Question 1

The Sampling tab of Crystal Ball is useful when you wish to ________.

Accepted Answer

A) prescreen the variables in order to determine which variables are the most important candidates to define as assumptions before building a simulation model 
B) use the correlation coefficients in order to rearrange the generated random variates to produce the desired correlations 
C) define the assumptions for the variables in the data set 
D) define a controllable variable in your model and compare results for the same assumption values 
A) prescreen the variables in order to determine which variables are the most important candidates to define as assumptions before building a simulation model 
B) use the correlation coefficients in order to rearrange the generated random variates to produce the desired correlations 
C) define the assumptions for the variables in the data set 
D) define a controllable variable in your model and compare results for the same assumption values

Question 2

In Crystal Ball,the output variables in which we are interested are called assumptions.

Accepted Answer

A) True 
 B)False

Question 3

In Crystal Ball,forecast cells are the ________.

Accepted Answer

A) default parameters based on the current values in the spreadsheet model 
B) uncertain inputs 
C) output variables in which we are interested in 
D) decision variables 
A) default parameters based on the current values in the spreadsheet model 
B) uncertain inputs 
C) output variables in which we are interested in 
D) decision variables

Question 4

What are the statistics for which the Bootstrap tool in Crystal Ball constructs the sampling distributions?

Accepted Answer

The Bootstrap tool constructs sampling d

Question 5

In the first year,Captain Jack Automobiles is likely to realize an approximate cumulative profit of ________ with a probability of at least 0.80.

Accepted Answer

A) $(771,541,415) 
B) $(386,772,685) 
C) $(685,772,386) 
D) $(995,989,978) 
A) $(771,541,415) 
B) $(386,772,685) 
C) $(685,772,386) 
D) $(995,989,978)

Question 6

If several cells in the model have the same assumptions,you may use the Copy and Paste commands in the Define group within the Crystal Ball ribbon.

Accepted Answer

A) True 
 B)False

Question 7

In the fourth year,Captain Jack Automobiles is likely to realize an approximate cumulative profit of ________ with a probability of at least 0.10.

Accepted Answer

A) $20,220,888 
B) $164,988,214 
C) $10,110,444 
D) $268,539,416 
A) $20,220,888 
B) $164,988,214 
C) $10,110,444 
D) $268,539,416

Question 8

The Extract Data in the Analyze group of Crystal Ball,allows an individual to build customized reports for all or a subset of assumptions and output information.

Accepted Answer

A) True 
 B)False

Question 9

For the below given data,Reuben wanted to accomplish a Monte Carlo simulation to study the effect of variation in unit variable cost on the final decision.While using the data table function in Excel,which cell should he reference to in the Column Input Cell field of the Data Table dialog?

Accepted Answer

A) He can enter any cell reference that has a pre-defined formula in it. 
B) He should enter the cell reference that contains the demand volume. 
C) He should enter the cell reference that contains the "if formula." 
D) He can enter any blank cell in the spreadsheet. 
A) He can enter any cell reference that has a pre-defined formula in it. 
B) He should enter the cell reference that contains the demand volume. 
C) He should enter the cell reference that contains the "if formula." 
D) He can enter any blank cell in the spreadsheet.

Question 10

Use the data set shown below to answer the following question(s).     For this Newsvendor model,fit a distribution with Crystal Ball and use the Decision Table tool for analysis.Use 5,000 trials for the simulation.
-Which of the following provides the lowest average profit?

Accepted Answer

A) Purchase quantity 57 
B) Purchase quantity 58 
C) Purchase quantity 59 
D) Purchase quantity 60 
A) Purchase quantity 57 
B) Purchase quantity 58 
C) Purchase quantity 59 
D) Purchase quantity 60

Question 11

Use the data set shown below to answer the following question(s).   The demand at the ticket booking center can be modeled by a Poisson distribution with a mean of 220.Assume that each reservation has a constant probability of p = 0.02 of being cancelled.Use Crystal Ball functions for the model.
-For the data given above,what is the approximate net revenue of the ticket booking counter?

Accepted Answer

A) about $2,800 
B) about $3,900 
C) about $4,800 
D) about $5,900 
A) about $2,800 
B) about $3,900 
C) about $4,800 
D) about $5,900

Question 12

Monte Carlo sampling differs from Latin Hypercube sampling in that Monte Carlo sampling ________.

