Question 1

The Analytic Solver Platform is a good simulation tool because

Accepted Answer

A) it is difficult to use 
B) it provides several polymorphic spreadsheet interpreter "psi" functions to facilitate Excel calculations 
C) it has a limited choice of statistical distributions making it difficult to approximate reality 
D) it requires a standalone platform operating independently of Excel 
A) it is difficult to use 
B) it provides several polymorphic spreadsheet interpreter "psi" functions to facilitate Excel calculations 
C) it has a limited choice of statistical distributions making it difficult to approximate reality 
D) it requires a standalone platform operating independently of Excel

Question 2

A simulation model was replicated 100 times yielding a mean of 82.59 with variance of 17.66.Of the 100 replications,11 replications yielded an outcome over a value of 100.The 95% confidence interval of the mean is the interval 81.77,83.41).Of the 100 simulation outcomes,65 outcomes failed to fall within this interval.What is wrong with the confidence interval?

Accepted Answer

Nothing.The confiden

Question 3

What gallery distribution should be used for generating the number of times "tails" come up over 15 flips of a "fair" coin?

Accepted Answer

The answer of What gallery distribution should be used for...

Question 4

Worst case analysis is an)view of the problem.

Accepted Answer

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

Question 5

The PsiTarget. )function in Analytic Solver Platform

Accepted Answer

A) returns the cumulative probability of a specified distribution cell being less or equal to the specified target value 
B) returns the cumulative probability of a specified distribution cell being equal to or larger than the specified target value 
C) returns the cumulative probability of a specified distribution cell being equal to the specified target value 
D) returns the probability of a specified distribution cell being equal to the specified target value 
A) returns the cumulative probability of a specified distribution cell being less or equal to the specified target value 
B) returns the cumulative probability of a specified distribution cell being equal to or larger than the specified target value 
C) returns the cumulative probability of a specified distribution cell being equal to the specified target value 
D) returns the probability of a specified distribution cell being equal to the specified target value

Question 6

Which Analytic Solver Platform function will generate random integer numbers between 2 and 8?

Accepted Answer

A) =PsiIntUniform2,8) 
B) =PsiDiscrete2,8) 
C) =PsiUniform2,8) 
D) =PsiRandom2,8) 
A) =PsiIntUniform2,8) 
B) =PsiDiscrete2,8) 
C) =PsiUniform2,8) 
D) =PsiRandom2,8)

Question 7

Which of the following distributions can be generated by Analytic Solver Platform?

Accepted Answer

A) Poisson 
B) Normal 
C) Weibull 
D) All of these 
A) Poisson 
B) Normal 
C) Weibull 
D) All of these

Question 8

In a what-if analysis the decision maker

Accepted Answer

A) changes the values of the uncertain input variables to see what happens to the performance measure being studied 
B) assumes that all inputs are random variables 
C) assumes that all outputs are deterministic 
D) corrects for underestimated risk 
A) changes the values of the uncertain input variables to see what happens to the performance measure being studied 
B) assumes that all inputs are random variables 
C) assumes that all outputs are deterministic 
D) corrects for underestimated risk

Question 9

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.
 $$\begin{array} { | l | l | l | l | l | l | l | l | } 
\hline & \mathbf { A } & \mathbf { B } & \mathbf { C } & \mathbf { D } & \mathbf { E } & \mathbf { F } & \mathbf { G } \
\hline 1 & & & & & & & \
\hline
\end{array}$$  
-Using the information in Exhibit 12.3,what formula should go in cell H3 to compute the service level?

Accepted Answer

A) =SUMG8:G21)/SUMD8:D21) 
B) =SUMD8:D21)/SUME8:E21) 
C) =SUME8:E21)/SUMD8:D21) 
D) =SUMF8:F21)/SUMG8:G21) 
A) =SUMG8:G21)/SUMD8:D21) 
B) =SUMD8:D21)/SUME8:E21) 
C) =SUME8:E21)/SUMD8:D21) 
D) =SUMF8:F21)/SUMG8:G21)

Question 10

A simulation model was replicated 100 times yielding a mean of 82.59 with variance of 17.66.Of the 100 replications,11 replications yielded an outcome over a value of 100.What is the 90% confidence interval on the mean?

Accepted Answer

82.59 ± 1.

