Question 1

The effect of the Excel formula =20*RAND()

Accepted Answer

A)  is that twenty entries of a random variable with a mean of zero will be created. 
B)  is that twenty entries of a random variable with a mean of one will be created. 
C)  is that one entry of a random variable with a mean of twenty will be created. 
D)  is that one entry of a random variable with a mean of ten will be created. 
A)  is that twenty entries of a random variable with a mean of zero will be created. 
B)  is that twenty entries of a random variable with a mean of one will be created. 
C)  is that one entry of a random variable with a mean of twenty will be created. 
D)  is that one entry of a random variable with a mean of ten will be created.

Question 2

Which of the following is characteristic of Monte Carlo simulation?

Accepted Answer

A)  Results are usually not valid, but provide managers with an approximation. 
B)  Time compression is not possible using this technique. 
C)  Statistical sampling is used to create outcomes for many trials. 
D)  Computer packages such as SimQuick and Arena can show on-screen graphics of customers moving through the system or inventory accumulation. 
A)  Results are usually not valid, but provide managers with an approximation. 
B)  Time compression is not possible using this technique. 
C)  Statistical sampling is used to create outcomes for many trials. 
D)  Computer packages such as SimQuick and Arena can show on-screen graphics of customers moving through the system or inventory accumulation.

Question 3

Monte Carlo simulation uses statistical sampling to create outcomes for a large number of trials.

Accepted Answer

A) True 
 B)False

The effect of the Excel formula =20*RAND()

Which of the following is characteristic of Monte Carlo simulation?

Monte Carlo simulation uses statistical sampling to create outcomes for a large number of trials.

Introduction to Operations and Supply Chain Management

Operations and Supply Chain Strategies

Process Choice and Layout Decisions in Manufacturing and Services

Business Processes

Managing Quality

Managing Capacity

Supply Management

Logistics

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Sales and Operations Planning Aggregate Planning

Managing Inventory Throughout the Supply Chain

Managing Production Across the Supply Chain

A: Supply Chain Information Systems

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Exam 6: A: Advanced Waiting Line Theory and Simulation Modeling

The effect of the Excel formula =20*RAND()

Which of the following is characteristic of Monte Carlo simulation?

Monte Carlo simulation uses statistical sampling to create outcomes for a large number of trials.

Introduction to Operations and Supply Chain Management

Operations and Supply Chain Strategies

Process Choice and Layout Decisions in Manufacturing and Services

Business Processes

Managing Quality

Managing Capacity

Supply Management

Logistics

Forecasting

Sales and Operations Planning Aggregate Planning

Managing Inventory Throughout the Supply Chain

Managing Production Across the Supply Chain

A: Supply Chain Information Systems

Jitlean Production

Managing Projects

Developing Products and Services

Filters