1 0.5 out of 0.5 points Which of the following statements is true? Selected Answer: The binomial distribution describes the number of times an event occurs in a fixed number of trials. Question 2 0.5 out of 0.5 points A store sells six different models of cell phones and has found that they sell an equal number of each model. The probability distribution that would describe this random variable is called: Uniform distribution Selected Answer: Question 3 0.5 out of 0.5 points In building an RSPE simulation model, it is important to: Selected Answer: All of the above Question 4 0.5 out of 0.5 points When choosing a probability distribution in an RSPE simulation, it is important to: consider the fit statistic Selected Answer: Question 5 0 out of 0.5 points When working with parameter cells in RSPE software, which of the following statements is true? Selected Answer: A trend chart can be used to display the results of changes in a parameter cell. Question 6 0.5 out of 0.5 points 1.Computer simulation is likely to be most useful: For very complex stochastic problems Selected Answer: Question 7 0.5 out of 0.5 points A trend chart was produced by RSPE software and is shown below. Profit was defined as the output variable. In reference to the chart below, which of the following statements is true? Selected Answer: An order quantity of 40 is the lowest risk option to select. Question 8 0 out of 0.5 points A trend chart was produced by RSPE software and is shown below. Profit was defined as the output variable. In reference to the chart below, which of the following statements is true? Selected Answer: A total of 30% of the simulated profit values are outside of the shaded area. Question 9 0.5 out of 0.5 points A simulation was run with 1,000 trials and the resulting frequency chart and statistics table is shown below. In reference to the table below, which of the following statements is true? There is a 35% probability that profit will be $60. Selected Answer: Question 10 0.5 out of 0.5 points When applying simulation to a business problem, which of the following would commonly be an uncertain variable cell? Selected Answer: The demand. Question 11 0.5 out of 0.5 points In order to generate more accurate results when using simulation: increase the number of replications. Selected Answer: Question 12 0 out of 0.5 points Which of the following statements is true with regard to uncertain variables in RSPE software? Selected Answer: Each uncertain variable must have a discrete probability distribution From: Sasha Jules Sent: Sunday, November 13, 2016 3:29:09 PM To: Netanya1618@gmail.com; Aurlie Lasry; Luzmary Rodriguez Subject: Quiz 2 QUESTION 1 1. Which of the following statements is true? The binomial distribution describes the number of times an event occurs in a fixed number of trials. The normal distribution is a good choice when all values within a range are equally likely. The triangular distribution has no upper bound. The exponential distribution is not useful for describing the time between random events. The normal distribution has a fixed upper and lower bound. QUESTION 2 0.5 points 1. A store sells six different models of cell phones and has found that they sell an equal number of each model. The probability distribution that would describe this random variable is called: Uniform distribution Poisson distribution Skewed distribution Normal distribution Relative frequency distribution 0.5 points QUESTION 3 1. In building an RSPE simulation model, it is important to: create a baseline spreadsheet as an Excel file Identify at least one uncertain input variable Assign a probability distribution to each uncertain variable Set an appropriate number of simulation trials All of the above 0.5 points QUESTION 4 1. When choosing a probability distribution in an RSPE simulation, it is important to: compare the sample data statistics with standard values consider the fit statistic run at least 10,000 simulation trials check the similarity between the input data and the output data carefully define the output cells QUESTION 5 0.5 points 1. When working with parameter cells in RSPE software, which of the following statements is true? A parameter analysis may specify different levels of a decision variable. A parameter analysis normally causes multiple simulations to run. No more than two variables can be simultaneously varied in a parameter analysis. A trend chart can be used to display the results of changes in a parameter cell. All of the above. 0.5 points QUESTION 6 1. 1.Computer simulation is likely to be most useful: For simple problems For problems of moderate complexity For very complex stochastic problems Regardless of the problem's complexity For problems well suited to classical analytical models QUESTION 7 0.5 points 1. A trend chart was produced by RSPE software and is shown below. Profit was defined as the output variable. In reference to the chart below, which of the following statements is true? The best choice is an order quantity of 70 because the range of possible results is the greatest. An order quantity of 40 is the lowest risk option to select. The highest expected value result is when an order quantity of 65 is selected. An order quantity of $65 is the most that can be expected. All of the above. 0.5 points QUESTION 8 1. A trend chart was produced by RSPE software and is shown below. Profit was defined as the output variable. In reference to the chart below, which of the following statements is true? The shaded areas represent information about the frequency distribution of order quantity. A total of 70 different simulations were run in preparing this report. The middle and outer shaded areas together represent 90% of the observed outcomes. A total of 30% of the simulated profit values are outside of the shaded area. None of the above. QUESTION 9 0.5 points 1. A simulation was run with 1,000 trials and the resulting frequency chart and statistics table is shown below. In reference to the table below, which of the following statements is true? The most frequently observed profit is $46.45. There is a 5% probability that profit will be less than $20. There is a 5% probability that profit will be greater than $60. There is a 35% probability that profit will be $60. All of the above. QUESTION 10 0.5 points 1. When applying simulation to a business problem, which of the following would commonly be an uncertain variable cell? The total profit. The holding cost per unit. The demand. All of the above. None of the above. QUESTION 11 0.5 points 1. In order to generate more accurate results when using simulation: use a continuous distribution instead of a discrete distribution. increase the number of replications. increase the number of factors considered. All of the above. None of the above. QUESTION 12 0.5 points 1. Which of the following statements is true with regard to uncertain variables in RSPE software? Each uncertain variable must have a discrete probability distribution Uncertain variables are input variables The value of the uncertain variable is fixed during most simulation runs Uncertain variables are output variables All of the above