Question 1

Worst case analysis is a(n) ____ view of the problem.

Accepted Answer

A)  pessimistic 
B)  optimistic 
C)  risky 
D)  certain 
A)  pessimistic 
B)  optimistic 
C)  risky 
D)  certain

Question 2

Exhibit 12.3
The following questions use the information below.
An auto parts store wants to simulate its inventory system for engine oil. The company has collected data on the shipping time for oil and the daily demand for cases of oil. A case of oil generates a $10 profit. Customers can buy oil at any auto parts store so there are no backorders (the company loses the sale and profit). The company orders 30 cases whenever the inventory position falls below the reorder point of 15 cases. Orders are placed at the beginning of the day and delivered at the beginning of the day so the oil is available on the arrival day. An average service level of 99% is desired. The following spreadsheets have been developed for this problem. The company has simulated 2 weeks of operation for their inventory system. The current level of on-hand inventory is 25 units and no orders are pending.
      
-Using the information in Exhibit 12.3, what formula should go in cell J8 to determine the arrival date for an order?

Accepted Answer

A)  =IF(I8=0,0,A8+I8) 
B)  =IF(I8=0,0,A8+1+I8) 
C)  =IF(I8=1,0,A8+1+I8) 
D)  =IF(I8=0,A8+1+I8,0) 
A)  =IF(I8=0,0,A8+I8) 
B)  =IF(I8=0,0,A8+1+I8) 
C)  =IF(I8=1,0,A8+1+I8) 
D)  =IF(I8=0,A8+1+I8,0)

Question 3

Which Risk Solver Platform (RSP) function will generate random numbers between 3 and 7 from a continuous uniform distribution?

Accepted Answer

A)  =PsiConUniform(3, 7) 
B)  =PsiUniDist(3, 7) 
C)  =PsiUniform(3, 7) 
D)  =PsiTruncate(3, 7) 
A)  =PsiConUniform(3, 7) 
B)  =PsiUniDist(3, 7) 
C)  =PsiUniform(3, 7) 
D)  =PsiTruncate(3, 7)

Question 4

In general there are two primary issues involved in risk. What are these two issues?

Accepted Answer

A)  Validation of spreadsheet model and setting up for the simulation. 
B)  Uncertainty of the outcome and magnitude of the potential loss. 
C)  Maximum amount of profit made and the probability of a maximum profit. 
D)  Maximum amount of loss incurred and the likelihood of that loss. 
A)  Validation of spreadsheet model and setting up for the simulation. 
B)  Uncertainty of the outcome and magnitude of the potential loss. 
C)  Maximum amount of profit made and the probability of a maximum profit. 
D)  Maximum amount of loss incurred and the likelihood of that loss.

Question 5

What is a weakness of manual what-if analysis?

Accepted Answer

A)  biased sample values of performance measures 
B)  hard to do many what-if scenarios 
C)  does not provide distribution information 
D)  all of these are weaknesses 
A)  biased sample values of performance measures 
B)  hard to do many what-if scenarios 
C)  does not provide distribution information 
D)  all of these are weaknesses

Worst case analysis is a(n) ____ view of the problem.

Which Risk Solver Platform (RSP) function will generate random numbers between 3 and 7 from a continuous uniform distribution?

In general there are two primary issues involved in risk. What are these two issues?

What is a weakness of manual what-if analysis?

Introduction to Modeling and Decision Analysis

Introduction to Optimization and Linear Programming

Modeling and Solving Lp Problems in a Spreadsheet

Sensitivity Analysis and the Simplex Method

Network Modeling

Integer Linear Programming

Goal Programming and Multiple Objective Optimization

Nonlinear Programming and Evolutionary Optimization

Regression Analysis

Discriminant Analysis

Time Series Forecasting

Queuing Theory

Decision Analysis

Project Management Online

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Exam 12: Introduction to Simulation Using Risk Solver Platform

Worst case analysis is a(n) ____ view of the problem.

Which Risk Solver Platform (RSP) function will generate random numbers between 3 and 7 from a continuous uniform distribution?

In general there are two primary issues involved in risk. What are these two issues?

What is a weakness of manual what-if analysis?

Introduction to Modeling and Decision Analysis

Introduction to Optimization and Linear Programming

Modeling and Solving Lp Problems in a Spreadsheet

Sensitivity Analysis and the Simplex Method

Network Modeling

Integer Linear Programming

Goal Programming and Multiple Objective Optimization

Nonlinear Programming and Evolutionary Optimization

Regression Analysis

Discriminant Analysis

Time Series Forecasting

Queuing Theory

Decision Analysis

Project Management Online

Filters