Question 1

In reviewing the graph below, which of the following inferences can be drawn about the monthly salary?

Accepted Answer

A) The average monthly salary is $3,000. 
B) The monthly salary is always less than $3,000. 
C) The monthly salary is always greater than $3,000. 
D) The range of the monthly salary distribution is $3,000 to $5,000. 
A) The average monthly salary is $3,000. 
B) The monthly salary is always less than $3,000. 
C) The monthly salary is always greater than $3,000. 
D) The range of the monthly salary distribution is $3,000 to $5,000. A

Question 2

In a __________ distribution, a random variable can take any value in a specified range.

Accepted Answer

A) discrete probability 
B) cumulative 
C) relative frequency 
D) continuous probability 
A) discrete probability 
B) cumulative 
C) relative frequency 
D) continuous probability D

Question 3

In Excel, the expression LN(RAND())*(-m) would generate a(n) __________ random variable with mean m.

Accepted Answer

A) lognormal 
B) logarithmic 
C) normal 
D) exponential 
A) lognormal 
B) logarithmic 
C) normal 
D) exponential D

Question 4

__________ is the process of determining that a simulation model provides an accurate representation of a real system.

Accepted Answer

A) Regression 
B) Verification 
C) Consideration 
D) Validation 
A) Regression 
B) Verification 
C) Consideration 
D) Validation

Question 5

The time it takes to manufacture a product is modeled by a continuous distribution. The time to manufacture one unit can take anywhere from 5 to 6 minutes with equal probability. What distribution can be used to model the random variable, production time?

Accepted Answer

A) Normal distribution 
B) Uniform distribution 
C) Discrete probability distribution 
D) Binomial distribution 
A) Normal distribution 
B) Uniform distribution 
C) Discrete probability distribution 
D) Binomial distribution

Question 6

An input to a simulation model that is selected by the decision maker is known as a

Accepted Answer

A) random variable. 
B) nonnegativity constraint. 
C) probable input. 
D) controllable input. 
A) random variable. 
B) nonnegativity constraint. 
C) probable input. 
D) controllable input.

Question 7

The type of distribution shown in the graph below is a(n) __________ distribution.

Accepted Answer

A) uniform 
B) normal 
C) exponential 
D) beta 
A) uniform 
B) normal 
C) exponential 
D) beta

Question 8

Which of the following Excel functions would generate random integers from 0 to 100?

Accepted Answer

A) =RAND( ) 
B) =RANDBETWEEN(0, 100) 
C) =SUMIF(A1:A100, 100) 
D) =100*RAND( ) 
A) =RAND( ) 
B) =RANDBETWEEN(0, 100) 
C) =SUMIF(A1:A100, 100) 
D) =100*RAND( )

Question 9

A set of values for the random variables is called a(n)

Accepted Answer

A) event. 
B) permutation. 
C) trial. 
D) combination. 
A) event. 
B) permutation. 
C) trial. 
D) combination.

Question 10

The Excel function __________ generates integer values between lower and upper bounds.

Accepted Answer

A) RAND 
B) RANDBETWEEN 
C) LOWER 
D) UPPER 
A) RAND 
B) RANDBETWEEN 
C) LOWER 
D) UPPER

Question 11

The profit realized by the sales of a particular item follows a normal distribution with a mean of $0.5 million per quarter and a standard deviation of $0.1 million per quarter. What percent of the quarters can be expected to see a profit of at least $0.5 million?

Accepted Answer

A) 50% 
B) 40% 
C) 60% 
D) 10% 
A) 50% 
B) 40% 
C) 60% 
D) 10%

Question 12

Which of the following is a disadvantage of using simulation?

