Statistics - RsQ_003A simulation was run with 1,000 trials and the resulting frequency chart

The most frequently observed profit is $46.45.

There is a 5% probability that profit will be less than $20.

There is a 5% probability that profit will be greater than $60.

There is a 35% probability that profit will be $60.

All of the above.

create a baseline spreadsheet as an Excel file

Identify at least one uncertain input variable

Assign a probability distribution to each uncertain variable

Set an appropriate number of simulation trials

All of the above

The binomial distribution describes the number of times an event occurs in a fixed number of trials.

The normal distribution is a good choice when all values within a range are equally likely.

The triangular distribution has no upper bound.

The exponential distribution is not useful for describing the time between random events.

The normal distribution has a fixed upper and lower bound.

For problems with many dynamic elements

Regardless of the problem's complexity

For non-probabilistic problems

For problems well suited to classical analytical models

For problems with minimal complexity

The shaded areas represent information about the frequency distribution of order quantity.

A total of 70 different simulations were run in preparing this report.

The middle and outer shaded areas together represent 90% of the observed outcomes.

A total of 30% of the simulated profit values are outside of the shaded area.

None of the above.

Each uncertain variable must have a discrete probability distribution

Uncertain variables are input variables

The value of the uncertain variable is fixed during most simulation runs

Uncertain variables are output variables

All of the above

use a continuous distribution instead of a discrete distribution.

increase the number of replications.

increase the number of factors considered.

All of the above.

None of the above.

check the similarity between the input data and the output data

use a trend chart to assess the validity of the distribution

test continuous distributions if the sample data is not discrete

run at least 1,000 simulation trials

carefully define the output cells

The total cost.

The holding cost per unit.

The demand.

The selling price.

All of the above

A parameter analysis may specify different levels of a decision variable.

A parameter analysis normally causes multiple simulations to run.

No more than two variables can be simultaneously varied in a parameter analysis.

A trend chart can be used to display the results of changes in a parameter cell.

All of the above.

The best choice is an order quantity of 70 because the range of possible results is the greatest.

An order quantity of 40 is the lowest risk option to select.

The highest expected value result is when an order quantity of 65 is selected.

An order quantity of $65 is the most that can be expected.

All of the above.

Uniform distribution

Poisson distribution

Skewed distribution

Normal distribution

Relative frequency distribution