Question 11

A random variable is

Accepted Answer

A) a variable whose value cannot be predicted with certainty 
B) a parameter 
C) a population variable 
D) a sample variable 
A) a variable whose value cannot be predicted with certainty 
B) a parameter 
C) a population variable 
D) a sample variable

Question 12

Simulation is used to

Accepted Answer

A) find possible worst case values for the dependent variables). 
B) find worst case and best case values for the dependent variables). 
C) find distribution information for the dependent variables). 
D) find median values for the dependent variables). 
A) find possible worst case values for the dependent variables). 
B) find worst case and best case values for the dependent variables). 
C) find distribution information for the dependent variables). 
D) find median values for the dependent variables).

Question 13

Which of the following best describes a random variable?

Accepted Answer

A) A spreadsheet input cell containing a random number generator. 
B) The outcome of a simulation model. 
C) Any variable whose value cannot be predicted with certainty. 
D) All of these describe random variables. 
A) A spreadsheet input cell containing a random number generator. 
B) The outcome of a simulation model. 
C) Any variable whose value cannot be predicted with certainty. 
D) All of these describe random variables.

Question 14

What method is used to generate observations from a distribution?

Accepted Answer

A) random number generator 
B) sample generator 
C) problem generator 
D) steady state generator 
A) random number generator 
B) sample generator 
C) problem generator 
D) steady state generator

Question 15

Exhibit 12.4.
The following questions use the information below.
The manager of a Washington,DC sightseeing tour company is concerned about overbooking for one of his bus tours.The bus has 15 seats but sometimes there are empty seats.His records show that about 20% of ticket holders do not show up for their tour.Tickets cost $10 and are non-refundable.If the manager overbooks the tour and more than 15 passengers show up,some of them will be bumped to a later tour.This bumping costs the company $25 in various expenses to keep the customer happy until the next tour.The manager wants to see what happens to profits if 18 reservations are accepted.
  
-Using the information in Exhibit 12.4,what Analytic Solver Platform function should be used in cell C10 to determine the number of Passengers to Board?

Accepted Answer

A) =PsiBinomial$C$8,1-$C$6) 
B) =PsiBinomial1-$C$6,$C$8) 
C) =PsiBinomial$C$8,$C$6) 
D) =PsiBinomial$C$6,$C$8) 
A) =PsiBinomial$C$8,1-$C$6) 
B) =PsiBinomial1-$C$6,$C$8) 
C) =PsiBinomial$C$8,$C$6) 
D) =PsiBinomial$C$6,$C$8)

Question 16

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.
 $$\begin{array} { | l | l | l | l | l | l | l | l | } 
\hline & \mathbf { A } & \mathbf { B } & \mathbf { C } & \mathbf { D } & \mathbf { E } & \mathbf { F } & \mathbf { G } \
\hline 1 & & & & & & & \
\hline
\end{array}$$  
-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) =IFI8=0,0,A8+I8) 
B) =IFI8=0,0,A8+1+I8) 
C) =IFI8=1,0,A8+1+I8) 
D) =IFI8=0,A8+1+I8,0) 
A) =IFI8=0,0,A8+I8) 
B) =IFI8=0,0,A8+1+I8) 
C) =IFI8=1,0,A8+1+I8) 
D) =IFI8=0,A8+1+I8,0)

Question 17

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 18

Exhibit 12.4.
The following questions use the information below.
The manager of a Washington,DC sightseeing tour company is concerned about overbooking for one of his bus tours.The bus has 15 seats but sometimes there are empty seats.His records show that about 20% of ticket holders do not show up for their tour.Tickets cost $10 and are non-refundable.If the manager overbooks the tour and more than 15 passengers show up,some of them will be bumped to a later tour.This bumping costs the company $25 in various expenses to keep the customer happy until the next tour.The manager wants to see what happens to profits if 18 reservations are accepted.
  
-Using the information in Exhibit 12.4,what formula should go in cell C14 of the worksheet to determine the Cost of Bumping Passengers?

