BUSOBA 2321 FINAL UPDATED ACTUAL NEWEST
EXAM WITH COMPLETE QUESTIONS AND CORRECT
ANSWERS// VERIFIED//GRADED A+//
profit model
- profit = P x Q - (FC + VC x Q)
- profit = (P - VC) x Q - FC
uncertain outputs
- represented by random variables
- can effect performance and risk
discrete random variables
may assume one of a fixed set of values (integers)
continuous random variables
may assume of of an infinite number of values in a specified range (the
amount of gas in a gas tank)
simulation modeling
- replicates the system or process under study
- many applications and approaches
- been around a long time
- applications vary
simulate
duplicate features, appearance, and characteristics of a real system
process of simulation
- define a problem
- introduce variables associated with the problem
- construct a mathematical model
, - set up possible courses of action (COAs) for testing
- run the experiment
- consider the results and make necessary modifications
- decide upon the COA to take
analogue (performance) simulation
- product design and testing
- space walks
- "games"
monte carlo (risk) simulation
- models the uncertainty or randomness of a system by replicating it
many times with different values for random inputs
- provides knowledge of the underlying distribution of the uncertain
events and a better understanding of the distribution of possible
outcomes and the risk involved
- two step process (formulate and input)
system (performance) modeling
- typically used to analyze system performance and the effects of changes
on system performance
- continuous systems (weather, wind flow)
- discrete systems (production, logistics, transportation, service)
simulation advantages
- straightforward and flexible
- can analyze large and complex real-world situations
- allows the user to ask "what if"
- do not interfere with real-world systems
- identifies important component through simulation interactions
- time compression is possible
- allows the inclusion of real-world complications
simulation disadvantages
EXAM WITH COMPLETE QUESTIONS AND CORRECT
ANSWERS// VERIFIED//GRADED A+//
profit model
- profit = P x Q - (FC + VC x Q)
- profit = (P - VC) x Q - FC
uncertain outputs
- represented by random variables
- can effect performance and risk
discrete random variables
may assume one of a fixed set of values (integers)
continuous random variables
may assume of of an infinite number of values in a specified range (the
amount of gas in a gas tank)
simulation modeling
- replicates the system or process under study
- many applications and approaches
- been around a long time
- applications vary
simulate
duplicate features, appearance, and characteristics of a real system
process of simulation
- define a problem
- introduce variables associated with the problem
- construct a mathematical model
, - set up possible courses of action (COAs) for testing
- run the experiment
- consider the results and make necessary modifications
- decide upon the COA to take
analogue (performance) simulation
- product design and testing
- space walks
- "games"
monte carlo (risk) simulation
- models the uncertainty or randomness of a system by replicating it
many times with different values for random inputs
- provides knowledge of the underlying distribution of the uncertain
events and a better understanding of the distribution of possible
outcomes and the risk involved
- two step process (formulate and input)
system (performance) modeling
- typically used to analyze system performance and the effects of changes
on system performance
- continuous systems (weather, wind flow)
- discrete systems (production, logistics, transportation, service)
simulation advantages
- straightforward and flexible
- can analyze large and complex real-world situations
- allows the user to ask "what if"
- do not interfere with real-world systems
- identifies important component through simulation interactions
- time compression is possible
- allows the inclusion of real-world complications
simulation disadvantages
