8. Question 8 A snow tire manufacturer believes that a typical set of snow tires lasts on average for 30,000 miles. They also believe that 95% of drivers get between…
7. Question 7 For which of the following random variables would the use of a Normal distribution as a model be a clear error? 1 point Student test scores…
4. Question 4 If you wanted to model an outcome variable that is defined as whether or not someone will buy a new car within the next 12 months, then…
2. Question 2 What essential information can a probabilistic model provide, that a deterministic model can’t? 1 point It can include a range of uncertainty for the model output…
1. Question 1 Which of the following characteristics implies that a quantitative model is probabilistic in nature? 1 point The fact that it is based on theory rather than…
10. Question 10 If you had two variables, the weight of a car measured in pounds and the fuel economy measured in miles per gallon, then which of the following…
6. Question 6 Using the same probability as described in Question 5, and assuming that moves in the market are independent from day to day, then what is the probability…
5. Question 5 A Bernoulli random variable, representing whether or not the stock market goes up or down tomorrow (assume that the market cannot be unchanged), has an “up” probability…
9. Question 9 Assuming that a Normal distribution model is reasonable for the tire wear, what is the approximate probability that a randomly drawn driver gets more than 25,000 miles…
3. Question 3 Monte Carlo simulation models incorporate uncertainty in what manner? 1 point Monte Carlo simulations do not in fact incorporate uncertainty They generate a range of inputs…
