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Business Decision Analysis    Review Sections-Choice

(2012-08-04 19:48:27)
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杂谈

Business Decision Analysis

Review Sections-Choice

 

Chapter 01

Which of the following terms is interchangeable with quantitative analysis?

A) management science

B) economics

C) financial analysis

D) statistics

E) None of the above

 

Who is credited with pioneering the principles of the scientific approach to management?

A) Adam Smith

B) Henri Fayol

C) John R. Locke

D) Frederick W. Taylor

E) Charles Babbage

 

 A(n) ________ is a representation of reality or a real-life situation.

A) objective

B) model

C) analysis

D) algorithm

E) None of the above

 

A set of logical and mathematical operations performed in a specific sequence is called a(n)

A) complete enumeration.

B) diagnostic analysis.

C) algorithm.

D) objective.

E) None of the above

 

The ability to examine the variability of a solution due to changes in the formulation of a problem is an important part of the analysis of the results. This type of analysis is called ________ analysis.

A) sensitivity

B) implicit

C) normal

D) scale

E) objective

 

Which of the following is not one of the steps in the quantitative analysis approach?

A) Defining the Problem

B) Developing a Solution

C) Observing a hypothesis

D) Testing a Solution

E) Implementing the Results

 

The condition of improper data yielding misleading results is referred to as

A) garbage in, garbage out.

B) break-even point.

C) uncontrollable variable.

D) postoptimality.

E) None of the above

 

Expressing profits through the relationship among unit price, fixed costs, and variable costs is an example of

A) a sensitivity analysis model.

B) a quantitative analysis model.

C) a postoptimality relationship.

D) a parameter specification model.

E) None of the above

Chapter 02

The classical method of determining probability is

A) subjective probability.

B) marginal probability.

C) objective probability.

D) joint probability.

E) conditional probability.

 

Subjective probability assessments depend on

A) the total number of trials.

B) the relative frequency of occurrence.

C) the number of occurrences of the event.

D) experience and judgment.

E) None of the above

 

 If two events are mutually exclusive, then

A) their probabilities can be added.

B) they may also be collectively exhaustive.

C) the joint probability is equal to 0.

D) if one occurs, the other cannot occur.

E) All of the above

 

A ________ is a numerical statement about the likelihood that an event will occur.

A) mutually exclusive construct

B) collectively exhaustive construct

C) variance

D) probability

E) standard deviation

 

A conditional probability P(B|A) is equal to its marginal probability P(B) if

A) it is a joint probability.

B) statistical dependence exists.

C) statistical independence exists.

D) the events are mutually exclusive.

E) P(A) = P(B).

 

The equation P(A|B) = P(AB)/P(B) is

A) the marginal probability.

B) the formula for a conditional probability.

C) the formula for a joint probability.

D) only relevant when events A and B are collectively exhaustive.

E) None of the above

 

Bayes' theorem is used to calculate

A) revised probabilities.

B) joint probabilities.

C) prior probabilities.

D) subjective probabilities.

E) marginal probabilities.

 

If P(A) = 0.3, P(B) = 0.2, P(A and B) = 0.0 , what can be said about events A and B?

A) They are independent.

B) They are mutually exclusive.

C) They are posterior probabilities.

D) None of the above

E) All of the above

 

"The probability of event B, given that event A has occurred" is known as a ________ probability.

A) continuous

B) marginal

C) simple

D) joint

E) conditional

 

When does P(A|B) = P(A)?

A) when A and B are mutually exclusive

B) when A and B are statistically independent

C) when A and B are statistically dependent

D) when A and B are collectively exhaustive

E) when P(B) = 0

Chapter 03

An analytic and systematic approach to the study of decision making is referred to as

A) decision making under risk.

B) decision making under uncertainty.

C) decision theory.

D) decision analysis.

E) decision making under certainty.

 

Expected monetary value (EMV) is

A) the average or expected monetary outcome of a decision if it can be repeated a large number of times.

B) the average or expected value of the decision, if you know what would happen ahead of time.

C) the average or expected value of information if it were completely accurate.

D) the amount you would lose by not picking the best alternative.