Accepted Answer

A) Experimenting directly with a simulation model is often not feasible. 
B) Each simulation run provides only a sample of how the real system will operate. 
C) The simulation models are used to describe systems without requiring the assumptions that are required by mathematical models. 
D) Simulation models warn against poor decision strategies by projecting disastrous outcomes such as system failures, large financial losses, and so on. 
A) Experimenting directly with a simulation model is often not feasible. 
B) Each simulation run provides only a sample of how the real system will operate. 
C) The simulation models are used to describe systems without requiring the assumptions that are required by mathematical models. 
D) Simulation models warn against poor decision strategies by projecting disastrous outcomes such as system failures, large financial losses, and so on.

Question 13

Which of the following inferences about a variable of interest can be drawn from the graph given below?

Accepted Answer

A) The variable is equally likely to take any value between 20 and 40. 
B) The variable is more likely to take the value 20 than 40. 
C) The variable is more likely to take any value outside the range of 20 and 40. 
D) The variable can only take the value 30. 
A) The variable is equally likely to take any value between 20 and 40. 
B) The variable is more likely to take the value 20 than 40. 
C) The variable is more likely to take any value outside the range of 20 and 40. 
D) The variable can only take the value 30.

Question 14

The random variables corresponding to the interarrival times of customers and the service times of the servers are commonly part of a(n) __________ simulation.

Accepted Answer

A) Monte Carlo 
B) what-if 
C) risk analysis 
D) discrete-event 
A) Monte Carlo 
B) what-if 
C) risk analysis 
D) discrete-event

Question 15

The weekly demand for an item in a retail store follows a uniform distribution over the range 70 to 83. What would be the weekly demand if its corresponding computer-generated value is 0.5?

Accepted Answer

A) 90.1 
B) 83 
C) 76.5 
D) 50.85 
A) 90.1 
B) 83 
C) 76.5 
D) 50.85

Question 16

A store is offering a discount on 800 pairs of basketball shoes. The amount of the discount varies and is not revealed to the customer until checkout. The distribution of discounts is given in the below table.
​ $$\begin{array} { c c } 
\text { Discount Rate (\%) } & \text { Number of Tags } \
\hline 5 & 250 \
20 & 220 \
35 & 120 \
50 & 80 \
65 & 70 \
90 & 60
\end{array}$$ ​
How many pairs of shoes does a customer have to buy so that, on average, he has purchased five containing a 65% or 90% discount? (Hint: Use the hypergeometric distribution in ASP to answer this question.)

Accepted Answer

A customer needs to buy 31 sho

Question 17

Which of the following is true of verification?

Accepted Answer

A) It is largely a debugging task. 
B) It requires an agreement among analysts and managers. 
C) It deals with the accurate modeling of real system operations. 
D) It is performed prior to the development of the computer procedure for simulation. 
A) It is largely a debugging task. 
B) It requires an agreement among analysts and managers. 
C) It deals with the accurate modeling of real system operations. 
D) It is performed prior to the development of the computer procedure for simulation.

Question 18

A __________ analysis involves considering alternative values for the random variables and computing the resulting value for the output.

Accepted Answer

A) random 
B) what-if 
C) risk 
D) cluster 
A) random 
B) what-if 
C) risk 
D) cluster

Question 19

For a given mean and standard deviation, the __________ function in Excel is used to generate a value for the random variable characterized by a normal distribution.

Accepted Answer

A) NORM.INV 
B) RAND 
C) VLOOKUP 
D) FREQUENCY 
A) NORM.INV 
B) RAND 
C) VLOOKUP 
D) FREQUENCY

Question 20

In simulation analysis, the ___________ of random variables can be adjusted to determine the impact of the assumptions about the shape of the uncertainty on the results.

Accepted Answer

A) probability distributions 
B) ranges 
C) relative frequencies 
D) manual generations 
A) probability distributions 
B) ranges 
C) relative frequencies 
D) manual generations

In reviewing the graph below, which of the following inferences can be drawn about the monthly salary?

In a __________ distribution, a random variable can take any value in a specified range.

In Excel, the expression LN(RAND())*(-m) would generate a(n) __________ random variable with mean m.

