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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