Q1. A company markets educational software products, and is ready to place three new products on the market. Past experience has shown that for this particular software, the chance of "success" is 80%. Assume that the probability of success is independent for each product. What is the probability that exactly 1 of the 3 products is successful?

a) 0.80

b) 0.032

c) 0.24

d) 0.096

Q2. Assume that it takes a college student an average of 5 minutes to find a parking spot in the main parking lot. Assume also that this time is normally distributed with a standard deviation of 2 minutes. What time is exceeded by approximately 75% of the college students when trying to find a parking spot in the main parking lot?

a) 3.5 minutes

b) 5.75 minutes

c) 6.36 minutes

d) 9.2 minutes

Q3. The __________ is the expected value of the regret for each decision.

a) expected value

b) expected opportunity loss

c) expected value of perfect information

d) none of the above

Q4. In the Monte Carlo process, values for a random variable are generated by __________ a probability distribution.

a) sampling from

b) running

c) integrating

d) implementing

Q5. Developing the cumulative probability distribution helps to determine

a) simulation numbers

b) data sets

c) random number ranges

d) all of the above