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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. TRUE/FALSE 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. TRUE/FALSE 5. Regret is the difference between the payoff from the best decision and all other decision payoffs. TRUE/FALSE 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. TRUE/FALSE 8. In a weighted moving average, weights are assigned to most ___ data. 9. The maximin criterion results in the maximum of the minimum payoffs. TRUE/FALSE 10. A state of nature is an actual event that may occur in the future. TRUE/FALSE 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. TRUE/FALSE 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. TRUE/FALSE 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.
TRUE/FALSE 30. An experiment is an activity that results in one of several possible outcomes. TRUE/FALSE 31. Random numbers are equally likely to occur. TRUE/FALSE 32. An example of forecasting is 33. The ___ minimizes the maximum regret. 34. ___is an up and down repetitive movement in demand. 35. It s often ___to validate that the results of a simulation truly replicate reality. 36. A short period of real time is represented by a long period of simulated time. TRUE/FALSE 37. In computer mathematical simulation, a system is replicated with a mathematical model that is analyzed with the computer. TRUE/FALSE 38. A cycle is an up and down repetitive movement in demand. TRUE/FALSE 39. Profit is the difference between total revenue and total cost. TRUE/FALSE 40. A model is a functional relationship and include: