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MAT 540 Midterm Exam 100% Correct Answers

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MAT 540 Midterm Exam 100% Correct Answers

___________ is a technique for selecting numbers randomly from a probability distribution.

Monte Carlo is a technique for selecting numbers randomly from a probability distribution.

Analogue simulation replaces a physical system with an analogous physical system that is _____________ to manipulate.

Variable costs are independent of volume and remain constant.

Regret is the difference between the payoff from the best decision and all other decision payoffs.

The maximin criterion results in the

A payoff table is a means of organizing a decision situation, including the payoffs from different decisions given the various states of nature.

In a weighted moving average, weights are assigned to most __________ data.

The maximin criterion results in the maximum of the minimum payoffs.

A state of nature is an actual event that may occur in the future.

Which of the following is not an alternative name for management science?

A _________ period of real time is represented by a __________ period of simulated time.

Simulation results will not equal analytical results unless ___________ trials of the simulation have been conducted to reach steady state.

The minimax regret criterion

Objective probabilities that can be stated prior to the occurrence of an event are

Which of the following is incorrect with respect to the use of models in decision making?

The steps of the scientific method are:

A seasonal pattern is an up-and-down repetitive movement within a trend occurring periodically.

____________ techniques include uncertainty and assume that there can be more than one model solution....

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