Business

Question 1
In an unbalanced transportation model, supply does not equal demand and one set of constraints uses ≤ signs.
Answer
True
False
Question 2
A cycle is an up and down movement in demand that repeats itself in less than 1 year.
Answer
True
False
Question 3
Excel can be used to simulate systems that can be represented by both discrete and continuous random variables.
Answer
True
False
Question 4
Validation of a simulation model occurs when the true steady state average results have been reached.
Answer
True
False
Question 5
In a total integer model, all decision variables have integer solution values.
Answer
True
False
Question 6
Adjusted exponential smoothing is an exponential smoothing forecast adjusted for seasonality.
Answer
True
False
Question 7
Using the maximin criterion to make a decision, you
Answer
Construct a table of regrets. Look at the maximum regret for each decision. Select the decision with the smallest maximum regret.
Look at the worst payoff for each possible decision and select the decision with the largest worst payoff
Look at the best payoff for each possible decision and select the decision with the largest best payoff
Consult an astrological table to forecast the state of nature
Question 8
In linear programming problems, multiple optimal solutions occur
Answer
when constraint lines are parallel to each other.
when the objective function is parallel to a constraint line
every possible solution point violates at least one constraint
when the dual price for a particular resource is very small
Question 9
Events that cannot occur at the same time in any trial of an experiment are:
Answer
exhaustive
dependent
independent
mutually exclusive
Question 10
A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the following payoff table based on whether business is brisk or slow.
(chart would not copy/paste)
If the probability of brisk business is .40 and for slow business is .60, the expected value of perfect information is:
Answer
12
55
57

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