1.A ___________ uses repeated random sampling to represent uncertainty in a mode
ID: 3221137 • Letter: 1
Question
1.A ___________ uses repeated random sampling to represent uncertainty in a model representing a real system and that computes the values of model outputs.
a. what-if analysis
b. discrete event simulation
c. Monte Carlo simulation
D) deterministic model
2.A description of the range and relative likelihood of possible values of an uncertain variable is known as a
a. probability distribution.
b. base-case scenario.
c. risk analysis.
d. simulation optimization.
3.The outcome of a simulation experiment is a(n)
a. probability distribution for one or more output measures.
b. single number.
c. what-if scenario.
d. objective function.
4.The process of evaluating a decision in the face of uncertainty by quantifying the likelihood and magnitude of an undesirable outcome is known as
a. data mining.
b. decision tree analysis.
c. regression analysis.
d. risk analysis.
a. what-if analysis
b. discrete event simulation
c. Monte Carlo simulation
Explanation / Answer
Solution:
1) c. Monte Carlo simulation
A simulation method that uses repeated random sampling to represent uncertainty in a model representing a real system and that computes the values of model outputs.
2) a. probability distribution
A description of the range and relative likelihood of possible values of an uncertain variable.
3) The outcome of a simulation experiment is a(n)
d. objective function.
4) d. risk analysis.
The process of evaluating a decision in the face of uncertainty by quantifying the likelihood and magnitude of an undesirable outcome.
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