question archive 1) In a typical simulation model, input provided by the manager includes a

Subject:Operations ManagementPrice: Bought3

1) In a typical simulation model, input provided by the manager includes

a.) values for the parameters

b.) values for the decision variables

c.) a value for the performance measure

d.) all of the above

e.) both a) and b).

2.) Although there are several excel add-ins to make Monte Carlos simulations relatively easy to develop and run, they are not actually necessary. Monte Carlos simulation is possible in native excel without any add-ins

a.) True

b.) False

3.) An advantage of simulation, as opposed to optimization, is that

a.) often multiple measures of goodness can be examined

b.) some appreciation of variability of outcomes of interest can be obtained

c.) more complex scenarios can be studied

d.) all of the above

4.)The random number 0.63 has been selected. The corresponding sample observation, x, from a normal distribution is determined by the relationship:

a.) x is "the probability that the normally distributed quantity is <= 0.63"

b.) x is the number such that "the probability that the normally distributed quantity is <= x equals 0.63"

c.) x is the number such that "the probability that the normally distributed quantity equals x" is 0.63

d.) none of the above

5.) Since the area under cumulative probability distribution functions is equal to 1, we are able to use random number generators like excel's "=rand()" function to generate random samples from any probability distribution

a.)True

b.) False