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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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OMIS 327 Exam 3Simulation 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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