Accepted Answer

A) =C5*MAXC10-C4,0) 
B) =C5*MAXC10,0) 
C) =MAXC10-C4,0) 
D) =C5*MAXC10,C4) 
A) =C5*MAXC10-C4,0) 
B) =C5*MAXC10,0) 
C) =MAXC10-C4,0) 
D) =C5*MAXC10,C4)

Question 19

Risk needs to be analyzed using models in order to

Accepted Answer

A) make decisions better than those based on informed guesses 
B) obtain a feasible solution 
C) obtain an optimal solution 
D) confound the decision-making process 
A) make decisions better than those based on informed guesses 
B) obtain a feasible solution 
C) obtain an optimal solution 
D) confound the decision-making process

Question 20

A machine produces an average of 500 parts per day with a standard deviation of 10 parts.This is a normally distributed variable.The percent of defective parts ranges from 8-12%.Parts which need minor repair comprise 75% of the defective parts and cost $5 to repair.The rest of the defective parts cost $20 to repair.What formulas should go in cells B8:B15 to compute the daily cost of defective parts?
 \(\begin{array}{|c|c|c|c|c|c|c|}
\hline & \text { A } & B & \mathrm{C} & \mathrm{D} & \text { E } & F \
\hline 1 & \text { Initial Conditions: } & & & & & \
\hline 2 & \text { Number of Parts: } & \text { Average } & 500 & \text { Stcd dev } & 10 & \text { Normal } \
\hline 3 & \% \text { Defective } & \text { Lo } & 8 \% & \mathrm{Hi} & 12 \% & \text { Cont. Uniform } \
\hline 4 & \% \text { Minor Defects } & & 75 \% & & & \text { Constant } \
\hline 5 & \text { Cost of Minor Defect } & & \$ 5 & & & \text { Constant } \
\hline 6 & \text { Cost of Major Defect } & & \$ 20 & & & \text { Constant } \
\hline 7 & & & & & & \
\hline 8 & \text { UnitsProduced } & 500 & & & & \
\hline 9 & \% \text { Defective } & 8.2 \% & & & & \
\hline 10 & \text { Total \# Defective } & 41 & & & & \
\hline 11 & \text { \#WthMinor Defects } & 31 & & & & \
\hline 12 & \text { Cost of Minor Defects } & \$ 155 & & & & \
\hline 13 & \text { \# With Major Defects } & 10 & & & & \
\hline 14 & \text { Cost of Major Defects } & \$ 200 & & & & \
\hline 15 & \text { Total Cost } & \$ 355 & & & & \
\hline
\end{array}\)

Accepted Answer

Cell Formula
B8 =PsiNormal$C$2

The Analytic Solver Platform is a good simulation tool because

What gallery distribution should be used for generating the number of times "tails" come up over 15 flips of a "fair" coin?

Worst case analysis is an)view of the problem.

The PsiTarget. )function in Analytic Solver Platform

Which Analytic Solver Platform function will generate random integer numbers between 2 and 8?

Which of the following distributions can be generated by Analytic Solver Platform?

In a what-if analysis the decision maker

A simulation model was replicated 100 times yielding a mean of 82.59 with variance of 17.66.Of the 100 replications,11 replications yielded an outcome over a value of 100.What is the 90% confidence interval on the mean?

A random variable is

Simulation is used to

Which of the following best describes a random variable?

What method is used to generate observations from a distribution?

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

Risk needs to be analyzed using models in order to

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

Data Mining

Time Series Forecasting

Queuing Theory

Decision Analysis

Project Management Online

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Exam 12: Introduction to Simulation Using Analytic Solver Platform

The Analytic Solver Platform is a good simulation tool because

What gallery distribution should be used for generating the number of times "tails" come up over 15 flips of a "fair" coin?

Worst case analysis is an)view of the problem.

The PsiTarget. )function in Analytic Solver Platform

Which Analytic Solver Platform function will generate random integer numbers between 2 and 8?

Which of the following distributions can be generated by Analytic Solver Platform?

In a what-if analysis the decision maker

A simulation model was replicated 100 times yielding a mean of 82.59 with variance of 17.66.Of the 100 replications,11 replications yielded an outcome over a value of 100.What is the 90% confidence interval on the mean?

A random variable is

Simulation is used to

Which of the following best describes a random variable?

What method is used to generate observations from a distribution?

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

Risk needs to be analyzed using models in order to

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

Data Mining

Time Series Forecasting

Queuing Theory

Decision Analysis

Project Management Online

Filters