Past Exam for BIT 2406 - Quantitative Methods with Clayton at Virginia Tech (VT)

Exam Information

Material Type:Exam 1
Class:BIT 2406 - Quantitative Methods
Subject:Business Information Technology
University:Virginia Polytechnic Institute And State University
Term:Fall 2005
  • Monetary Value
  • Optimal Solutions
  • State of Nature
  • The Independent
  • Consumer Market
  • Percent Error
  • Programming Problem
  • Consequence
  • Relationship
  • Probabilities
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Sample Document Text

(Print Name) BIT 2406 – 8T Test 1, Fall 2005 Dr. Clayton 1. Decision theory is described as a consequence or outcome, normally expressed in a monetary value, that occurs as a result of a particular alternative and state of nature. True False 2. Decision making under uncertainty exists when a decision is made where several outcomes or states of nature may occur as a result of a decision or alternative and the probabilities of the outcomes of states of nature are known. True False 3. The decision maker has little or no control over a state of nature. True False 4. Bad decisions always result in bad or unfavorable outcomes. True False 5. The maximax decision criteria maximizes the maximum outcome for every alternative. True False 6. Time series models rely on judgment in an attempt to incorporate qualitative or subjective factors into the forecasting model. True False 7. The coefficient of correlation expresses the degree or strength of a linear relationship. True False 8. Often, a variety of dependent variabl...

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