E) a decision criterion that places an equal weight on all states of nature.

 

Which of the following is not considered a criteria for decision making under uncertainty?

A) optimistic

B) pessimistic

C) equally likely

D) random selection

E) minimax regret

 

A pessimistic decision making criterion is

A) maximax.

B) equally likely.

C) maximin.

D) decision making under certainty.

E) minimax regret.

 

Which of the following is true about the expected value of perfect information?

A) It is the amount you would pay for any sample study.

B) It is calculated as EMV minus EOL.

C) It is calculated as expected value with perfect information minus maximum EMV.

D) It is the amount charged for marketing research.

E) None of the above

 

Which of the following is not a characteristic of a good decision?

A) based on logic

B) considers all available data

C) considers all possible alternatives

D) employs appropriate quantitative techniques

E) always results in a favorable outcome

 

The following is a payoff table giving profits for various situations.

What decision would an optimist make?

A) Alternative 1

B) Alternative 2

C) Alternative 3

D) Do Nothing

E) State of Nature A

 

 The following is a payoff table giving profits for various situations.

What decision would a pessimist make?

A) Alternative 1

B) Alternative 2

C) Alternative 3

D) Do Nothing

E) State of Nature A

 

The following is an opportunity loss table.

What decision should be made based on the minimax regret criterion?

A) Alternative 1

B) Alternative 2

C) Alternative 3

D) State of Nature A

E) Does not matter

 

 The following is an opportunity loss table.

 

What decision should be made based on the minimax regret criterion?

A) Alternative 1

B) Alternative 2

C) Alternative 3

D) State of Nature C

E) Does not matter

 

The following is a payoff table.

What decision should be made based on the minimax regret criterion?

A) Alternative 1

B) Alternative 2

C) Alternative 3

D) State of Nature C

E) Does not matter

 

The following is a payoff table.

What decision should be made based on the minimax regret criterion?

A) Alternative 1

B) Alternative 2

C) Alternative 3

D) State of Nature C

E) Does not matter

Chapter 04

Which of the following statements is true regarding a scatter diagram?

A) It provides very little information about the relationship between the regression variables.

B) It is a plot of the independent and dependent variables.

C) It is a line chart of the independent and dependent variables.

D) It has a value between -1 and +1.

E) It gives the percent of variation in the dependent variable that is explained by the independent variable.

 

The random error in a regression equation

A) is the predicted error.

B) includes both positive and negative terms.

C) will sum to a large positive number.

D) is used the estimate the accuracy of the slope.

E) is maximized in a least squares regression model.

 

Which of the following equalities is correct?

A) SST = SSR + SSE

B) SSR = SST + SSE

C) SSE = SSR + SST

D) SST = SSC + SSR

E) SSE = Actual Value - Predicted Value

 

Which of the following statements is true about r2?

A) It is also called the coefficient of correlation.

B) It is also called the coefficient of determination.

C) It represents the percent of variation in X that is explained by Y.

D) It represents the percent of variation in the error that is explained by Y.

E) It ranges in value from -1 to + 1.

 

The coefficient of determination resulting from a particular regression analysis was 0.85.  What was the slope of the regression line?

A) 0.85

B) -0.85

C) 0.922

D) There is insufficient information to answer the question.

E) None of the above

 

The diagram below illustrates data with a

A) negative correlation coefficient.

B) zero correlation coefficient.

C) positive correlation coefficient.

D) correlation coefficient equal to +1.

E) None of the above

 

The correlation coefficient resulting from a particular regression analysis was 0.25.  What was the coefficient of determination?

A) 0.5

B) -0.5

C) 0.0625

D) There is insufficient information to answer the question.

E) None of the above

 

In a good regression model the residual plot shows

A) a cone pattern.

B) an arched pattern.

C) a random pattern.

D) an increasing pattern.

E) a decreasing pattern.

Chapter 05

 Which of the following is not classified as a qualitative forecasting model?

A) exponential smoothing

B) Delphi method

C) jury of executive opinion

D) sales force composite

E) consumer market survey

 

A judgmental forecasting technique that uses decision makers, staff personnel, and respondent to determine a forecast is called

A) exponential smoothing.

