Question 1 Correct Points out of 1.00 Flag question Question text The choice of the probability distribution for a random variable can be guided by Select one: a. an objective function. b. historical data. c. likelihood factors. d. forecasting. Feedback The correct answer is: historical data. Question 2 Correct Points out of 1.00 Flag question Question text According to the ___________, the sum of independent random variables can be approximated by a normal probability distribution. Select one: a. discrete-event simulation method b. simulation optimization approach c. central limit theorem d. what-if analysis Feedback The correct answer is: central limit theorem Question 3 Incorrect Points out of 1.00 Flag question Question text Which of the following is true of simulation optimization using Analytic Solver Platform (ASP)? Select one: a. It can be executed in a very short time. b. It is an iterative process. c. It is computationally simple and cheap. d. It guarantees an optimal solution.
Feedback The correct answer is: It is an iterative process. Question 4 Correct Points out of 1.00 Flag question Question text A simulation model extends spreadsheet modeling by Select one: a. using historical data to make predictions about future values and expected trends. b. replacing the use of single values for parameters with a range of possible values. c. extending the range of parameters for which solutions are computed. d. using real-time values for parameters from the application to formulate solutions.
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- Winter '10