COB 291 QUIZ 6 WITH COMPLETE
SOLUTIONS
a random variable is a - Correct Answers -variable whose value cannot be predicted or
set with certainty
when such a decision is made, some chance exists that the decision will not produce
the intended results. This chance or uncertainty represents - Correct Answers -risk
If we don't know what value a particular cell in a spreadsheet will assume and enter a
number that we think is the most likely value for the uncertain cell, we can calculate the
most likely value of the bottom-line performance measure. This is called: - Correct
Answers -The base-case scenario
The manager hopes that using the expected, or most likely, values for all the uncertain
variables will: - Correct Answers -Provide the most likely value for the bottom-line
performance measure (Y)
In what-if analysis: - Correct Answers -A manager changes the values of the uncertain
input variables to see what happens to the bottom-line performance measure
Simulation is: - Correct Answers -A technique that measures various characteristics of
the model bottom-line performance measure.
A technique that describes various characteristics of the bottom-line performance
measure.
A technique that is useful when one or more values for the independent variables are
uncertain.
When faced with uncertainty, people do the following: - Correct Answers -React with
paralysis.
Do exhaustive research.
Avoid making a decision.
The first step in performing a simulation in a spreadsheet is: - Correct Answers -Placing
a random number generator (RNG) formula in each cell that represents a random, or
uncertain, independent variable.
Analytic Solver Platform (ASP) provides several "Psi" functions that can be used to: -
Correct Answers -Create the RNGs required for simulating a model
, A listing of all the available Analytic Solver Platform (ASP) RNG functions is: - Correct
Answers -Available in Excel, after ASP has been installed
When selecting an RNG for an uncertain variable in a model, it is important to consider:
- Correct Answers -Whether the variable can assume discrete or continuous values
Analytic Solver Platform (ASP) has the ability to: - Correct Answers -Automatically
identify probability distributions that fit your historical data reasonably well
Clicking the "Fit" icon found within the "Tools" group on the Analytic Solver Platform
(ASP) tab: - Correct Answers -Launches the Fit Options dialog
Recalculating the spreadsheet several hundred or several thousand times and
recording the resulting values generated for the output cell(s), or bottom-line
performance measure(s) is called: - Correct Answers -replication
In order to indicate the output cell (or cells) that we want Analytic Solver Platform (ASP)
to track during the simulation we can use the: - Correct Answers -"Add Output" button
on the Analytic Solver Platform (ASP) menu
The educational version of Analytic Solver Platform (ASP) allows for ______ trials per
simulation. - Correct Answers -10,000
Sensitivity analysis is useful when: - Correct Answers -You may be interested in
examining how sensitive the simulation output results are to various uncertain input
cells in the model.
As the number of replications (n) increases, the width of the confidence interval: -
Correct Answers -decreases
The benefit(s) of simulation include(s): - Correct Answers -The results of simulation do
give us greater insight into the problem.
It gives a decision maker some idea of the best- and worst-case total outcomes for the
problem.
It provides an idea of the distribution and variability of the possible outcomes.
When attempting to optimize a simulation model (also known as simulation optimization)
we typically want to: - Correct Answers -Maximize or minimize the average value of (or
some other statistic describing) the cell representing the objective or bottom-line
performance measure.
Regression analysis is: - Correct Answers -A modeling technique for analyzing the
relationship between a continuous (real-valued) dependent variable Y and one or more
independent variables X1, X2, ...Xn.
SOLUTIONS
a random variable is a - Correct Answers -variable whose value cannot be predicted or
set with certainty
when such a decision is made, some chance exists that the decision will not produce
the intended results. This chance or uncertainty represents - Correct Answers -risk
If we don't know what value a particular cell in a spreadsheet will assume and enter a
number that we think is the most likely value for the uncertain cell, we can calculate the
most likely value of the bottom-line performance measure. This is called: - Correct
Answers -The base-case scenario
The manager hopes that using the expected, or most likely, values for all the uncertain
variables will: - Correct Answers -Provide the most likely value for the bottom-line
performance measure (Y)
In what-if analysis: - Correct Answers -A manager changes the values of the uncertain
input variables to see what happens to the bottom-line performance measure
Simulation is: - Correct Answers -A technique that measures various characteristics of
the model bottom-line performance measure.
A technique that describes various characteristics of the bottom-line performance
measure.
A technique that is useful when one or more values for the independent variables are
uncertain.
When faced with uncertainty, people do the following: - Correct Answers -React with
paralysis.
Do exhaustive research.
Avoid making a decision.
The first step in performing a simulation in a spreadsheet is: - Correct Answers -Placing
a random number generator (RNG) formula in each cell that represents a random, or
uncertain, independent variable.
Analytic Solver Platform (ASP) provides several "Psi" functions that can be used to: -
Correct Answers -Create the RNGs required for simulating a model
, A listing of all the available Analytic Solver Platform (ASP) RNG functions is: - Correct
Answers -Available in Excel, after ASP has been installed
When selecting an RNG for an uncertain variable in a model, it is important to consider:
- Correct Answers -Whether the variable can assume discrete or continuous values
Analytic Solver Platform (ASP) has the ability to: - Correct Answers -Automatically
identify probability distributions that fit your historical data reasonably well
Clicking the "Fit" icon found within the "Tools" group on the Analytic Solver Platform
(ASP) tab: - Correct Answers -Launches the Fit Options dialog
Recalculating the spreadsheet several hundred or several thousand times and
recording the resulting values generated for the output cell(s), or bottom-line
performance measure(s) is called: - Correct Answers -replication
In order to indicate the output cell (or cells) that we want Analytic Solver Platform (ASP)
to track during the simulation we can use the: - Correct Answers -"Add Output" button
on the Analytic Solver Platform (ASP) menu
The educational version of Analytic Solver Platform (ASP) allows for ______ trials per
simulation. - Correct Answers -10,000
Sensitivity analysis is useful when: - Correct Answers -You may be interested in
examining how sensitive the simulation output results are to various uncertain input
cells in the model.
As the number of replications (n) increases, the width of the confidence interval: -
Correct Answers -decreases
The benefit(s) of simulation include(s): - Correct Answers -The results of simulation do
give us greater insight into the problem.
It gives a decision maker some idea of the best- and worst-case total outcomes for the
problem.
It provides an idea of the distribution and variability of the possible outcomes.
When attempting to optimize a simulation model (also known as simulation optimization)
we typically want to: - Correct Answers -Maximize or minimize the average value of (or
some other statistic describing) the cell representing the objective or bottom-line
performance measure.
Regression analysis is: - Correct Answers -A modeling technique for analyzing the
relationship between a continuous (real-valued) dependent variable Y and one or more
independent variables X1, X2, ...Xn.