B) the Delphi method.

C) jury of executive opinion.

D) sales force composite.

E) consumer market survey.

 

Which of the following statements about scatter diagrams is true?

A) Time is always plotted on the y-axis.

B) It can depict the relationship among three variables simultaneously.

C) It is helpful when forecasting with qualitative data.

D) The variable to be forecasted is placed on the y-axis.

E) It is not a good tool for understanding time-series data.

 

Enrollment in a particular class for the last four semesters has been 120, 126, 110, and 130.  Suppose a one-semester moving average was used to forecast enrollment (this is sometimes referred to as a naïve forecast).  Thus, the forecast for the second semester would be 120, for the third semester it would be 126, and for the last semester it would be 110. What would the MSE be for this situation?

A) 196.00

B) 230.67

C) 100.00

D) 42.00

E) None of the above

 

Which of the following methods gives an indication of the percentage of forecast error?

A) MAD

B) MSE

C) MAPE

D) decomposition

E) bias

 

Daily demand for newspapers for the last 10 days has been as follows: 12, 13, 16, 15, 12, 18, 14, 12, 13, 15 (listed from oldest to most recent).  Forecast sales for the next day using a two-day moving average.

A) 14

B) 13

C) 15

D) 28

E) 12.5

 

As one increases the number of periods used in the calculation of a moving average,

A) greater emphasis is placed on more recent data.

B) less emphasis is placed on more recent data.

C) the emphasis placed on more recent data remains the same.

D) it requires a computer to automate the calculations.

E) one is usually looking for a long-term prediction.

 

Enrollment in a particular class for the last four semesters has been 122, 128, 100, and 155 (listed from oldest to most recent).  The best forecast of enrollment next semester, based on a three-semester moving average, would be

A) 116.7.

B) 126.3.

C) 168.3.

D) 135.0.

E) 127.7.

 

Sales for boxes of Girl Scout cookies over a 4-month period were forecasted as follows: 100, 120, 115, and 123. The actual results over the 4-month period were as follows: 110, 114, 119, 115. What was the MAD of the 4-month forecast?

A) 0

B) 5

C) 7

D) 108

E) None of the above

 

Sales for boxes of Girl Scout cookies over a 4-month period were forecasted as follows: 100, 120, 115, and 123. The actual results over the 4-month period were as follows: 110, 114, 119, 115. What was the MSE of the 4-month forecast?

A) 0

B) 5

C) 7

D) 108

E) None of the above

 

Daily demand for newspapers for the last 10 days has been as follows: 12, 13, 16, 15, 12, 18, 14, 12, 13, 15 (listed from oldest to most recent).  Forecast sales for the next day using a three-day weighted moving average where the weights are 3, 1, and 1 (the highest weight is for the most recent number).

A) 12.8

B) 13.0

C) 70.0

D) 14.0

E) None of the above

 

Daily demand for newspapers for the last 10 days has been as follows: 12, 13, 16, 15, 12, 18, 14, 12, 13, 15 (listed from oldest to most recent).  Forecast sales for the next day using a two-day weighted moving average where the weights are 3 and 1 are

A) 14.5.

B) 13.5.

C) 14.

D) 12.25.

E) 12.75.

 

Which of the following is not considered to be one of the components of a time series?

A) trend

B) seasonality

C) variance

D) cycles

E) random variations

Chapter 06

Inventory

A) is any stored resource used to satisfy current or future need.

B) includes raw materials, work-in-process, and finished goods.

C) levels for finished goods are a direct function of demand.

D) needs from raw materials through finished goods can be reasonably determined, once finished goods demand is determined.

E) All of the above

 

Which of the following is not a use of inventory?

A) the decoupling function

B) quantity discounts

C) irregular supply and demand

D) the translucent function

E) to avoid stockouts and shortages

 

In making inventory decisions, the purpose of the basic EOQ model is to

A) minimize carrying costs.

B) minimize ordering costs.

C) minimize the sum of carrying costs and ordering costs.

