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88 Cards in this Set
- Front
- Back
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The first step in the decision making process is to identify the problem.
True False |
True
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The maximization or minimization of a quantity is the...
Goal of management science. Decision for decision analysis. Constraint of operations research. Objective of linear programming. |
Objective of linear programming.
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Which of the following is a valid objective function for a linear programming problem?
Max 5xy Min 4x + 3y + (2/3)z Max 5x2 + 6y2 Min (x1 + x2)/x3 |
Min 4x + 3y + (2/3)z
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Decision variables...
tell how much or how many of something to produce, invest, purchase, hire, etc. represent the values of the constraints. measure the objective function. must exist for each constraint. |
Tell how much or how many of something to produce, invest, purchase, hire, etc.
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Which of the following statements is NOT true?
A feasible solution satisfies all constraints. An optimal solution satisfies all constraints. An infeasible solution violates all constraints. A feasible solution point does not have to lie on the boundary of the feasible region. |
An infeasible solution violates all constraints.
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A solution that satisfies all the constraints of a linear programming problem except the nonnegativity constraints is called...
optimal. feasible. infeasible. semi-feasible. |
Infeasible
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Slack...
is the difference between the left and right sides of a constraint. is the amount by which the left side of a <= constraint is smaller than the right side. is the amount by which the left side of a >= constraint is larger than the right side. exists for each variable in a linear programming problem. |
Is the amount by which the left side of a <= constraint is smaller than the right side.
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To find the optimal solution to a linear programming problem using the graphical method...
find the feasible point that is the farthest away from the origin. find the feasible point that is at the highest location. find the feasible point that is closest to the origin. None of the alternatives is correct. |
None of the alternatives is correct.
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The improvement in the value of the objective function per unit increase in a right-hand side is the...
sensitivity value. dual price. constraint coefficient. slack value. |
Dual price.
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Infeasibility means that the number of solutions to the linear programming models that satisfies all constraints is
... at least 1. 0. an infinite number. at least 2. |
0.
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A constraint that does not affect the feasible region is a...
non-negativity constraint. redundant constraint. standard constraint. slack constraint. |
Redundant constraint.
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Media selection problems can maximize exposure quality and use number of customers reached as a constraint, or maximize the number of customers reached and use exposure quality as a constraint.
True False |
True
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The problem which deals with the distribution of goods from several sources to several destinations is the...
maximal flow problem. transportation problem. assignment problem. shortest-route problem. |
Transportation problem.
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The parts of a network that represent the origins are...
the capacities. the flows. the nodes. the arcs. |
The nodes.
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The objective of the transportation problem is to...
identify one origin that can satisfy total demand at the destinations and at the same time minimize total shipping cost. minimize the number of origins used to satisfy total demand at the destinations. minimize the number of shipments necessary to satisfy total demand at the destinations. minimize the cost of shipping products from several origins to several destinations. |
Minimize the cost of shipping products from several origins to several destinations.
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In the general linear programming model of the assignment problem...
one agent can do parts of several tasks. one task can be done by several agents. each agent is assigned to its own best task. one agent is assigned to one and only one task. |
One agent is assigned to one and only one task.
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Time series methods...
discover a pattern in historical data and project it into the future. include cause-effect relationships. are useful when historical information is not available. All of the alternatives are true. |
Discover a pattern in historical data and project it into the future.
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Gradual shifting of a time series over a long period of time is called...
periodicity. cycle. regression. trend. |
Trend.
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Seasonal components...
cannot be predicted. are regular repeated patterns. are long runs of observations above or below the trend line. reflect a shift in the series over time. |
Are regular repeated patterns.
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Short-term, unanticipated, and nonrecurring factors in a time series provide the random variability known as...
uncertainty. the forecast error. the residuals. the irregular component. |
The irregular component.
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The focus of smoothing methods is to smooth...
the irregular component. wide seasonal variations. significant trend effects. long range forecasts. |
The irregular component.
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Forecast errors...
are the difference in successive values of a time series. are the differences between actual and forecast values. should all be nonnegative. should be summed to judge the goodness of a forecasting model. |
Are the differences between actual and forecast values.
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To select a value for
(a) for exponential smoothing... use a small (a) when the series varies substantially. use a large (a) when the series has little random variability. use any value between 0 and 1. All of the alternatives are true. |
All of the alternatives are true.
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Linear trend is calculated as Tt = 28.5 + .75t. The trend projection for period 15 is...
11.25 28.50 39.75 44.25 |
39.75
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Causal models...
should avoid the use of regression analysis. attempt to explain a time series' behavior. do not use time series data. All of the alternatives are true. |
Attempt to explain a time series' behavior.
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Which of the following is a qualitative forecasting method?
trend projection. time series method. smoothing method. Delphi method. |
Delphi method.
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Quantitative forecasting methods do not require that patterns from the past will necessarily continue in the future.
