Mat540 Midterm

Topics: Decision theory, Minimax, Info-gap decision theory Pages: 5 (1212 words) Published: July 19, 2013
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Amy Mclaughlin Quantitative Methods Midterm Exam 11/6/11 5:27 PM 11/6/11 6:56 PM Completed 195 out of 200 points

Time Elapsed 1 hour, 28 minutes out of 4 hours. Instructions false

Question 1 5 out of 5 points Regret is the difference between the payoff from the best decision and all other decision payoffs.

Answer Selected Answer: Correct Answer: Question 2 5 out of 5 points Variable costs are independent of volume and remain constant. True True

Answer Selected Answer: False

Correct Answer: Question 3 5 out of 5 points

False

Regret is the difference between the payoff from the Answer Selected Answer: best decision and all other decision payoffs Correct Answer: best decision and all other decision payoffs Question 4 5 out of 5 points A _________ period of real time is represented by a __________ period of simulated time. Answer Selected Answer: long / short Correct Answer: long / short Question 5 5 out of 5 points A seasonal pattern is an up-and-down repetitive movement within a trend occurring periodically.

Answer

Selected Answer: Correct Answer: Question 6 5 out of 5 points

True True

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

Answer Selected Answer: Correct Answer: Question 7 5 out of 5 points A model is a functional relationship and include: Answer Selected Answer: all of the above Correct Answer: all of the above Question 8 5 out of 5 points Random numbers are equally likely to occur. True True

Answer Selected Answer: True

Correct Answer: Question 9 5 out of 5 points

True

Which of the following is not an alternative name for management science? Answer Selected Answer: decision support systems Correct Answer: decision support systems Question 10 5 out of 5 points It's often ____________ to validate that the results of a simulation truly replicate reality. Answer Selected Answer: difficult Correct Answer: difficult Question 11 5 out of 5 points ____________ moving averages react more slowly to recent demand changes than do ____________ moving averages. Answer Selected Answer:

Longer-period / shorter-period Correct Answer: Longer-period / shorter-period Question 12 5 out of 5 points The maximin criterion results in the maximum of the minimum payoffs.

Answer Selected Answer: Correct Answer: Question 13 5 out of 5 points ___________ is a technique for selecting numbers randomly from a probability distribution. Answer Selected Answer: Monte Carlo Correct Answer: Monte Carlo Question 14 0 out of 5 points Which of the following is incorrect with respect to the use of models in decision making? Answer True True

Selected Answer: they are generally easy to use Correct Answer: they promote subjectivity in decision making Question 15 5 out of 5 points In computer mathematical simulation a system is replicated with a mathematical model that is analyzed Answer Selected Answer: with a computer Correct Answer: with a computer Question 16 5 out of 5 points The maximin criterion results in the Answer Selected Answer: maximum of the minimum payoffs Correct Answer: maximum of the minimum payoffs Question 17 5 out of 5 points

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

Answer Selected Answer: Correct Answer: Question 18 5 out of 5 points In a weighted moving average, weights are assigned to most __________ data. Answer Selected Answer: recent Correct Answer: recent Question 19 5 out of 5 points An example of forecasting is Answer Selected Answer: all of the above Correct Answer: all of the above Question 20 5 out of 5 points True True

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

Answer Selected Answer: Correct Answer: Question 21 5 out of 5 points Monte Carlo is a technique for selecting numbers randomly from a probability distribution. True True

Answer...
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