D) minimize customer dissatisfaction.

E) minimize stock on hand.

 

Which of the following is not considered a significant inventory cost?

A) cost of production labor

B) purchase cost

C) cost of stockouts

D) cost of carrying an item

E) cost of ordering

 

Which of the following is part of the determination of EOQ?

A) cost of production labor

B) cost of stockouts

C) purchase cost

D) annual demand

E) total revenue

 

Which of the following factors is (are) not included in ordering cost?

A) bill paying

B) obsolescence

C) purchasing department overhead costs

D) inspecting incoming inventory

E) developing and sending purchase orders

 

Which of the following factors is (are) not included in carrying cost?

A) spoilage

B) obsolescence

C) cost of capital

D) inspecting incoming inventory

E) warehousing overhead costs

 

As the service level increases,

A) carrying cost increases at an increasing rate.

B) carrying cost increases at a decreasing rate.

C) carrying cost decreases at a decreasing rate.

D) carrying cost decreases at an increasing rate.

E) None of the above

 

Which of the following is not an assumption for the basic EOQ model?

A) Only an integer number of orders can be made each year.

B) Quantity discounts are not possible.

C) Inventory receipt is instantaneous (all at once).

D) With orders placed at the correct time, there will be no shortages.

E) Demand is known.

 

For the basic EOQ model, which of the following relationships is not true?

A) The optimal number of orders per year equals annual demand divided by the EOQ.

B) The reorder point equals daily demand multiplied by the lead-time in days, excluding safety stock.

C) Average inventory level equals one-half the order size.

D) The average dollar level of inventory equals unit price multiplied by order quantity.

E) At EOQ, annual ordering cost equals annual carrying cost.

 

The EOQ model without the instantaneous receipt assumption is commonly called the

A) quantity discount model.

B) safety stock model.

C) planned shortage model.

D) production run model.

E) None of the above

 

Sensitivity analysis of EOQ refers to

A) the attitude of top management toward the use of the EOQ model.

B) analysis of how much the EOQ will change if different input values are used.

C) an assessment of the impact of obsolescence upon the EOQ.

D) a study of the impact of storing incompatible products in the same warehouse.

E) analysis of the impact of stock shortages on customers or on production.

Chapter 07

A widely used mathematical programming technique designed to help managers and decision making relative to resource allocation is called ________.

A) linear programming

B) computer programming

C) constraint programming

D) goal programming

E) None of the above

 

Typical resources of an organization include ________.

A) machinery usage

B) labor volume

C) warehouse space utilization

D) raw material usage

E) All of the above

 

Which of the following is not a property of all linear programming problems?

A) the presence of restrictions

B) optimization of some objective

C) a computer program

D) alternate courses of action to choose from

E) usage of only linear equations and inequalities

 

A feasible solution to a linear programming problem

A) must be a corner point of the feasible region.

B) must satisfy all of the problem's constraints simultaneously.

C) need not satisfy all of the constraints, only the non-negativity constraints.

D) must give the maximum possible profit.

E) must give the minimum possible cost.

 

Infeasibility in a linear programming problem occurs when

A) there is an infinite solution.

B) a constraint is redundant.

C) more than one solution is optimal.

D) the feasible region is unbounded.

E) there is no solution that satisfies all the constraints given.

 

In a maximization problem, when one or more of the solution variables and the profit can be made infinitely large without violating any constraints, the linear program has

A) an infeasible solution.

B) an unbounded solution.

C) a redundant constraint.

D) alternate optimal solutions.

E) None of the above

 

Which of the following is not a part of every linear programming problem formulation?

A) an objective function

B) a set of constraints

C) non-negativity constraints

D) a redundant constraint

E) maximization or minimization of a linear function

 

When appropriate, the optimal solution to a maximization linear programming problem can be found by graphing the feasible region and

A) finding the profit at every corner point of the feasible region to see which one gives the highest value.

B) moving the isoprofit lines towards the origin in a parallel fashion until the last point in the  feasible region is encountered.

C) locating the point that is highest on the graph.

D) None of the above

E) All of the above

 

The mathematical theory behind linear programming states that an optimal solution to any problem will lie at a(n) ________ of the feasible region.

