the procedure for revising probabilities based upon additional information is referred to as
Multiple choice questions
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1. _________ is a procedure for revising probabilities based upon additional information.
a. Utility theory
b. Bernoulli’s theorem
c. Beckman’s theorem
d. Bayes’ theorem
Answer; d. Bayes’ theorem
2. A medical doctor is involved in a $1 million malpractice suit. He can either settle out of court for $250,000 or go to court. If he goes to court and loses, he must pay $825,000 plus $175,000 in court costs. If he wins in court the plaintiffs pay the court costs. Identify the actions of this decision-making problem.
a. Two choices: (1) go to court and (2) settle out of court.
b. Two choices: (1) win the case in court and (2) lose the case in court.
c. Four consequences resulting from Go/Settle and Win/Lose combinations.
d. The amount of money paid by the doctor.
Answer; a. Two choices: (1) go to court and (2) settle out of court.
3. The minimum expected opportunity loss is also equal to
a. expected profit under certainty.
b. expected value of perfect information.
c. coefficient of variation.
d. expected value under certainty minus the expected monetary value of the worst alternative.
Answer; b. expected value of perfect information.
4. Variation due to the inherent variability in a system of operation is called
a. special or assignable causes.
b. common or chance causes.
c. explained variation.
d. the standard deviation.
Answer; b. common or chance causes.
5. Which of the following is not part of the Shewhart-Deming cycle?
Answer; c. React
6. A process is said to be out of control if
a. a point falls above the upper or below the lower control lines.
b. a run of 8 or more points is observed.
c. Either of the above.
d. None of the above.
Answer; c. Either of the above.
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