True False |
False
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The exponential smoothing forecast for any period is a weighted average of all the previous actual values for the time series.
True False |
True
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The mean squared error is influenced much more by large forecast errors than by small errors.
True False |
True
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A decision with more than one objective...
cannot have an optimal solution. requires the decision maker to place the objectives in some order of importance. depends on the probability of satisfying each objective. should be decomposed into a separate model for each objective. |
Requires the decision maker to place the objectives in some order of importance.
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A required step in the analytic hierarchy process is to determine...
the goals to be satisfied. the expected value of the criteria. the relative importance of a set of features based on a criterion. how many hierarchies to use. |
The relative importance of a set of features based on a criterion.
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Pair-wise comparisons are used to...
compare criteria in terms of the overall goal. compare choices on each criterion. both a and b are true. neither a nor b is true. |
Both a and b are true.
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The overall priorities for decision alternatives...
are the sum of the products of the criterion priority times the priority of the decision alternative with respect to that criterion. sum to 1. indicate what choice is preferred, but do not force that choice to be made. each of the above is true. |
Each of the above is true.
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Inconsistency in the pair-wise judgments is indicated by a consistency ratio that is...
less than zero greater than 0.10 greater than 0.50 greater than 1.00 |
Greater than 0.10
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Objectives in multicriteria problems seldom conflict.
True False |
False
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A consistency ratio greater than 0.10 indicates inconsistency in the pair-wise comparisons.
True False |
True
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Calculating the priority of each criterion in terms of its contribution to the overall goal is known as developing the hierarchy.
True False |
False
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A simulation model uses the mathematical expressions and logical relationships of the...
real system. computer model. performance measures. estimated inferences. |
Real system.
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Values for the probabilistic inputs to a simulation...
are selected by the decision maker. are controlled by the decision maker. are randomly generated based on historical information. are calculated by fixed mathematical formulas. |
Are randomly generated based on historical information.
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A quantity that is difficult to measure with certainty is called a...
risk analysis. project determinant. probabilistic input. profit/loss process. |
Probabilistic input.
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A value for probabilistic input from a discrete probability distribution...
is the value given by the RAND() function. is given by matching the probabilistic input with an interval of random numbers. is between 0 and 1. must be non-negative. |
Is given by matching the probabilistic input with an interval of random numbers.
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The number of units expected to be sold is uniformly distributed between 300 and 500. If r is a random number between 0 and 1, then the proper expression for sales is...
200(r) r + 300 300 + 500(r) 300 + r(200) |
300 + r(200)
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When events occur at discrete points in time...
a simulation clock is required. the simulation advances to the next event. the model is a discrete-event simulation. All of the alternatives are correct. |
All of the alternatives are correct.
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If customer 2 has a service time of 1.6, and if customer 3 has an interarrival time of 1.1 and a service time of 2.3, when will customer 3's service be completed?
Answer 5.0 3.9 3.4 There is not enough information to answer. |
There is not enough information to answer.
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Common features of simulations--generating values from probability distributions, maintaining records, recording data and summarizing results--led to the development of...
Excel and Lotus. BASIC, FORTRAN, PASCAL, and C. GPSS, SIMSCRIPT, SLAM, and Arena LINDO and The Management Scientist |
GPSS, SIMSCRIPT, SLAM, and Arena.
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In order to verify a simulation model...
compare results from several simulation languages. be sure that the procedures for calculations are logically correct. confirm that the model accurately represents the real system. run the model long enough to overcome initial start-up results. |
Be sure that the procedures for calculations are logically correct.
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Simulation...
does not guarantee optimality. is flexible and does not require the assumptions of theoretical models. allows testing of the system without affecting the real system. All of the alternatives are correct. |
All of the alternatives are correct.
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A simulation model used in situations where the state of the system at one point in time does not affect the state of the system at future points in time is called a...
dynamic simulation model. static simulation model. steady-state simulation model. discrete-event simulation model. |
Static simulation model.
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The process of determining that the computer procedure that performs the simulation calculations is logically correct is called...
implementation. validation. verification. repetition. |
Verification.
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Numerical values that appear in the mathematical relationships of a model and are considered known and remain constant over all trials of a simulation are...
parameters. probabilistic input. controllable input. events. |
Parameters.
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Which of the following statements is INCORRECT regarding the disadvantages of simulation?
Each simulation run only provides a sample of how the real system will operate. The summary of the simulation data only provides estimates about the real system. The process of developing a simulation model of a complex system can be time-consuming. The larger the number of probabilistic inputs a system has, the less likely a simulation will provide the best approach for studying the system. |
The larger the number of probabilistic inputs a system has, the less likely a simulation will provide the best approach for studying the system.
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Which of the following statements is INCORRECT regarding the advantages of simulation?