A) interior point or center

B) maximum point or minimum point

C) corner point or extreme point

D) interior point or extreme point

E) None of the above

 

Which of the following is not a property of linear programs?

A) one objective function

B) at least two separate feasible regions

C) alternative courses of action

D) one or more constraints

E) objective function and constraints are linear

 

The corner point solution method

A) will always provide one, and only one, optimum.

B) will yield different results from the isoprofit line solution method.

C) requires that the profit from all corners of the feasible region be compared.

D) requires that all corners created by all constraints be compared.

E) will not provide a solution at an intersection or corner where a non-negativity constraint is involved.

 

 When a constraint line bounding a feasible region has the same slope as an isoprofit line,

A) there may be more than one optimum solution.

B) the problem involves redundancy.

C) an error has been made in the problem formulation.

D) a condition of infeasibility exists.

E) None of the above

Chapter 08

Using linear programming to maximize audience exposure in an advertising campaign is an example of the type of linear programming application known as

A) media selection.

B) marketing research.

C) portfolio assessment.

D) media budgeting.

E) All of the above

 

The following does not represent a factor a manager might typically consider when employing linear programming for a production scheduling:

A) labor capacity.

B) space limitations.

C) product demand.

D) risk assessment.

E) inventory costs.

 

Media selection problems are typically approached with LP by either

A) maximizing audience exposure or maximizing number of ads per time period.

B) maximizing the number of different media or minimizing advertising costs.

C) minimizing the number of different media or minimizing advertising costs.

D) maximizing audience exposure or minimizing advertising costs.

E) minimizing audience exposure or minimizing advertising costs.

 

Which of the following is considered a decision variable in the media selection problem of maximizing audience exposure?

A) the amount spent on each ad type

B) what types of ads to offer

C) the number of ads of each type

D) the overall advertising budget

E) None of the above

 

Which of the following is considered a decision variable in the media selection problem of minimizing interview costs in surveying?

A) the number of people to survey in each market segment

B) the overall survey budget

C) the total number surveyed

D) the number of people to conduct interviews

E) None of the above

 

Which of the following is considered a decision variable in the production mix problem of maximizing profit?

A) the amount of raw material to purchase for production

B) the number of product types to offer

C) the selling price of each product

D) the amount of each product to produce

E) None of the above

 

Linear programming is usually used by managers involved in portfolio selection to

A) maximize return on investment.

B) maximize investment limitations.

C) maximize risk.

D) minimize risk.

E) minimize expected return on investment.

 

The selection of specific investments from among a wide variety of alternatives is the type of LP problem known as

A) the product mix problem.

B) the investment banker problem.

C) the Wall Street problem.

D) the portfolio selection problem.

E) None of the above

Chapter 11

If your goal was to construct a network in which all points were connected and the distance between them was as short as possible, the technique that you would use is

A) shortest-route.

B) maximal-flow.

C) shortest-spanning tree.

D) minimal-flow.

E) minimal-spanning tree.

 

The maximal-flow technique would best be used

A) to assign workers to jobs in the cheapest manner.

B) to determine the number of units to ship from each source to each destination.

C) to determine LAN network wiring within a building.

D) to maximize traffic flow on a busy highway.

E) by a trucking company making frequent but repeatable drops.

 

A technique that allows a researcher to determine the greatest amount of material that can move through a network is called

A) maximal-flow.

B) maximal-spanning.

C) shortest-route.

D) maximal-tree.

 

The first step in the maximal-flow technique is to

A) pick the node with the maximum flow.

B) pick any path with some flow.

C) eliminate any node that has a zero flow.

D) add a dummy flow from the start to the finish.

E) None of the above

 

The shortest-route technique would best be used to ________

A) assign workers to jobs in the cheapest manner.

B) determine the number of units to ship from each source to each destination.

C) determine the amount of LAN network wiring within a building.

D) minimize the amount of traffic flow on a busy highway.

E) determine the path for a truck making frequent but repeatable drops.

