STATS 139; CHAPTER 15 QUIZ: Introduction to Simulation Modeling( WITH CORRECT ANSWERS)

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1. Which of the following statements is true regarding a simulation model? a. It explicitly models decision-making under uncertainty b. It explicitly incorporates uncertainty in one or more input va... riables c. It provides probability distributions for all outputs, rather than expected values d. All of these options ANS: B PTS: 1 MSC: AACSB: Analytic 2. Each different set of values obtained for the uncertain quantities in a simulation model can considered to be: a. the mean of the probability distribution. b. a scenario. c. a best guess. d. all of these options. ANS: B PTS: 1 MSC: AACSB: Analytic 3. The deterministic (non-simulation) approach, using best guesses for the uncertain inputs, is: a. better to use in complicated real world applications. b. a good estimate of what the answer will be using a simulation approach. c. generally not the appropriate model. d. the preferred approach when there is correlation between input variables. ANS: C PTS: 1 MSC: AACSB: Analytic 4. Simulation models are particularly useful for: a. forecasting. b. obtaining deterministic outputs. c. evaluating constraints. d. asking what-if questions. ANS: C PTS: 1 MSC: AACSB: Analytic 5. The “building blocks” of all spreadsheet simulation models are: a. deterministic inputs b. random numbers between 0 and 1 c. decision variables d. probability distributio [Show More]

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