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##### MAT 540 WEEK 6 MIDTERM EXAM

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MAT 540 WEEK 6 MIDTERM EXAM;Week 6 Midterm Exam;1. __________ is a technique for selecting numbers randomly from a probability distribution.;2. Monte Carlo is a technique for selecting numbers randomly from a probability distribution.;3. Analogue simulation replaces a physical system with an analogous physical system that is _____________ to manipulate.;4. Variable costs are independent of volume and remain constant.;5. Regret is the difference between the payoff from the best decision and all other decision payoffs.;6. The maximin criterion results in the;7. A payoff table is a means of organizing a decision situation, including the payoffs from different decisions given the various states of nature.;8. In a weighted moving average, weights are assigned to most __________ data.;9. The maximin criterion results in the maximum of the minimum payoffs.;10. A state of nature is an actual event that may occur in the future.;11. Which of the following is not an alternative name for management science?;12. A _________ period of real time is represented by a __________ period of simulated time.;13. Simulation results will not equal analytical results unless ___________ trials of the simulation have been conducted to reach steady state.;14.The minimax regret criterion;15. Objective probabilities that can be stated prior to the occurrence of an event are;16. Which of the following is incorrect with respect to the use of models in decision making?;17. The steps of the scientific method are;18. A seasonal pattern is an up-and-down repetitive movement within a trend occurring periodically;19. The maximax criterion results in the;20. ____________ techniques include uncertainty and assume that there can be more than one model solution.;21. The maximax criterion results in the maximum of the minimum payoffs.;22. Regret is the difference between the payoff from the;23. A long period of real time is represented by a short period of simulated time. TRUE/FALSE;24 A trend is a gradual, long-term, up or down movement of demand. TRUE/FALSE;25. ____________ use management judgment, expertise, and opinion to make forecasts.;26. ____________ moving averages react more slowly to recent demand changes than do ____________ moving averages.;27. In computer mathematical simulation a system is replicated with a mathematical model that;is analyzed.;28. Which of the following is an equation or an inequality that expresses a resource restriction in a mathematical model?;29. Analogue simulation replaces a physical system with an analogous physical system that is easier to manipulate.;30. An experiment is an activity that results in one of several possible outcomes.;THERE IS STILL MORE QUESTIONS AND SOLUTION ARE AVAILABLE ON THE ANSWERS

Paper#31291 | Written in 18-Jul-2015

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