Simulation is relatively easy to explain and understand. Simulation guarantees an optimal solution. Simulation models are flexible. A simulation model provides a convenient experimental laboratory for the real system. |
Simulation guarantees an optimal solution.
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The word "uniform" in the term "uniform random numbers" means...
all the numbers have the same number of digits. if one number is, say, 10 units above the mean, the next number will be 10 units below the mean. all the numbers are odd or all are even. each number has an equal probability of being drawn. |
Each number has an equal probability of being drawn.
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A table of uniformly distributed random numbers should be read...
from left to right. from top to bottom. diagonally, starting from the top left corner and moving to the bottom right. in any consistent sequence. |
In any consistent sequence.
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Simulation is an excellent technique to use when a situation is too complicated to use standard analytical procedures.
True False |
True
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Simulation is a trial-and-error approach to problem solving.
True False |
True
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The degree of risk is associated with the probability or magnitude of loss.
True False |
True
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To use Excel to generate a normally distributed random variable, you must know the mean and standard deviation of the distribution and have a random number between 0 and 1.
True False |
True
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Trials of a simulation show what would happen when values of the probabilistic input change.
True False |
True
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In a Monte Carlo simulation, each simulation trial is dependent upon the result of a previous trial.
True False |
False
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Verification is the process of ensuring that the simulation model provides an accurate representation of the real system.
True False |
False
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In comparing different policies using simulation, one should use the same set of random numbers whenever possible.
True False |
True
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Validation determines that the computer procedure is operating as it is intended to operate.
True False |
False
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A discrete-event simulation reviews the status of the system periodically, whether or not an event occurs.
True False |
True
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A static simulation model is used in situations where the state of the system affects how the system changes or evolves over time.
True False |
False
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For any waiting line system, (Average number of units in waiting line) = (Total waiting time) divided by (Total time of simulation).
True False |
True
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The parameters of a simulation model are the controllable inputs.
True False |
False
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Using simulation to perform risk analysis is like playing out many what-if scenarios by randomly generating values for the probabilistic inputs.
True False |
True
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Computer-generated random numbers are normally distributed over the interval from 0 to 1.
True False |
False
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Computer-generated random numbers are not technically random.
True False |
True
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Information becomes evidence when its connected to an hypothesis.
True False |
True
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In the Alternative Competing Hypothesis (ACH) methodology, a matrix is created with the evidence as columns and the hypotheses as rows.
True False |
False
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An hypothesis is a declarative statement that is always true.
True False |
False
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Evidence that is inconsistent with a hypothesis is more valuable that evidence that is consistent with a hypothesis.
True False |
True
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The same evidence can support many different hypotheses.
True False |
True
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The preferred hypothesis is usually the hypothesis with the LEAST inconsistent evidence.
True False |
True
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Values for the probabilistic inputs to a simulation...
are selected by the decision maker. are controlled by the decision maker. are randomly generated based on historical information. are calculated by fixed mathematical formulas. |
Are randomly generated based on historical information.
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The options from which a decision maker chooses a course of action are...
called the decision alternatives. under the control of the decision maker. not the same as the states of nature. All of the alternatives are true. |
All of the alternatives are true.
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States of nature...
can describe uncontrollable natural events such as floods or freezing temperatures. can be selected by the decision maker. cannot be enumerated by the decision maker. All of the alternatives are true. |
Can describe uncontrollable natural events such as floods or freezing temperatures.
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A payoff...
is always measured in profit. is always measured in cost. exists for each pair of decision alternative and state of nature. exists for each state of nature. |
Exists for each pair of decision alternative and state of nature.
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Making a good decision...
requires probabilities for all states of nature. requires a clear understanding of decision alternatives, states of nature, and payoffs. implies that a desirable outcome will occur. All of the alternatives are true. |
Requires a clear understanding of decision alternatives, states of nature, and payoffs.
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A decision tree...
presents all decision alternatives first and follows them with all states of nature. presents all states of nature first and follows them with all decision alternatives. alternates the decision alternatives and states of nature. arranges decision alternatives and states of nature in their natural chronological order. |
Arranges decision alternatives and states of nature in their natural chronological order.
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Which of the methods for decision making without probabilities best protects the decision maker from undesirable results?
the optimistic approach the conservative approach minimum regret minimax regret |
The conservative approach
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Decision tree probabilities refer to...
the probability of finding the optimal strategy. the probability of the decision being made. the probability of overlooked choices. the probability of an uncertain event occurring. |
The probability of an uncertain event occurring.
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For a maximization problem, the conservative approach is often referred to as the...
minimax approach. maximin approach. maximax approach. minimin approach. |
Maximin approach.
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States of nature should be defined so that one and only one will actually occur.
True False |
True
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Square nodes in a decision tree indicate that a decision must be made.
True False |
True
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Circular nodes in a decision tree indicate that it would be incorrect to choose a path from the node.
True False |
True
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