Exam 27: Simulation

From a portion of a probability distribution,you read that P(demand = 0)is 0.05,P(demand = 1)is 0.10,and P(demand = 2)is 0.20.What are the two-digit random number intervals for this distribution beginning with 01?

A simulation is "Monte Carlo" when the elements of a system being simulated exhibit chance in their behavior.

What is the Monte Carlo method?

Identify,in order,the five steps required to implement the Monte Carlo simulation technique.

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?

Similar to mathematical and analytical models,simulation is restricted to using the standard probability distributions.

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

________ is the attempt to duplicate the features,appearance,and characteristics of a real system,usually via a computerized model.

The effects of OM policies over many months or years can be obtained by computer simulation in a short time.This phenomenon is referred to as ________.

By starting random number intervals at 01,not 00,the top of each range is the cumulative probability.

The seven steps in the use of simulation include all EXCEPT which of the following?

Complete the following table in preparation for a Monte Carlo simulation.The expected demand is 3.52.

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

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

One reason for using simulation rather than an analytical model in an inventory problem is that the simulation is able to handle probabilistic demand and lead times.

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

Which of the following is TRUE regarding the use of simulation?

A distribution of service times at a waiting line indicates that service takes 12 minutes 30 percent of the time and 14 minutes 70 percent of the time.In preparing this distribution for Monte Carlo analysis,the service time 13 minutes would be represented by what random number range?

One of the disadvantages of simulation is that it:

The idea behind simulation is threefold: (1)to imitate a real-world situation mathematically, (2)then to study its properties and operating characteristics,and (3)finally to draw conclusions and make action decisions based on the results of the simulation.