State whether the following statements are True or False. (1×10 = 10) 1. Quantit

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State whether the following statements are True or False. (1×10 = 10) 1. Quantitative factors are data that can be accurately calculated. a) True b) False 2. The maximax decision criterion is used by pessimistic decision makers and maximizes the maximum outcome for every alternative. a) True b) False 3. In a multichannel, single-phase queuing system, the arrival will pass through at least two different service facilities. a) True b) False 4. In an LP problem, at least one corner point must be an optimal solution if an optimal solution exists. a) True b) False 5. In a transportation problem if the availability is equal to demand at destination then the problem is a balanced transportation problem. a) True b) False 6. Economic Order Quantity (EOQ) is the number of products in each order, which minimize the total cost of holding inventory and the cost of stock outs. a) True b) False 7. The two fundamental decisions that you have to make when controlling inventory are: (1) how much to order, and (2) how much money to spend. a) True b) False 8. Simulation models are designed to generate optimal solution, which can then be applied to real –world situations. a) True b) False 9. Monte Carlo method is applied when a system contains elements that exhibit chance in their behavior. a) True b) False 10. The idea behind simulation is to imitate real world situation with a mathematical model that affect operation. a) True b) False State whether the following statements are True or False. (1×10 = 10) 1. Quantitative factors are data that can be accurately calculated. a) True b) False 2. The maximax decision criterion is used by pessimistic decision makers and maximizes the maximum outcome for every alternative. a) True b) False 3. In a multichannel, single-phase queuing system, the arrival will pass through at least two different service facilities. a) True b) False 4. In an LP problem, at least one corner point must be an optimal solution if an optimal solution exists. a) True b) False 5. In a transportation problem if the availability is equal to demand at destination then the problem is a balanced transportation problem. a) True b) False 6. Economic Order Quantity (EOQ) is the number of products in each order, which minimize the total cost of holding inventory and the cost of stock outs. a) True b) False 7. The two fundamental decisions that you have to make when controlling inventory are: (1) how much to order, and (2) how much money to spend. a) True b) False 8. Simulation models are designed to generate optimal solution, which can then be applied to real –world situations. a) True b) False 9. Monte Carlo method is applied when a system contains elements that exhibit chance in their behavior. a) True b) False 10. The idea behind simulation is to imitate real world situation with a mathematical model that affect operation. a) True b) False State whether the following statements are True or False. (1×10 = 10) 1. Quantitative factors are data that can be accurately calculated. a) True b) False 2. The maximax decision criterion is used by pessimistic decision makers and maximizes the maximum outcome for every alternative. a) True b) False 3. In a multichannel, single-phase queuing system, the arrival will pass through at least two different service facilities. a) True b) False 4. In an LP problem, at least one corner point must be an optimal solution if an optimal solution exists. a) True b) False 5. In a transportation problem if the availability is equal to demand at destination then the problem is a balanced transportation problem. a) True b) False 6. Economic Order Quantity (EOQ) is the number of products in each order, which minimize the total cost of holding inventory and the cost of stock outs. a) True b) False 7. The two fundamental decisions that you have to make when controlling inventory are: (1) how much to order, and (2) how much money to spend. a) True b) False 8. Simulation models are designed to generate optimal solution, which can then be applied to real –world situations. a) True b) False 9. Monte Carlo method is applied when a system contains elements that exhibit chance in their behavior. a) True b) False 10. The idea behind simulation is to imitate real world situation with a mathematical model that affect operation. a) True b) False

Explanation / Answer

1)True

2)False

3)False

4)True

5)True

6)False(The Economic Order Quantity (EOQ) is the number of units that a company should add to inventory with each order to minimize the total costs of inventory—such as holding costs, order costs, and shortage costs)

7)False

8)False

9)True

10)false

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