# MAT 540 MIDTERM EXAM

Topics: Decision theory, Minimax, Mathematical model Pages: 3 (562 words) Published: September 22, 2014

MAT 540 MIDTERM EXAM

1. Regret is the difference between the payoff from the best decision and all other decision payoffs.

2. Variable costs are independent of volume and remain constant.

3. Regret is the difference between the payoff from the

4 A _________ period of real time is represented by a __________ period of simulated time.

5. A seasonal pattern is an up-and-down repetitive movement within a trend occurring periodically

6. A trend is a gradual, long-term, up or down movement of demand.

7. A model is a functional relationship and include

8. Random numbers are equally likely to occur.

9. Which of the following is not an alternative name for management science?

10. It's often ____________ to validate that the results of a simulation truly replicate reality.

11. ____________ moving averages react more slowly to recent demand changes than do ____________ moving averages.

12. The maximin criterion results in the maximum of the minimum payoffs.

13. ___________ is a technique for selecting numbers randomly from a probability distribution.

14. Which of the following is incorrect with respect to the use of models in decision making?

15. In computer mathematical simulation a system is replicated with a mathematical model that is analyzed

16. The maximin criterion results in the

17. Analogue simulation replaces a physical system with an analogous physical system that is easier to manipulate.

18. In a weighted moving average, weights are assigned to most __________ data.

19. An example of forecasting is
20. In computer mathematical simulation, a system is replicated with a mathematical model that is analyzed with the computer.

21. Monte Carlo is a technique for selecting numbers randomly from a probability distribution.

22. A long period of real time is represented by a short period of simulated time.

23. An experiment is an activity that results in one of...