Accepted Answer

A) divides each assumption's probability distribution into intervals of equal probability and generates an assumption value randomly within each interval 
B) results in a more even distribution of forecast values than Latin Hypercube sampling because it samples the entire range of the distribution in a more consistent manner,thus achieving more accurate forecast statistics 
C) selects random variates independently over the entire range of possible values 
D) is a part of the Crystal Ball suite 
A) divides each assumption's probability distribution into intervals of equal probability and generates an assumption value randomly within each interval 
B) results in a more even distribution of forecast values than Latin Hypercube sampling because it samples the entire range of the distribution in a more consistent manner,thus achieving more accurate forecast statistics 
C) selects random variates independently over the entire range of possible values 
D) is a part of the Crystal Ball suite

Question 13

Use the data set shown below to answer the following question(s).     For this Newsvendor model,fit a distribution with Crystal Ball and use the Decision Table tool for analysis.Use 5,000 trials for the simulation.
-For the above given data,the Decision Table tool will run a simulation for each of the ________ decision variable values defined.

Accepted Answer

A) 20 
B) 12 
C) 11 
D) 10 
A) 20 
B) 12 
C) 11 
D) 10

Question 14

In Crystal Ball,Monte Carlo sampling divides each assumption's probability distribution into intervals of equal probability and generates an assumption value randomly within each interval.

Accepted Answer

A) True 
 B)False

Question 15

In the forecast chart for the cumulative profit in year 3,you enter the value 0 into the left range box and hit the enter button.The above set of actions determines the ________.

Accepted Answer

A) percentage of risk that the NPV in the third year will not be positive 
B) percentage of risk that the NPV in the third year will be positive 
C) number of trials shown in the cumulative profit forecast chart for year 3 
D) probability that the product will show a cumulative net profit in the third year 
A) percentage of risk that the NPV in the third year will not be positive 
B) percentage of risk that the NPV in the third year will be positive 
C) number of trials shown in the cumulative profit forecast chart for year 3 
D) probability that the product will show a cumulative net profit in the third year

Question 16

What are the chances that Captain Jack Automobiles will show a cumulative net profit in the fourth year?

Accepted Answer

A) approximately 23.36% 
B) approximately 62.04% 
C) approximately 37.68% 
D) approximately 76.64% 
A) approximately 23.36% 
B) approximately 62.04% 
C) approximately 37.68% 
D) approximately 76.64%

Question 17

In Crystal Ball,the Forecast Charts show the sampled random variates superimposed over the theoretical distributions chosen as assumptions.

Accepted Answer

A) True 
 B)False

Question 18

The probability of a positive cumulative net profit in the ________ year is approximately 88%.

Accepted Answer

A) fourth 
B) fifth 
C) third 
D) second 
A) fourth 
B) fifth 
C) third 
D) second

Question 19

Use the data set shown below to answer the following question(s).   The demand at the ticket booking center can be modeled by a Poisson distribution with a mean of 220.Assume that each reservation has a constant probability of p = 0.02 of being cancelled.Use Crystal Ball functions for the model.
-Using the above data,the number of overbooked customers is computed using ________.

Accepted Answer

A) MAX(Customer arrivals,Seats available) 
B) MIN(0,Customer arrivals - Seats available) 
C) MAX(0,Customer arrivals - Seats available) 
D) MIN(Customer arrivals,Seats available) 
A) MAX(Customer arrivals,Seats available) 
B) MIN(0,Customer arrivals - Seats available) 
C) MAX(0,Customer arrivals - Seats available) 
D) MIN(Customer arrivals,Seats available)

Question 20

In a forecast chart provided by Crystal Ball,a certainty level is ________.

Accepted Answer

A) a probability interval that states the probability of the forecast falling within the specified range of the grabbers 
B) the number of trials displayed on the forecast chart 
C) the number of trials specified in the Trials Tab contained in the Run Preferences item of the Run group 
D) a number that specifies the count of assumptions defined before running the simulation 
A) a probability interval that states the probability of the forecast falling within the specified range of the grabbers 
B) the number of trials displayed on the forecast chart 
C) the number of trials specified in the Trials Tab contained in the Run Preferences item of the Run group 
D) a number that specifies the count of assumptions defined before running the simulation

The Sampling tab of Crystal Ball is useful when you wish to ________.

In Crystal Ball,the output variables in which we are interested are called assumptions.

In Crystal Ball,forecast cells are the ________.

What are the statistics for which the Bootstrap tool in Crystal Ball constructs the sampling distributions?

In the first year,Captain Jack Automobiles is likely to realize an approximate cumulative profit of ________ with a probability of at least 0.80.

