Assessment of Probability, Decision Making, and Simulation Techniques

Covers probability and simulation techniques in decision-making.

Andrew Taylor

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Assessment of Probability, Decision Making, and Simulation TechniquesQuestion 15 out of 5 pointsDeterministic techniques assume that no uncertainty exists in model parameters.AnswerSelected Answer:TrueCorrect Answer:TrueQuestion 25 out of 5 pointsAn inspector correctly identifies defective products 90% of thetime. For the next 10products, the probability that he makes fewer than 2 incorrect inspections is 0.736.AnswerSelected Answer:TrueCorrect Answer:TrueQuestion 35 out of 5 pointsA joint probability is the probability that two or more events that are mutually exclusivecan occur simultaneously.AnswerSelected Answer:FalseCorrect Answer:FalseQuestion 45 out of 5 pointsA decision tree is a diagram consisting of circles decision nodes, square probabilitynodes, and branches.AnswerSelected Answer:False

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