 

When using the shortest-route technique, the first step is to

A) connect the nearest node that minimizes the total distance to the origin.

B) trace the path from the warehouse to the plant.

C) determine the average distance traveled from source to end.

D) find the nearest node to the origin and put a distance box by the node.

E) None of the above

 

The shortest-route technique might be logically used for

A) finding the longest time to travel between two points.

B) finding the shortest travel distance between two points.

C) finding the most scenic route to allow travel to several places during a trip on spring break.

D) connecting all the points of a network together while minimizing the distance between them.

E) None of the above

 

All the nodes must be connected in which of the following techniques?

A) minimal-flow

B) maximal-spanning tree

C) shortest-route

D) maximal-flow

E) minimal-spanning tree

 

The minimal-spanning tree technique would best be used

A) by a forest ranger seeking to minimize the risk of forest fires.

B) by a telephone company attempting to lay out wires in a new housing development.

C) by an airline laying out flight routes.

D) None of the above

E) All of the above

 

The maximal-flow technique might be used

A) to help design the moving sidewalks transporting passengers from one terminal to another in a busy airport.

B) by someone designing the traffic approaches to an airport.

C) by someone attempting to design roads that would limit the flow of traffic through an area.

D) All of the above

E) None of the above

 

The shortest-route technique would best be used to

A) plan the routes for a vacation driving tour.

B) plan the route for a school bus.

C) determine the path for a truck making frequent runs from a factory to a warehouse.

D) All of the above

E) None of the above

 

Given the following distances between destination nodes, what is the minimum distance that connects all the nodes?

From

To

Distance

1

2

300

2

3

150

1

3

200

A) 450

B) 150

C) 350

D) 650

E) None of the above

 

Given the following distances between destination nodes, what is the minimum distance that connects all the nodes?

From

To

Distance

1

2

200

1

3

300

2

3

350

2

4

350

3

4

250

A) 100

B) 750

C) 850

D) 900

E) None of the above

 

Find the shortest route from Node 1 to Node 4 using the shortest-route technique.

From

Node

To

Node

 

Distance

1

2

300

1

3

200

2

3

50

2

4

250

3

4

450

A) 650

B) 450

C) 550

D) 500

E) 800

 

Find the shortest route from Node 1 to Node 4.

From

Node

To

Node

 

Distance

1

2

250

1

3

400

1

4

600

2

3

50

2

4

300

3

4

200

A) 750

B) 500

C) 550

D) 600

E)   50

Chapter 12

The critical path of a network is the

A) shortest time path through the network.

B) path with the fewest activities.

C) path with the most activities.

D) longest time path through the network.

E) None of the above

 

In a PERT network, the earliest (activity) start time is the

A) earliest time that an activity can be finished without delaying the entire project.

B) latest time that an activity can be started without delaying the entire project.

C) earliest time that an activity can start without violation of precedence requirements.

D) latest time that an activity can be finished without delaying the entire project.

E) None of the above

 

Slack time in a network is the

A) amount of time that an activity would take assuming very unfavorable conditions.

B) shortest amount of time that could be required to complete the activity.

C) amount of time that you would expect it would take to complete the activity.

D) difference between the expected completion time of the project using pessimistic times and the expected completion time of the project using optimistic times.

E) amount of time that an activity can be delayed without delaying the entire project.

 

The first step in planning and scheduling a project is to develop the ________.

A) employee scheduling plan

B) PERT/CPM network diagram

C) critical path

D) work breakdown structure

E) variance calculations for each activity

 

Which of the following is not a concept associated with CPM?

A) normal time

B) probability

C) normal cost

D) crash cost

E) deterministic network

 

PERT

A) assumes that we do not know ahead of time what activities must be completed.

B) assumes that activity time estimates follow the normal probability distribution.

C) is a network technique that uses three time estimates for each activity in a project.

D) is a deterministic network technique that allows for project crashing.

E) None of the above

 

CPM

A) assumes we do not know ahead of time what activities must be completed.

B) assumes that activity time estimates follow the normal probability distribution.

C) is a deterministic network technique that allows for project crashing.

D) is a network technique that allows three time estimates for each activity in a project.

