MAT 540 MT

# MAT 540 MT

398.7k points

Which of the following is incorrect with respect to the use of models in decision making?

they improve understanding of the problem

they promote subjectivity in decision making

they are generally easy to use

they provide a systematic approach to problem solving

It's often ____________ to validate that the results of a simulation truly replicate reality.

easy

difficult

impossible

out of the question

The maximax criterion results in the

maximum of the minimum payoffs

maximum of the maximum payoffs

mnimum of the maximum payoffs

minimum of the minimum payoffs

A cycle is an up-and-down repetitive movement in demand.

True

False

Variable costs are independent of volume and remain constant.

True

False

A model is a functional relationship and include:

variables

parameters

equations

all of the above

A model is a functional relationship and include:

variables

parameters

equations

all of the above

An experiment is an activity that results in one of the several possible outcomes.

True

False

A _________ period of real time is represented by a __________ period of simulated time.

short / short

short / long

long / short

long / long

The steps of the scientific method are:

problem definition, model construction, observation, model solution, implementation.

observation, problem definition, model construction, model solution, implementation.

model construction, problem definition, observation, model solution, implementation.

observation, implementation, problem definition, model construction, model solution.

____________ use management judgment, expertise, and opinion to make forecasts.

Qualitative methods

Regression

Time series

Quantitative methods

A payoff table is a means of organizing a decision situation, including the payoffs from different decisions given the various states of nature.

True

False

___________ is a technique for selecting numbers randomly from a probability distribution.

Marseille

Monaco

Monte Carlo

Analogue simulation

all of the above

The ______________ minimizes the maximum regret.

maximax regret criterion

minimax regret criterion

minimin regret criterion

maximin regret criterion

Analogue simulation replaces a physical system with an analogous physical system that is easier to manipulate.

True

False

Which of the following is an equation or an inequality that expresses a resource restriction in a mathematical model?

decision variable

data

an objective function.

a constraint.

a parameter

Profit is the difference between total revenue and total cost.

True

False

A short period of real time is represented by a long period of simulated time.

True

False

A long period of real time is represented by a short period of simulated time.

True

False

____________ moving averages react more slowly to recent demand changes than do ____________ moving averages.

Longer-period / shorter-period

Shorter-period / longer-period

Longer-period / longer-period

Shorter-period / shorter-period

Random numbers are equally likely to occur

True

False

The maximin criterion results in the maximum of the minimum payoffs.

True

False

The minimax regret criterion

maximizes the minimum regret

minimizes the minimum regret

minimizes the maximum regret

maximizes the maximum regret

Monte Carlo is a technique for selecting numbers randomly from a probability distribution.

True

False

A seasonal pattern is an up-and-down repetitive movement within a trend occurring periodically.

True

False

In computer mathematical simulation a system is replicated with a mathematical model that is analyzed

with a software program

with a computer

none of the above

Regret is the difference between the payoff from the best decision and all other decision payoffs.

True

False

A state of nature is an actual event that may occur in the future.

True

False

____________ techniques include uncertainty and assume that there can be more than one model solution.

Deterministic

Probabilistic

Distribution

Probability

Which of the following is not an alternative name for management science?

decision sciences

quantitative methods

quantitative analysis

operations research

decision support systems

Regret is the difference between the payoff from the

best decision and all other decision payoffs

worst decision and all other decision payoffs

best decision and the worst decision payoffs

none of the above

Analogue simulation replaces a physical system with an analogous physical system that is _____________ to manipulate.

harder

easier

equally difficult

none of the above

In a weighted moving average, weights are assigned to most __________ data.

important

recent

long-term

short-term

An example of forecasting is

meteorologists predicting the weather

sportscasters predicting the winner of a football game

managers attempting to predict how much of their product will be demanded in the future

all of the above

A trend is a gradual, long-term, up or down movement of demand.

True

False

In computer mathematical simulation, a system is replicated with a mathematical model that is analyzed with the computer.

True

False

The maximin criterion results in the

minimum of the maximum payoffs

maximum of the maximum payoffs

maximum of the minimum payoffs

minimum of the minimum payoffs

The maximax criterion results in the maximum of the minimum payoffs.

True

False

____________ is an up-and-down repetitive movement in demand.

Prediction

Seasonal pattern

Trend

Cycle

Objective probabilities that can be stated prior to the occurrence of an event are

subjective

a priori

classical or a priori

none of the above

Simulation results will not equal analytical results unless ___________ trials of the simulation have been conducted to reach steady state.

enough

the exact same amount of

roughly the same amount of

100

MAT 540

393k points

#### Oh Snap! This Answer is Locked

Thumbnail of first page

Excerpt from file: Math Tutorial Answer appear in BLUE Which of the following is incorrect with respect to the use of models in decision making? they improve understanding of the problem they promote subjectivity in decision making they are generally easy to use they provide a systematic approach to problem solving

Filename: M000027.pdf

Filesize: 298.1K

Print Length: 8 Pages/Slides

Words: 1355

Surround your text in *italics* or **bold**, to write a math equation use, for example, $x^2+2x+1=0$ or $$\beta^2-1=0$$

Use LaTeX to type formulas and markdown to format text. See example.