Question 1

Simulation is normally used only when a problem is too complex to be treated using numerical optimization techniques.

Accepted Answer

A) True 
 B)False

Question 2

A model builder makes predictions and assumptions regarding input data,many of which deal with the assessment of certain futures.

Accepted Answer

A) True 
 B)False

Question 3

Why is there a trend to developing and using cloud-based tools for modeling?

Accepted Answer

The answer of Why is there a trend to developing...

Question 4

Why do many believe that making decisions under uncertainty is more difficult than making decisions under risk?

Accepted Answer

The answer of Why do many believe that making decisions...

Question 5

When the decision maker knows exactly what the outcome of each course of action will be,this is decision making under

Accepted Answer

A) certainty. 
B) uncertainty. 
C) risk. 
D) duress.

Question 6

Multiple goals is a decision situation in which alternatives are evaluated with several,sometimes ________,goals.

Accepted Answer

The answer of Multiple goals is a decision situation in...

Question 7

A(n)________ is a graphical representation of a model.

Accepted Answer

A) multidimensional analysis 
B) influence diagram 
C) OLAP model 
D) Whisker plot

Question 8

The most common simulation method for business decision problems is the ________ simulation.

Accepted Answer

The answer of The most common simulation method for business...

Question 9

This method calculates the values of the inputs necessary to achieve a desired level of an output.

Accepted Answer

A) goal seek 
B) what-if 
C) sensitivity 
D) LP

Question 10

Every LP model has some internal intermediate variables that are not explicitly stated.

Accepted Answer

A) True 
 B)False

Question 11

A(n)________ spreadsheet model represents behavior over time.

Accepted Answer

A) static 
B) dynamic 
C) looped 
D) add-in

Question 12

Spreadsheets include all possible tools needed to deploy a custom DSS.

Accepted Answer

A) True 
 B)False

Question 13

A probabilistic decision-making situation is a decision made under ________.

Accepted Answer

The answer of A probabilistic decision-making situation is a decision...

Question 14

The pessimistic approach assumes that the worst possible outcome for each alternative will occur and selects the best of these.

Accepted Answer

A) True 
 B)False

Question 15

________ analysis is structured as "What will happen to the solution if an input variable,an assumption,or a parameter value is changed?"

Accepted Answer

The answer of ________ analysis is structured as "What will...

Question 16

Spreadsheets use ________ to extend their functionality.

Accepted Answer

The answer of Spreadsheets use ________ to extend their functionality....

Question 17

________,like data,must be managed to maintain their integrity,and thus their applicability.

Accepted Answer

The answer of ________,like data,must be managed to maintain their...

Question 18

A decision table shows the relationships of the problem graphically and can handle complex situations in a compact form.

Accepted Answer

A) True 
 B)False

Question 19

A more general form of an influence diagram is called a(n)

Accepted Answer

A) forecast. 
B) environmental scan. 
C) cognitive map. 
D) static model.

Question 20

Which of the following is the order of simulation methodology?

Accepted Answer

A) Define the problem,Construct the simulation model,Test and validate the model,Design the experiment,Conduct the experiment,Implement the results,Evaluate the results. 
B) Construct the simulation model,Test and validate the model,Define the problem,Design the experiment,Conduct the experiment,Evaluate the results,Implement the results. 
C) Define the problem,Construct the simulation model,Test and validate the model,Evaluate the results,Implement the results,Design the experiment,Conduct the experiment. 
D) Define the problem,Construct the simulation model,Test and validate the model,Design the experiment,Conduct the experiment,Evaluate the results,Implement the results.

Exam 6: Prescriptive Analytics: Optimization and Simulation

Simulation is normally used only when a problem is too complex to be treated using numerical optimization techniques.

A model builder makes predictions and assumptions regarding input data,many of which deal with the assessment of certain futures.

Why is there a trend to developing and using cloud-based tools for modeling?

Why do many believe that making decisions under uncertainty is more difficult than making decisions under risk?

When the decision maker knows exactly what the outcome of each course of action will be,this is decision making under

Multiple goals is a decision situation in which alternatives are evaluated with several,sometimes ________,goals.

A(n) ________ is a graphical representation of a model.

The most common simulation method for business decision problems is the ________ simulation.

This method calculates the values of the inputs necessary to achieve a desired level of an output.

Every LP model has some internal intermediate variables that are not explicitly stated.

A(n) ________ spreadsheet model represents behavior over time.

Spreadsheets include all possible tools needed to deploy a custom DSS.

A probabilistic decision-making situation is a decision made under ________.

The pessimistic approach assumes that the worst possible outcome for each alternative will occur and selects the best of these.

________ analysis is structured as "What will happen to the solution if an input variable,an assumption,or a parameter value is changed?"

Spreadsheets use ________ to extend their functionality.

________,like data,must be managed to maintain their integrity,and thus their applicability.

A decision table shows the relationships of the problem graphically and can handle complex situations in a compact form.

A more general form of an influence diagram is called a(n)

Which of the following is the order of simulation methodology?