Friday, December 20, 2019
Midterm Review - 1485 Words
Interactive Management Science MSamp;E 107/207, Midterm Review The Flaw of the Averages Mindle 1 / Uncertainty vs. Risk * Risk is in the eye of the beholder * Risk reflects how uncertain outcomes cause loss or injury to a particular individual or group * Risk attitude measures the willigness to incur risk in the quest of reward * Different risks to the same uncertainty Mindle 2 / An uncertain number is a shape * A distribution * ââ¬Å"Uncertain numbersâ⬠* Risk is subjective * Give-me-a-number mentality * Management of uncertainty: ââ¬Å"Commitment to trade short-term rewards for long-term gainsâ⬠* Flat Shape * To display a distribution: a histogram * Other important shape: cumulativeâ⬠¦show more contentâ⬠¦Because squared units are not intuitive, we square root the variance, known as the standard deviation. Diversification and Variance Reduction When uncertain numbers are averaged together, the distribution of the average goes up in the middle and down on the ends, becoming more centralized. This centralizing of the distribution is the primary manifestation of diversification. The width or narrowness of a distribution defines the range of uncertainty of the number. The wider the distribution, the greater the variance, standard deviation and uncertainty. The Central Limit Theorem ââ¬Å"If enough independent samples of almost any distribution are averaged together, then the resulting distribution will be normalâ⬠. The Normal Distribution The normal distribution is an idealization of the result of averaging a large number of identical, independent random variables. They are centered at their mean or average. Their width is measured by the standard deviation, or the square root of the variance. Chapter 3 One of the worst things that you can do: ââ¬Å"Using point estimates, single points * Gen_Resample / pg. 61 * Gen_Triang / pg.61 How to use freeze amp; thaw, when you send a document with XLSim Average overall cost is not the cost associated with average demand * Worksheet models based on uncertain numbers: Functions of randomShow MoreRelatedMidterm Review Essay963 Words à |à 4 Pagesâ⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ â⬠¢ MComm100â⬠©Ã¢â¬ââ⬠©Massâ⬠©Communicationâ⬠©inâ⬠©Societyâ⬠© Midtermâ⬠©Reviewâ⬠©Ã¢â¬ââ⬠©12thâ⬠©Edâ⬠© (Chaptersâ⬠©1â⬠©Ã¢â¬ââ⬠©9)â⬠© â⬠© Understandâ⬠©theâ⬠©definitionâ⬠©ofâ⬠©Ã¢â¬Ëencodingââ¬â¢Ã¢â¬ © Whatâ⬠©isâ⬠©Ã¢â¬Ënegativeâ⬠©feedbackââ¬â¢?â⬠© Characteristicsâ⬠©ofâ⬠©aâ⬠©massâ⬠©communicationâ⬠©audienceâ⬠© Whatâ⬠©isâ⬠©aâ⬠©Ã¢â¬Ëmediaâ⬠©vehicleââ¬â¢?â⬠© Characteristicsâ⬠©ofâ⬠©massâ⬠©communicationâ⬠©organizationsâ⬠© Whatâ⬠©vehiclesâ⬠©haveâ⬠©increasedâ⬠©theâ⬠©mobilityâ⬠©ofâ⬠©theâ⬠©massâ⬠©mediaRead MoreMidterm Review2002 Words à |à 9 Pagesï » ¿The Federal Circuit Court of Appeal has appellate jurisdiction over the U.S. Claims Court. 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It has altered the methodsRead MoreUs History Midterm Review777 Words à |à 4 PagesUS History Midterm Study Guide General Government: 1. What were the Articles of Confederation? 2. Explain the roles of the three branches of the US government play? 3. Explain the political concept of Federalism 4. Be able to differentiate between Dual Federalism Cooperative Federalism (cake?) 5. What purpose does the Bill of Rights serve? 6. Identify the two houses of Congress and the term length of each. 7. What percentage of Congress has to vote to override a vetoRead MoreMidterm Review Questions Set 11481 Words à |à 6 PagesREVIEW QUESTION SET #1 FOR THE MIDTERM EXAM QUESTION 1 (PRODUCTIVITY) ElectroPlus manufactures electronic components. It has recorded data for the last three years as shown in the table below. ElectroPlus Productivity Data (in millions of dollars) 2009 2010 2011 Sales 220 258 248 Materials 124 146 142 Labor 56 66 56 Overhead 16 24 20 a) Calculate a measure of labor productivity for each year and comment on the pattern. b) Calculate a measure of multifactor productivity for each year usingRead MorePsci 231 Midterm Review2130 Words à |à 9 PagesSection One: 1. What is, ââ¬Å"Utilitarianismâ⬠and why is it important to the study of businessgovernment relations? Utilitarianism is a usually described as the greatest happiness for the greatest number. It reflects the action that produces the most happiness for people; meaning that an action is good if it produces a higher ultility of happiness. The thoery treats all members of a society equally, balances the inequalities in wealth between rich and poor people and justifies human acts. For example
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