If several cells in the model have the same assumptions,you may use the Copy and Paste commands in the Define group within the Crystal Ball ribbon.

In the fourth year,Captain Jack Automobiles is likely to realize an approximate cumulative profit of ________ with a probability of at least 0.10.

The Extract Data in the Analyze group of Crystal Ball,allows an individual to build customized reports for all or a subset of assumptions and output information.

For the below given data,Reuben wanted to accomplish a Monte Carlo simulation to study the effect of variation in unit variable cost on the final decision.While using the data table function in Excel,which cell should he reference to in the Column Input Cell field of the Data Table dialog?

Use the data set shown below to answer the following question(s). For this Newsvendor model,fit a distribution with Crystal Ball and use the Decision Table tool for analysis.Use 5,000 trials for the simulation. -Which of the following provides the lowest average profit?

Monte Carlo sampling differs from Latin Hypercube sampling in that Monte Carlo sampling ________.

In Crystal Ball,Monte Carlo sampling divides each assumption's probability distribution into intervals of equal probability and generates an assumption value randomly within each interval.

In the forecast chart for the cumulative profit in year 3,you enter the value 0 into the left range box and hit the enter button.The above set of actions determines the ________.

What are the chances that Captain Jack Automobiles will show a cumulative net profit in the fourth year?

In Crystal Ball,the Forecast Charts show the sampled random variates superimposed over the theoretical distributions chosen as assumptions.

The probability of a positive cumulative net profit in the ________ year is approximately 88%.

In a forecast chart provided by Crystal Ball,a certainty level is ________.

Data and Business Decisions

Descriptive Statistics and Data Analysis

Probability Concepts and Distributions

Sampling and Estimation

Hypothesis Testing and Statistical Inference

Regression Analysis

Forecasting

Introduction to Statistical Quality Control

Building and Using Decision Models

Decisions, uncertainty, and Risk

Queues and Process Simulation Modeling

Linear Optimization

Integer, nonlinear, and Advanced Optimization Methods

Filters

Exam 10: Decision Models With Uncertainty and Risk

The Sampling tab of Crystal Ball is useful when you wish to ________.

In Crystal Ball,the output variables in which we are interested are called assumptions.

In Crystal Ball,forecast cells are the ________.

What are the statistics for which the Bootstrap tool in Crystal Ball constructs the sampling distributions?

In the first year,Captain Jack Automobiles is likely to realize an approximate cumulative profit of ________ with a probability of at least 0.80.

If several cells in the model have the same assumptions,you may use the Copy and Paste commands in the Define group within the Crystal Ball ribbon.

In the fourth year,Captain Jack Automobiles is likely to realize an approximate cumulative profit of ________ with a probability of at least 0.10.

The Extract Data in the Analyze group of Crystal Ball,allows an individual to build customized reports for all or a subset of assumptions and output information.

For the below given data,Reuben wanted to accomplish a Monte Carlo simulation to study the effect of variation in unit variable cost on the final decision.While using the data table function in Excel,which cell should he reference to in the Column Input Cell field of the Data Table dialog?

Use the data set shown below to answer the following question(s). For this Newsvendor model,fit a distribution with Crystal Ball and use the Decision Table tool for analysis.Use 5,000 trials for the simulation. -Which of the following provides the lowest average profit?

Monte Carlo sampling differs from Latin Hypercube sampling in that Monte Carlo sampling ________.

In Crystal Ball,Monte Carlo sampling divides each assumption's probability distribution into intervals of equal probability and generates an assumption value randomly within each interval.

In the forecast chart for the cumulative profit in year 3,you enter the value 0 into the left range box and hit the enter button.The above set of actions determines the ________.

What are the chances that Captain Jack Automobiles will show a cumulative net profit in the fourth year?

In Crystal Ball,the Forecast Charts show the sampled random variates superimposed over the theoretical distributions chosen as assumptions.

The probability of a positive cumulative net profit in the ________ year is approximately 88%.

In a forecast chart provided by Crystal Ball,a certainty level is ________.

Data and Business Decisions

Descriptive Statistics and Data Analysis

Probability Concepts and Distributions

Sampling and Estimation

Hypothesis Testing and Statistical Inference

Regression Analysis

Forecasting

Introduction to Statistical Quality Control

Building and Using Decision Models

Decisions, uncertainty, and Risk

Queues and Process Simulation Modeling

Linear Optimization

Integer, nonlinear, and Advanced Optimization Methods

Filters