Q: Monte Carlo simulations are useful to include in models when: or Q: It is beneficial to incorporate Monte Carlo simulations into models when: Stakes are high There are many variables with complex interactions A small amount of extra precision is valuable Manual what-if testing isn’t feasible Explanation: The other options can also be relevant, but the key strength of…
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A snow tire manufacturer believes that a typical set of snow tires lasts on average for 30,000 miles. They also believe that 95% of drivers get between 20,000 and 40,000 miles of use from the tires. What value of σ, the standard deviation, would be needed to make the information above approximately consistent with a Normal distribution model for tire wear? You should use the Empirical Rule to answer this question.
Q: A snow tire manufacturer believes that a typical set of snow tires lasts on average for 30,000 miles. They also believe that 95% of drivers get between 20,000 and 40,000 miles of use from the tires. What value of σ, the standard deviation, would be needed to make the information above approximately consistent with a Normal distribution model for…
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In the simulation model shown below, what is the primary purpose of the standard deviation formula in cell H11?
Q: In the simulation model shown below, what is the primary purpose of the standard deviation formula in cell H11? or Q: What is the main function of the standard deviation formula in cell H11 of the simulation model below? To help assess risk To add a constraint needed for an optimization function None of these are the primary purpose…
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In a linear programming model, all of the following are examples of variables Solver changes to generate an optimal solution, except:
Q: In a linear programming model, all of the following are examples of variables Solver changes to generate an optimal solution, except: or Q: Examples of variables that the solver modifies to provide an ideal solution in a linear programming model include the following, with the exception of: Allocation of scarce resources Production levels of alternative products How much to…
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Which of the following can be set as the objective of a linear programming optimization model using Excel’s Solver function (check all that apply)?
Q: Which of the following can be set as the objective of a linear programming optimization model using Excel’s Solver function (check all that apply)? or Q: Using Excel’s Solver tool, which of the following can be the goal of an optimization model for linear programming? Make sure to tick all that apply. Min A specific target value Average Max…
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In the Innovative Speakers case, Solver was used to generate an optimal outcome by trying every possible value in a range of cells in the model.
Q: In the Innovative Speakers case, Solver was used to generate an optimal outcome by trying every possible value in a range of cells in the model. or Q: By attempting every value in a range of model cells, Solver was utilized in the Innovative Speakers scenario to provide the best result. F8:H10 C13:E13 C4:E4 H4 All of these Explanation:…
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Please check all that apply: Which of the following business scenarios are examples of problems that can be addressed by linear program models?
Q: Please check all that apply: Which of the following business scenarios are examples of problems that can be addressed by linear program models? or Q: Please make sure everything is applicable: Which of the following business situations exemplifies an issue that linear program models can solve? Allocating a fixed R&D budget across multiple development projects Planning staffing levels for…
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Rand between generates random numbers based on what kind of probability distribution:
Q: Rand between generates random numbers based on what kind of probability distribution: or Q: Rand between determines what type of probability distribution is used to generate random numbers: Bernoulli Uniform All of these Normal Discrete Explanation: With RANDBETWEEN, each number within the specified range has an equal probability of being selected, which is the defining characteristic of a uniform…
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The Data Analysis Toolpak in Excel and Sheets generates random numbers based on what kind of probability distribution:
Q: The Data Analysis Toolpak in Excel and Sheets generates random numbers based on what kind of probability distribution: or Q: Excel and Sheets’ Data Analysis Toolpak creates random numbers according to the kind of probability distribution: Discrete Uniform Normal All of these Bernoulli Explanation: Thus, the correct answer is All of these. The Toolpak offers a variety of distributions,…
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The spreadsheet below shows average outside temperature and retail food sales by a street vendor. What’s the relationship between temperature and sales?
Q: The spreadsheet below shows average outside temperature and retail food sales by a street vendor. What’s the relationship between temperature and sales? or Q: The average outside temperature and street vendor retail food sales are displayed in the spreadsheet below. What connection exists between sales and temperature? The correlation is weak The correlation is strong Relationship cannot be determined…
