ch13s - File ch S13 Chapter 13 Supplement Operational...

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File: ch. S13, Chapter 13 Supplement: Operational Decision-Making Tools: Simulation True/False 1. Simulation is a popular decision-making tool that provides a solution to any type of problem Ans: False Difficulty: Easy Feedback: Monte Carlo Simulation 2. Simulation is often viewed as the technique of last resort because it can be applied to situations when there is no applicable quantitative model. Ans: True Difficulty: Moderate Feedback: Monte Carlo Simulation 3. Because simulation is used to analyze probabilistic problems it provides information that is used to make a decision versus an optimal solution. Ans: True Difficulty: Easy Feedback: Monte Carlo Simulation 4. Simulation is the preferred technique for problems with random variables represented by probability distributions. Ans: True Difficulty: Easy Feedback: Monte Carlo Simulation 5. The Monte Carlo technique selects numbers randomly from a probability distribution for use in a quantitative model.
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Ans: False Difficulty: Moderate Feedback: Monte Carlo Simulation 6. The Monte Carlo technique is a mathematical model used within a simulation. Ans: True Difficulty: Moderate Feedback: Monte Carlo Simulation 7. A random number’s likelihood of being selected is based on a normal distribution. Ans: False Difficulty: Easy Feedback: Monte Carlo Simulation 8. A steady state results when a simulation is repeated enough times that the random variable being investigated reaches an average result that remains constant. Ans: True Difficulty: Hard Feedback: Monte Carlo Simulation 9. As a simulation model becomes more complex, using a computer application is virtually impossible. Ans: False Difficulty: Easy Feedback: Computer Simulation with Excel 10. An advantage of using a computer versus a manual approach when performing a simulation is that it often takes only seconds versus hours to reach a steady-state result. Ans: True
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Difficulty: Easy Feedback: Computer Simulation with Excel 11. At a Wal-Mart store, simulation can be used to analyze waiting lines at check-out stands to determine the required staffing levels. Ans: True
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This note was uploaded on 01/22/2012 for the course COMM 225 taught by Professor Shafaat during the Spring '11 term at Concordia Canada.

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ch13s - File ch S13 Chapter 13 Supplement Operational...

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