Exam 27: Simulation

The number of tires sold at a car garage varies randomly between 0 and 4 each hour,with equally probability for each possible outcome.What set of random numbers (on the 01-100 scale)would tire sales of 2 be assigned?

The Las Vegas method is a simulation technique that uses random elements when chance exists in their behavior.

Explain what is meant by the concept of "time compression" in simulation modeling.

Simulation is used for several reasons,including which of the following?

Which of the following are advantages of simulation? I.time compression II."what-if?" questions are possible III.flexibility IV.repetitive approach V.input must be user generated

One of the advantages of simulation is that:

Complete the following table in preparation for a Monte Carlo simulation.

Which of the following is an idea behind simulation?

Suppose the following random numbers (1,34,22,78,56,98,00,82)were selected during a Monte Carlo simulation that was based on the chart below.What was the average demand per period for the simulation? What is the expected demand?

What is the Monte Carlo method?

One effective use of simulation is to study problems for which the mathematical models of operations management are not realistic enough.

Virtually all large-scale simulations take place on computers,but small simulations can be conducted by hand.

Simulation provides optimal solutions to problems.

A distribution of lead times in an inventory problem indicates that lead time was 1 day 20 percent of the time,2 days 30 percent of the time,3 days 30 percent of the time,and 4 days 20 percent of the time.This distribution has been prepared for Monte Carlo analysis.The first four random numbers drawn are 06,63,57,and 02.What is the average lead time of this simulation?

Simulation is the attempt to duplicate the features,appearance,and characteristics of a real system,usually by means of a computerized model.

A(n)________ is a series of digits that have been selected by a totally random process.

From a portion of a probability distribution,you read that P(demand = 1)is 0.05,P(demand = 2)is 0.15,and P(demand = 3)is .20.The cumulative probability for demand = 3 would be which of the following?

Which of the following is a necessity for common EOQ methodology but not simulations?

Which of the following is NOT a step in running a Monte Carlo simulation?

Simulation has numerous applications in modern business,but few of these are in the area of operations.