E) None of the above

 

Managers use the network analysis of PERT and CPM to help them

A) derive flexibility by identifying noncritical activities.

B) replan, reschedule, and reallocate resources such as manpower and finances.

C) plan, schedule, monitor, and control large and complex projects.

D) All of the above

E) None of the above

 

The expected time in PERT is

A) a weighted average of the most optimistic time, most pessimistic time, and four times the most likely time.

B) the modal time of a beta distribution.

C) a simple average of the most optimistic, most likely, and most pessimistic times.

D) the square root of the sum of the variances of the activities on the critical path.

E) None of the above

 

Given an activity's optimistic, most likely, and pessimistic time estimates of 4, 6, and 14 days respectively, compute the PERT expected activity time for this activity.

A) 8

B) 6

C) 7

D) 9

E) None of the above

 

Given an activity's optimistic, most likely, and pessimistic time estimates of 2, 5, and 14 days respectively, compute the PERT expected activity time for this activity.

A) 6

B) 7

C) 9

D) 5

E) None of the above

 

Chapter 14

The following is not an advantage of simulation:

A) It allows for the study of what-if questions.

B) Each simulation model is unique.

C) It allows the study of interaction of components or variables to determine which are important.

D) It allows time compression.

E) None of the above

 

Simulation can be effectively used in many

A) inventory problems.

B) plant layout problems.

C) maintenance policy problems.

D) sales forecasting problems.

E) All of the above

 

Monte Carlo simulation was developed by ________.

A) John von Neumann

B) Eric von Brock

C) A.K. Erlang

D) P.K. Poisson

E) J.D. Monte Carlo

 

In assigning random numbers in a Monte Carlo simulation,

A) it is important to develop a cumulative probability distribution.

B) it is important to use a normal distribution for all variables simulated.

C) it is not important to assign probabilities to an exact range of random number intervals.

D) All of the above

E) None of the above

 

Module 04

Game models are classified by the

A)       size of the payoff.

B)       sum of all payoffs.

C)       nature of strategies employed.

D)       all of the above

E)       none of the above

 

Each player should follow the same strategy regardless of the other player's strategy in which of the following games?

A)       Constant strategy

B)       Mixed strategy

C)       Pure strategy

D)       Dominance strategy

E)       not enough information given

 

Consider the following two-person game, and determine the saddle point if it exists.

 

Y1

Y2

X1

4

6

X2

5

-3

A)       X2Y2

B)       X1Y2

C)       X1Y1

D)       X1Y2

E)       There is no saddle point.

 

The saddle point in a payoff matrix is always the __________.

A)       largest number in the matrix

B)       smallest number in its column and the smallest number in its row

C)       smallest number in the matrix

D)       largest number in its column and the smallest number in its row 

E)       none of the above

 

In a mixed strategy, each player should optimize the

A)       maximum payoffs.

B)       lower value of the game.

C)       minimum loss.

D)       maximum loss.

E)       expected gain.

 

Consider the following two-person game. What strategy will Y play?

 

Y1

Y2

X1

52

37

X2

26

18

A)       X1

B)       X2

C)       Y1

D)       Y2

E)       none of the above

 

Considering the following two-person game, what percentage of the time should Y play strategy Y1?

 

Y1

Y2

X1

6

3

X2

2

8

A)       1/3

B)       2/3

C)       4/9

D)       5/9

E)       none of the above

 

Considering the following two-person game, the value of the game (if played many times) is

 

Y1

Y2

X1

6

3

X2

2

8

A)       19.00.

B)       4.75.

C)       11.00.

D)       unable to be computed as the  was not given.

E)       none of the above

 

Considering the following two-person game, what is Y’s best strategy?

 

Y1

Y2

X1

3

6

X2

2

-2

A)       X1 

B)       X2

C)       Y1

D)       Y2

E)       none of the above

 

Given the following two-person game, which strategy can be eliminated by use of dominance?

 

Y1

Y2

X1

9

13

X2

12

8

X3

6

14

A)       X1

B)       X2

C)       X3

D)       Y1

E)       none of the above

 

0

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