Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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Chapter 14.2, Problem 4P
Summary Introduction
To classify: The applicants based on the given variables.
Introduction: Simulation model is the digital prototype of the physical model that helps to
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Write “TRUE” if the statement is correct and “FALSE” if the statement is incorrect. (a-c is already answered)d. The Monte Carlo method uses repeated random sampling. Therefore, it will be useful in determining a guaranteed win at a casino.e. One of the first steps before conducting any simulation is to obtain historical data.f. The first main step of Monte Carlo simulation is random number generation.
Which of the following statements is true regarding the advantages of using simulations?
a.
Its methodology can be used to model and learn about the behavior of complex systems.
b.
Simulations do not guarantee an optimal solution.
c.
Simulation models can be used to describe systems without requiring the assumptions often required by mathematical models.
d.
All of these are correct.
Which of the following statements is correct regarding the EMH form?
Select one:
None of the answers are correct
If the market is weak-form efficient, then it is also semistrong and strong-form efficient.
If the market is semistrong form efficient, then it is also strong form efficient
If a market is strong-form efficient, it is also semistrong and weak form efficient
If the market is strong-form efficient, it is also semistrong but not weak-form efficient
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- Use the RAND function and the Copy command to generate 100 random numbers. a. What fraction of the random numbers are smaller than 0.5? b. What fraction of the time is a random number less than 0.5 followed by a random number greater than 0.5? c. What fraction of the random numbers are larger than 0.8? d. Freeze these random numbers. However, instead of pasting them over the original random numbers, paste them onto a new range. Then press the F9 recalculate key. The original random numbers should change, but the pasted copy should remain the same.arrow_forwardRework the previous problem for a case in which the one-year warranty requires you to pay for the new device even if failure occurs during the warranty period. Specifically, if the device fails at time t, measured relative to the time it went into use, you must pay 300t for a new device. For example, if the device goes into use at the beginning of April and fails nine months later, at the beginning of January, you must pay 225. The reasoning is that you got 9/12 of the warranty period for use, so you should pay that fraction of the total cost for the next device. As before, how-ever, if the device fails outside the warranty period, you must pay the full 300 cost for a new device.arrow_forwardSuppose that GLC earns a 2000 profit each time a person buys a car. We want to determine how the expected profit earned from a customer depends on the quality of GLCs cars. We assume a typical customer will purchase 10 cars during her lifetime. She will purchase a car now (year 1) and then purchase a car every five yearsduring year 6, year 11, and so on. For simplicity, we assume that Hundo is GLCs only competitor. We also assume that if the consumer is satisfied with the car she purchases, she will buy her next car from the same company, but if she is not satisfied, she will buy her next car from the other company. Hundo produces cars that satisfy 80% of its customers. Currently, GLC produces cars that also satisfy 80% of its customers. Consider a customer whose first car is a GLC car. If profits are discounted at 10% annually, use simulation to estimate the value of this customer to GLC. Also estimate the value of a customer to GLC if it can raise its customer satisfaction rating to 85%, to 90%, or to 95%. You can interpret the satisfaction value as the probability that a customer will not switch companies.arrow_forward
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