In an unbalanced transportation model, supply does not equal demand and one set of constraints uses ≤ signs.
A cycle is an up and down movement in demand that repeats itself in less than 1 year.
Excel can be used to simulate systems that can be represented by both discrete and continuous random variables.
Validation of a simulation model occurs when the true steady state average results have been reached.
In a total integer model, all decision variables have integer solution values.
Adjusted exponential smoothing is an exponential smoothing forecast adjusted for seasonality.
Using the maximin criterion to make a decision, you
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
In linear programming problems, multiple optimal solutions occur
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
Events that cannot occur at the same time in any trial of an experiment are:
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:
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