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Amy Mclaughlin Quantitative Methods Midterm Exam 11/6/11 5:27 PM 11/6/11 6:56 PM Completed 195 out of 200 points

Time Elapsed 1 hour, 28 minutes out of 4 hours. Instructions

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Question 1 5 out of 5 points Regret is the difference between the payoff from the best decision and all other decision payoffs.

Answer Selected Answer: Correct Answer: Question 2 5 out of 5 points Variable costs are independent of volume and remain constant. True True

Answer Selected Answer: False

Correct Answer: Question 3 5 out of 5 points

False

Regret is the difference between the payoff from the Answer Selected Answer: best decision and all other decision payoffs Correct Answer: best decision and all other decision payoffs Question 4 5 out of 5 points A _________ period of real time is represented by a __________ period of simulated time. Answer Selected Answer: long / short Correct Answer: long / short Question 5 5 out of 5 points A seasonal pattern is an up-and-down repetitive movement within a trend occurring periodically.

Answer

Selected Answer: Correct Answer: Question 6 5 out of 5 points

True True

A trend is a gradual, long-term, up or down movement of demand.

Answer Selected Answer: Correct Answer: Question 7 5 out of 5 points A model is a functional relationship and include: Answer Selected Answer: all of the above Correct Answer: all of the above Question 8 5 out of 5 points Random numbers are equally likely to occur. True True

Answer Selected Answer: True

Correct Answer: Question 9 5 out of 5 points

True

Which of the following is not an alternative name for management science? Answer Selected Answer: decision support systems Correct Answer: decision support systems Question 10 5 out of 5 points It's often ____________ to validate that the results of a simulation truly replicate reality. Answer Selected Answer: difficult Correct Answer: difficult Question 11 5 out of 5 points ____________ moving averages react more slowly to recent demand changes than do ____________ moving averages. Answer Selected Answer:

Longer-period / shorter-period Correct Answer: Longer-period / shorter-period Question 12 5 out of 5 points The maximin criterion results in the maximum of the minimum payoffs.

Answer Selected Answer: Correct Answer: Question 13 5 out of 5 points ___________ is a technique for selecting numbers randomly from a probability distribution. Answer Selected Answer: Monte Carlo Correct Answer: Monte Carlo Question 14 0 out of 5 points Which of the following is incorrect with respect to the use of models in decision making? Answer True True

Selected Answer: they are generally easy to use Correct Answer: they promote subjectivity in decision making Question 15 5 out of 5 points In computer mathematical simulation a system is replicated with a mathematical model that is analyzed Answer Selected Answer: with a computer Correct Answer: with a computer Question 16 5 out of 5 points The maximin criterion results in the Answer Selected Answer: maximum of the minimum payoffs Correct Answer: maximum of the minimum payoffs Question 17 5 out of 5 points

Analogue simulation replaces a physical system with an analogous physical system that is easier to manipulate.

Answer Selected Answer: Correct Answer: Question 18 5 out of 5 points In a weighted moving average, weights are assigned to most __________ data. Answer Selected Answer: recent Correct Answer: recent Question 19 5 out of 5 points An example of forecasting is Answer Selected Answer: all of the above Correct Answer: all of the above Question 20 5 out of 5 points True True

In computer mathematical simulation, a system is replicated with a mathematical model that is analyzed with the computer.

Answer Selected Answer: Correct Answer: Question 21 5 out of 5 points Monte Carlo is a technique for selecting numbers randomly from a probability distribution. True True

Answer Selected Answer: Correct Answer: Question 22 5 out of 5 points A long period of real time is represented by a short period of simulated time. True True

Answer Selected Answer: Correct Answer: Question 23 5 out of 5 points An experiment is an activity that results in one of several possible outcomes. True True

Answer

Selected Answer: Correct Answer: Question 24 5 out of 5 points

True True

The maximax criterion results in the maximum of the minimum payoffs.

Answer Selected Answer: Correct Answer: Question 25 5 out of 5 points A state of nature is an actual event that may occur in the future. False False

Answer Selected Answer: Correct Answer: Question 26 5 out of 5 points Profit is the difference between total revenue and total cost. True True

Answer Selected Answer: Correct Answer: Question 27 True True

5 out of 5 points ____________ is an up-and-down repetitive movement in demand. Answer Selected Answer: Cycle Correct Answer: Cycle Question 28 5 out of 5 points ____________ techniques include uncertainty and assume that there can be more than one model solution. Answer Selected Answer: Probabilistic Correct Answer: Probabilistic Question 29 5 out of 5 points Objective probabilities that can be stated prior to the occurrence of an event are Answer Selected Answer: classical or a priori

Correct Answer: classical or a priori Question 30 5 out of 5 points The maximax criterion results in the Answer Selected Answer: maximum of the maximum payoffs Correct Answer: maximum of the maximum payoffs Question 31 5 out of 5 points The steps of the scientific method are: Answer Selected Answer:

observation, problem definition, model construction, model solution, implementation.

Correct Answer:

observation, problem definition, model construction, model solution, implementation.

Question 32 5 out of 5 points A short period of real time is represented by a long period of simulated time.

Answer Selected Answer: Correct Answer: Question 33 5 out of 5 points The minimax regret criterion Answer Selected Answer: minimizes the maximum regret Correct Answer: minimizes the maximum regret Question 34 5 out of 5 points ____________ use management judgment, expertise, and opinion to make forecasts. Answer Selected Answer: Qualitative methods Correct Answer: Qualitative methods Question 35 5 out of 5 points A cycle is an up-and-down repetitive movement in demand. False False

Answer Selected Answer: Correct Answer: Question 36 5 out of 5 points Which of the following is an equation or an inequality that expresses a resource restriction in a mathematical model? Answer Selected Answer: a constraint. Correct Answer: a constraint. Question 37 5 out of 5 points Simulation results will not equal analytical results unless ___________ trials of the simulation have been conducted to reach steady state. Answer Selected Answer: enough Correct Answer: enough Question 38 5 out of 5 points True True

Analogue simulation replaces a physical system with an analogous physical system that is _____________ to manipulate. Answer Selected Answer: easier Correct Answer: easier Question 39 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.

Answer Selected Answer: Correct Answer: Question 40 5 out of 5 points The ______________ minimizes the maximum regret. Answer Selected Answer: minimax regret criterion Correct Answer: minimax regret criterion Sunday, November 6, 2011 6:56:58 PM EST True True

OK