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Exam 27: Simulation

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Question 1

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The effects of operations management policies over many months or years can be obtained by computer simulation in a short time.What is this phenomenon called?

A) time suppression
B) time suspension
C) time compression
D) time inversion
E) time conversion

F) C) and E)
G) All of the above

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Question 2

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Which of the following is TRUE regarding the use of simulation?

A) It is always very easy to build a simulation model.
B) It may interfere with real-world systems.
C) It always yields optimal solutions.
D) It allows time-compression in testing major policy decisions.
E) Few constraints,if any,have to be considered.

F) C) and D)
G) B) and E)

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Question 3

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Identify five applications of simulation.

Julie's Diamond Boutique is very concerned with its order policies related to one-carat diamond solitaires.Their current policy is to order 10 diamonds whenever their inventory reaches 6 diamonds (unless there is already an ordered delivery due).Currently there are 8 diamonds on hand.Orders are placed at the end of the month and take one month to arrive .The following distribution of monthly sales has been developed using historical sales.If Julie's Diamond Boutique does not have a diamond on hand,it will result in a lost sale.Use the following random numbers to determine the number of lost sales of one-carat solitaires at the store over 12 months. Random numbers for sales: 10,24,03,32,23,59,95,34,34,51,08,48

Complete the following table in preparation for a Monte Carlo simulation.

Identify the seven steps involved in using simulation.

Which of the following statements regarding simulation is TRUE?

The seven steps in the use of simulation include all EXCEPT which of the following?

Identify,in order,the five steps required to implement the Monte Carlo simulation technique.

Simulation models that are based on the generation of random numbers may fail to give the same solution in repeated use to any particular problem.

Explain the difference between random numbers and random number intervals.

A distribution of service times at a waiting line shows that service takes 6 minutes 30 percent of the time,7 minutes 40 percent of the time,8 minutes 20 percent of the time,and 9 minutes 10 percent of the time.This distribution has been prepared for Monte Carlo analysis.The first two random numbers drawn are 53 and 74.The simulated service times are ________ minutes,then ________ minutes.

The numbers used to represent each possible value or outcome in a computer simulation are referred to as ________.

One of the disadvantages of simulation is that it:

A(n)________ is the accumulation of individual probabilities of a distribution.

A distribution of service times at a waiting line indicates that service takes 12 minutes 30 percent of the time and 14 minutes 70 percent of the time.In preparing this distribution for Monte Carlo analysis,the service time 13 minutes would be represented by what random number range?

State the three-fold idea behind simulation.

Similar to mathematical and analytical models,simulation is restricted to using the standard probability distributions.

Explain what is meant by the statement: "simulation is not limited to using the standard probability distributions."

Simulation can use any probability distribution that the user defines.