Markov Analysis

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  • Topic: Markov chain, Andrey Markov, Markov process
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  • Published : March 10, 2012
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Introduction to Management Science, 10e (Taylor)
Module F: Markov Analysis

1) Markov analysis is a probabilistic technique.
Answer: TRUE
Diff: 1
Main Heading: The Characteristics of Markov Analysis
Key words: Markov analysis, probabilistic technique

2) Markov analysis is not a probabilistic technique.
Answer: FALSE
Diff: 1
Main Heading: The Characteristics of Markov Analysis
Key words: Markov analysis

3) Markov analysis does not provide a recommended decision.
Answer: TRUE
Diff: 1
Main Heading: The Characteristics of Markov Analysis
Key words: Markov analysis

4) Markov analysis provides a recommended decision.
Answer: FALSE
Diff: 1
Main Heading: The Characteristics of Markov Analysis
Key words: Markov analysis

5) Markov analysis is not an optimization technique.
Answer: TRUE
Diff: 1
Main Heading: The Characteristics of Markov Analysis
Key words: Markov analysis

6) Markov analysis is an optimization technique.
Answer: FALSE
Diff: 1
Main Heading: The Characteristics of Markov Analysis
Key words: Markov analysis

7) Markov analysis is a descriptive technique that results in probabilistic information. Answer: TRUE
Diff: 2
Main Heading: The Characteristics of Markov Analysis
Key words: Markov analysis

8) Markov analysis is not a descriptive technique that results in probabilistic information. Answer: FALSE
Diff: 2
Main Heading: The Characteristics of Markov Analysis
Key words: Markov analysis

9) The brand-switching problem analyzes the probability of customers' changing brands of a product over time. Answer: TRUE
Diff: 2
Main Heading: The Characteristics of Markov Analysis
Key words: brand-switching problem, Markov analysis

10) Markov analysis provides information on the probability of customers switching from one brand to one or more other brands. Answer: TRUE
Diff: 1
Main Heading: The Characteristics of Markov Analysis
Key words: brand-switching problem, Markov analysis

11) A Markov assumption is that the probabilities in each row sum to 1 because they are mutually exclusive and collectively exhaustive. Answer: TRUE
Diff: 1
Main Heading: The Characteristics of Markov Analysis
Key words: Markov analysis assumptions

12) A Markov assumption is that the probabilities apply to all system participants. Answer: TRUE
Diff: 1
Main Heading: The Characteristics of Markov Analysis
Key words: Markov analysis assumptions

13) A Markov assumption is that the probabilities are constant over time. Answer: TRUE
Diff: 1
Main Heading: The Characteristics of Markov Analysis
Key words: Markov analysis assumptions

14) A Markov assumption is that the probabilities change over time. Answer: FALSE
Diff: 1
Main Heading: The Characteristics of Markov Analysis
Key words: Markov analysis assumptions

15) The state of the system is where the system is at a point in time. Answer: TRUE
Diff: 2
Main Heading: The Characteristics of Markov Analysis
Key words: Markov analysis, state of the system

16) If a Markov Process contains an absorbing state, the process will eventually terminate in the absorbing state. Answer: TRUE
Diff: 2
Main Heading: The Characteristics of Markov Analysis
Key words: absorbing states

17) Markov analysis can be used to determine the steady state probabilities associated with machine breakdowns. Answer: TRUE
Diff: 1
Main Heading: The Characteristics of Markov Analysis
Key words: Markov analysis, steady state

18) Decision trees can be used to solve for steady state probabilities. Answer: TRUE
Diff: 1
Main Heading: The Characteristics of Markov Analysis
Key words: decision trees, Markov process, steady state

19) Markov Analysis always results in a steady state.
Answer: FALSE
Diff: 1
Main Heading: The Characteristics of Markov Analysis
Key words: Markov analysis, steady state

20) A transition matrix cannot cause the system to cycle between states. Answer: FALSE...
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