Exam 17: Operational Decision-Making Tools: Simulation

The ___ technique selects numbers randomly from a probability distribution for use in a trial run of a simulation.

Simulation analysis is useful for operational problems that

After a sufficient number of simulation runs,a steady state results when the variable being investigated reaches an ___ value that remains constant.

Simulation is often viewed as the technique of last resort because it can be applied to situations when there is no applicable quantitative model.

Simulation analysis is the preferred method used at hospitals to determine the type of treatment a patient requires.

Because simulation is used to analyze probabilistic problems,it provides information that is used to make a decision versus an optimal solution.

The Monte Carlo technique selects numbers randomly from a probability distribution for use in a quantitative model.

A random number's likelihood of being selected is based on a normal distribution.

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.

The Monte Carlo technique is a mathematical model used within a simulation.

A steady state results when a simulation is repeated enough times that the random variable being investigated reaches an average result that remains constant.

Simulation is the preferred technique for problems with random variables represented by probability distributions.

At a Walmart store,simulation can be used to analyze waiting lines at check-out stands to determine the required staffing levels.

Simulation is a popular decision-making tool that provides a solution to any type of problem.

As a simulation model becomes more complex,using a computer application is virtually impossible.