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OMIS 327 Exam 3 questions with correct answers

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OMIS 327 Exam 3 questions with correct answers

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  • September 30, 2024
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  • 2024/2025
  • Exam (elaborations)
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BravelRadon
OMIS 327 Exam 3

Simulation is typically used to... - correct answer ✔✔Model random processes that are too complex to
be solved by analytical methods.



One begins a simulation by... - correct answer ✔✔Developing a mathematical statement of the problem



Some input values for a simulation model are constants and are referred to as the _____________ of the
model - correct answer ✔✔Parameters



Other inputs are not known with certainty and are considered _________ inputs. - correct answer
✔✔Probabilistic



Advantages of Simulation: - correct answer ✔✔1. Relatively straightforward and flexible

2. Recent advances in computer software make simulation models very easy to develop

3. Can be used to analyze large and complex real-world situations

4. Allows "what-if?" type questions

5. Does not interfere with the real-world system

6. Enables study of interactions between components

7. Enables time compression

8. Enables the inclusion of real-world complications



Disadvantages of Simulation: - correct answer ✔✔1. Often expensive, may require a long complicated
process to develop the model

2. Does not generate optimal solutions; it is a trial-and-error approach

3. Requires managers to generate all conditions and constraints of real-world problem

4. Each model is unique and the solutions and inferences are not usually transferable to other problems

, What are the steps of the Monte Carlo Simulation? - correct answer ✔✔1. Establishing a probability
distribution for important input variables

2. Building a cumulative probability distribution for each variable in Step 1

3. Generating random numbers

4. Simulating a series of trials



Simulation with Excel: RAND(): - correct answer ✔✔- Outputs a random number between 0 and 1. All
numbers between 0 and 1 have equal chance

- Uniform Distribution (0,1)



The ______ key is a way to change all the random cells without doing other actions - correct answer
✔✔F9



Continuous uniform distribution: - correct answer ✔✔- between values of 'a' and 'b':

- a + (b - a)*RAND()

- where the modeled random variable can assume any decimal value between 'a' and 'b'.



Discrete uniform distribution: - correct answer ✔✔- RANDBETWEEN(a,b)

- gives random integers with equal chance between the values 'a' and 'b' (including endpoints).



Normal distribution: - correct answer ✔✔- NORMINV(RAND(),m,s)

- with mean 'm' and standard deviation 's'.



Symmetric triangular distribution: - correct answer ✔✔- a + (b - a)*(RAND() + RAND())/2

- where 'a' and 'b' are the extreme points and (b+a)/2 is the most likely.



Variable to be predicted is called the __________ or ______________ - correct answer ✔✔dependent
variable, response variable



Value depends on the value of the ____________ - correct answer ✔✔independent variable(s)

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