## Description

**MAT 540 Midterm Exam**

- Regret is the difference between the payoff from the best decision and all other decision payoffs.
- Variable costs are independent of volume and remain constant.
- Regret is the difference between the payoff from the
- A _________ period of real time is represented by a __________ period of simulated time.
- A seasonal pattern is an up-and-down repetitive movement within a trend occurring periodically.
- A trend is a gradual, long-term, up or down movement of demand.
- A model is a functional relationship and include
- Random numbers are equally likely to occur.
- Which of the following is not an alternative name for management science?
- It’s often ____________ to validate that the results of a simulation truly replicate reality.
- ____________ moving averages react more slowly to recent demand changes than do ____________ moving averages.
- The maximin criterion results in the maximum of the minimum payoffs.
- ___________ is a technique for selecting numbers randomly from a probability distribution.
- Which of the following is incorrect with respect to the use of models in decision making?
- In computer mathematical simulation a system is replicated with a mathematical model that is analyzed
- The maximin criterion results in the
- Analogue simulation replaces a physical system with an analogous physical system that is easier to manipulate.
- In a weighted moving average, weights are assigned to most __________ data.
- An example of forecasting is
- In computer mathematical simulation, a system is replicated with a mathematical model that is analyzed with the computer.
- Monte Carlo is a technique for selecting numbers randomly from a probability distribution.
- A long period of real time is represented by a short period of simulated time.
- An experiment is an activity that results in one of several possible outcomes.
- The maximax criterion results in the maximum of the minimum payoffs.
- A state of nature is an actual event that may occur in the future.
- Profit is the difference between total revenue and total cost.
- ____________ is an up-and-down repetitive movement in demand.
- ____________ techniques include uncertainty and assume that there can be more than one model solution.
- Objective probabilities that can be stated prior to the occurrence of an event are
- The maximax criterion results in the
- The steps of the scientific method are:
- A short period of real time is represented by a long period of simulated time.
- The minimax regret criterion
- ____________ use management judgment, expertise, and opinion to make forecasts.
- A cycle is an up-and-down repetitive movement in demand.
- Which of the following is an equation or an inequality that expresses a resource restriction in a mathematical model?
- Simulation results will not equal analytical results unless ___________ trials of the simulation have been conducted to reach steady state.
- Analogue simulation replaces a physical system with an analogous physical system that is _____________ to manipulate.
- A payoff table is a means of organizing a decision situation, including the payoffs from different decisions given the various states of nature.
- The ______________ minimizes the maximum regret.