation to compare relative variability between two or more distributions?
A) When the means of the distributions are equal
B) When the means of the distributions are not equal
C) When the standard deviations of the distributions are not equal
D) When the standard deviations of the distributions are equal
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