Posted: June 15th, 2022

MAT 540 Week 6, Midterm Exam

 Question 1 5 out of 5 points   ___________ is a technique for selecting numbers randomly from a probability distribution.

   Question 2 5 out of 5 points   Monte Carlo is a technique for selecting numbers randomly from a probability distribution.    Question 3 5 out of 5 points   Analogue simulation replaces a physical system with an analogous physical system that is _____________ to manipulate.

   Question 4 5 out of 5 points   Variable costs are independent of volume and remain constant.

   Question 5 5 out of 5 points   Regret is the difference between the payoff from the best decision and all other decision payoffs. Question 6 5 out of 5 points   The maximin criterion results in the

   Question 7 5 out of 5 points   A payoff table is a means of organizing a decision situation, including the payoffs from different decisions given the various states of nature.   Question 8 5 out of 5 points    In a weighted moving average, weights are assigned to most __________ data.

 Question 9 5 out of 5 points   The maximin criterion results in the maximum of the minimum payoffs.

   Question 10 5 out of 5 points   A state of nature is an actual event that may occur in the future.

   Question 11 5 out of 5 points   Which of the following is not an alternative name for management science?

   Question 12 5 out of 5 points   A _________ period of real time is represented by a __________ period of simulated time.

   Question 13 5 out of 5 points   Simulation results will not equal analytical results unless ___________ trials of the simulation have been conducted to reach steady state.

   Question 145 out of 5 points   The minimax regret criterion

   Question 15 5 out of 5 points   Objective probabilities that can be stated prior to the occurrence of an event are

Question 16 5 out of 5 points   Which of the following is incorrect with respect to the use of models in decision making?

   Question 17 5 out of 5 points   The steps of the scientific method are:

   Question 18 5 out of 5 points   A seasonal pattern is an up-and-down repetitive movement within a trend occurring periodically.

Question 19 0 out of 5 points   The maximax criterion results in the

   Question 20 5 out of 5 points   ____________ techniques include uncertainty and assume that there can be more than one model solution.

   Question 21 5 out of 5 points   The maximax criterion results in the maximum of the minimum payoffs.

   Question 22 5 out of 5 points   Regret is the difference between the payoff from the

   Question 23 5 out of 5 points   A long period of real time is represented by a short period of simulated time.

Question 24 5 out of 5 points   A trend is a gradual, long-term, up or down movement of demand.

   Question 25 5 out of 5 points   ____________ use management judgment, expertise, and opinion to make forecasts.

   Question 26 5 out of 5 points   ____________ moving averages react more slowly to recent demand changes than do ____________ moving averages.

   Question 27 5 out of 5 points   In computer mathematical simulation a system is replicated with a mathematical model that is analyzed

   Question 28 0 out of 5 points   Which of the following is an equation or an inequality that expresses a resource restriction in a mathematical model?

   Question 29 5 out of 5 points   Analogue simulation replaces a physical system with an analogous physical system that is easier to manipulate. Question 30 5 out of 5 points   An experiment is an activity that results in one of several possible outcomes.

   Question 31 5 out of 5 points   Random numbers are equally likely to occur.

   Question 32 5 out of 5 points   An example of forecasting is

   Question 33 5 out of 5 points   The ______________ minimizes the maximum regret.

   Question 34 5 out of 5 points   ____________ is an up-and-down repetitive movement in demand.

   Question 35 5 out of 5 points   It’s often ____________ to validate that the results of a simulation truly replicate reality. Question 36 0 out of 5 points   A short period of real time is represented by a long period of simulated time.    Question 37 5 out of 5 points   In computer mathematical simulation, a system is replicated with a mathematical model that is analyzed with the computer.

   Question 38 5 out of 5 points   A cycle is an up-and-down repetitive movement in demand.

   Question 39 5 out of 5 points   Profit is the difference between total revenue and total cost. 

   Question 40 5 out of 5 points   A model is a functional relationship and include:

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