MATH318: Final Exam Topics
This is a brief (and possibly incomplete) summary of the key topics
in each chapter. Final exam problems are likely to be similar to
homework problems assigned during the semester. The final exam is
open note, open book.
- Chapter 2
Calculate simple probabilities.
Know how to make and use joint probability tables.
Understand Joint Probabilities, Conditional Probabilities and the relations between them.
- Chapter 3
Distinguish between discrete and continuous random variables.
Know how and when to use Binomial, Poisson, Uniform, Normal and Exponential probability distributions.
Know how to compute expected values and standard deviations as appropriate.
- Chapter 4
Define decision alternatives, chance events, states of nature and payoffs.
Know how to make and use a decision tree.
Know how to make and use a risk profile.
Know how to make and use a payoff table.
Be able to make recommendations using optimistic, conservative and minimax regret approaches.
Be able to compute branch probabilities and expected values in a distribution tree.
Devise a decision strategy.
Compute EVSI and EVPI.
- Chapter 5
Calculate indifference values and utility.
Calculate expected utility.
Identify a subject as risk averse or risk taking based on a utility of money function.
Know when utility calculations are necessary.
- Chapter 7
Formulate a linear programming problem.
Solve a linear programming problem graphically.
Identify binding constraints.
Compute the amount of slack in a constraint.
How do changes in coefficients and constraints change the solution to a
linear programming problem?
- Chapter 12
Create and use a project network.
Identify critical tasks.