__________ is the process of determining that a simulation model provides an accurate representation of a real system.

The time it takes to manufacture a product is modeled by a continuous distribution. The time to manufacture one unit can take anywhere from 5 to 6 minutes with equal probability. What distribution can be used to model the random variable, production time?

An input to a simulation model that is selected by the decision maker is known as a

The type of distribution shown in the graph below is a(n) __________ distribution.

Which of the following Excel functions would generate random integers from 0 to 100?

A set of values for the random variables is called a(n)

The Excel function __________ generates integer values between lower and upper bounds.

The profit realized by the sales of a particular item follows a normal distribution with a mean of $0.5 million per quarter and a standard deviation of $0.1 million per quarter. What percent of the quarters can be expected to see a profit of at least $0.5 million?

Which of the following is a disadvantage of using simulation?

Which of the following inferences about a variable of interest can be drawn from the graph given below?

The random variables corresponding to the interarrival times of customers and the service times of the servers are commonly part of a(n) __________ simulation.

The weekly demand for an item in a retail store follows a uniform distribution over the range 70 to 83. What would be the weekly demand if its corresponding computer-generated value is 0.5?

Which of the following is true of verification?

A __________ analysis involves considering alternative values for the random variables and computing the resulting value for the output.

For a given mean and standard deviation, the __________ function in Excel is used to generate a value for the random variable characterized by a normal distribution.

In simulation analysis, the ___________ of random variables can be adjusted to determine the impact of the assumptions about the shape of the uncertainty on the results.

Introduction

Descriptive Statistics

Data Visualization

Descriptive Data Mining

Probability: an Introduction to Modeling Uncertainty

Statistical Inference

Linear Regression

Time Series Analysis and Forecasting

Predictive Data Mining

Spreadsheet Models

Linear Optimization Models

Integer Linear Optimization Models

Nonlinear Optimization Models

Decision Analysis

Filters

Exam 11: Monte Carlo Simulation

In reviewing the graph below, which of the following inferences can be drawn about the monthly salary?

In a __________ distribution, a random variable can take any value in a specified range.

In Excel, the expression LN(RAND())*(-m) would generate a(n) __________ random variable with mean m.

__________ is the process of determining that a simulation model provides an accurate representation of a real system.

The time it takes to manufacture a product is modeled by a continuous distribution. The time to manufacture one unit can take anywhere from 5 to 6 minutes with equal probability. What distribution can be used to model the random variable, production time?

An input to a simulation model that is selected by the decision maker is known as a

The type of distribution shown in the graph below is a(n) __________ distribution.

Which of the following Excel functions would generate random integers from 0 to 100?

A set of values for the random variables is called a(n)

The Excel function __________ generates integer values between lower and upper bounds.

The profit realized by the sales of a particular item follows a normal distribution with a mean of $0.5 million per quarter and a standard deviation of $0.1 million per quarter. What percent of the quarters can be expected to see a profit of at least $0.5 million?

Which of the following is a disadvantage of using simulation?

Which of the following inferences about a variable of interest can be drawn from the graph given below?

The random variables corresponding to the interarrival times of customers and the service times of the servers are commonly part of a(n) __________ simulation.

The weekly demand for an item in a retail store follows a uniform distribution over the range 70 to 83. What would be the weekly demand if its corresponding computer-generated value is 0.5?

Which of the following is true of verification?

A __________ analysis involves considering alternative values for the random variables and computing the resulting value for the output.

For a given mean and standard deviation, the __________ function in Excel is used to generate a value for the random variable characterized by a normal distribution.

In simulation analysis, the ___________ of random variables can be adjusted to determine the impact of the assumptions about the shape of the uncertainty on the results.

Introduction

Descriptive Statistics

Data Visualization

Descriptive Data Mining

Probability: an Introduction to Modeling Uncertainty

Statistical Inference

Linear Regression

Time Series Analysis and Forecasting

Predictive Data Mining

Spreadsheet Models

Linear Optimization Models

Integer Linear Optimization Models

Nonlinear Optimization Models

Decision Analysis

Filters