Exam 6: Prescriptive Analytics: Optimization and Simulation

Simulation is normally used only when a problem is too complex to be treated using numerical optimization techniques.

A model builder makes predictions and assumptions regarding input data,many of which deal with the assessment of certain futures.

Why is there a trend to developing and using cloud-based tools for modeling?

Why do many believe that making decisions under uncertainty is more difficult than making decisions under risk?

When the decision maker knows exactly what the outcome of each course of action will be,this is decision making under

Multiple goals is a decision situation in which alternatives are evaluated with several,sometimes ________,goals.

A(n)________ is a graphical representation of a model.

The most common simulation method for business decision problems is the ________ simulation.

This method calculates the values of the inputs necessary to achieve a desired level of an output.

Every LP model has some internal intermediate variables that are not explicitly stated.

A(n)________ spreadsheet model represents behavior over time.

Spreadsheets include all possible tools needed to deploy a custom DSS.

A probabilistic decision-making situation is a decision made under ________.

The pessimistic approach assumes that the worst possible outcome for each alternative will occur and selects the best of these.

________ analysis is structured as "What will happen to the solution if an input variable,an assumption,or a parameter value is changed?"

Spreadsheets use ________ to extend their functionality.

________,like data,must be managed to maintain their integrity,and thus their applicability.

A decision table shows the relationships of the problem graphically and can handle complex situations in a compact form.

A more general form of an influence diagram is called a(n)

Which of the following is the order of simulation methodology?