All T/F are 2 points each. Solve all problems to 3 decimal points. True/False, a

Question

All T/F are 2 points each. Solve all problems to 3 decimal points. True/False, asTrue, b=False 1. Simulation modeling is the science/art of developing 5. A sensitivity plot would illustrate how the decision changes as the probability of a decision alternative changes. computer based models that mimic the behavior of an existing/ proposed system. controlled by the decisions maker. Excel. considered 6. Forecasting is part of predictive analytics and based 7. In time series forecasting models time is the Y 8. In regression models a low R2 means a good fit on data obtained in the sales and marketing department. 2. Randomness relates to different outcomes that are 3. Monte Carlo simulation models can be developed in 4. The States of Nature are the alternatives being variable. The main benefit of simulation is that we can experiment in a virtual environment. 9. 10. The payoff table provides the relationship between SNs and DAs.

Explanation / Answer

1. True

2. False

3. True

4. True

5. True

6. False

7. False

8. False

9. True

10. True

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