In: Operations Management
A marketing director needs to estimate the demand for a new product and she obtains the pessimistic, the optimistic and the most likely estimates of the demand from the company's store manager. What probability distribution should be used to describe this random variable in computer simulation?
Uniform distribution |
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Triangular distribution |
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Exponential distribution |
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Normal distribution |
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Binomial distribution |
QUESTION
Which of the following statements is true with regard to uncertain variables in RSPE software?
Each uncertain variable must have a discrete probability distribution |
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Uncertain variables are input variables |
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The value of the uncertain variable is fixed during most simulation runs |
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Uncertain variables are output variables |
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All of the above |
QUESTION
Which of the following statements is true?
The exponential distribution is not useful for describing the time between random events. |
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The normal distribution is a good choice when all values within a range are equally likely. |
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The triangular distribution has a fixed upper and lower bound. |
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The normal distribution has a fixed upper and lower bound. |
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The normal distribution describes the number of times an event occurs in a fixed number of trials. |
A marketing director needs to estimate the demand for a new product and she obtains the pessimistic, the optimistic and the most likely estimates of the demand from the company's store manager. What probability distribution should be used to describe this random variable in computer simulation?
Normal distribution |
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Under the Normal Distribution, Three point estimation methods or PERT method is used to describe the random variable based on Pessimistic, optimistic or most likely cases under computer simulation.
QUESTION
Which of the following statements is true with regard to uncertain variables in RSPE software?
Uncertain variables are input variables |
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While all other statements do not support the uncertainty variables in RSPE Software, only the above supports the same.
QUESTION
Which of the following statements is true?
The triangular distribution has a fixed upper and lower bound. |
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The Triangular distribution falls into the category of continuous probability distribution wherein the bounded intervals are fixed in case of continuous univariate data.