What are the advantages and disadvantages of simulation models?
What will be an ideal response?
Advantages:
• It can be used to analyze large and complex real-world situations that cannot be solved by conventional operations management models.
• Simulation allows for inclusion of real-world complications that most OM models cannot permit.
• "Time compression" is possible with simulation.
• Simulation allows "what if __?" types of questions.
• Simulations do not interfere with the real-world system under study.
Disadvantages:
• Good simulation models can take a long time to develop.
• Simulation does not generate optimal solutions.
• Managers must generate all the conditions and constraints for the solutions that they want to examine.
• Each simulation model is unique. Its solutions and inferences are not usually transferable to other problems.
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Generation X is defined as the generation of children born ________.
A. between WWI and WWII B. between 1977 and 1994 C. between 1965 and 1976 D. between 1946 and 1964 E. since the millennium
The price associated with a resource that indicates how much more profit would be earned by increasing the amount of the resource by one unit is called ______.
A. final cost B. reduced cost C. shadow price D. single price
Generally, people buy one product or service instead of another because they
A. want to get the lowest price possible. B. prefer to avoid doing extended problem solving. C. perceive it to be the better value for them. D. have conducted a thorough internal search for information. E. are unaware of key determinant attributes.
In a sample of 120 people, 50 indicated that they prefer domestic automobiles, 60 said they prefer foreign-made cars, and 10 indicated no difference in their preference. At a .05 level of significance, determine if there is evidence of a significant difference in the preferences for the two makes of automobiles. Hint: Use the continuity correction factor.
What will be an ideal response?