msis quiz 11
Use the following information to answer the question(s) below.Cerebro Manufacturing produces four types of structural support fittings-plugs, rails, rivets, and clips-which are machined on two CNC machining centers. The machining centers have a capacity of 250,000 minutes per year. The gross margin per unit and machining requirements are shown in the spreadsheet below.Using the spreadsheet data above, what is the maximum possible production of rails based on the machine capacity?
125,000
A binding constraint is one for which the Cell Value is greater than the right-hand side of the value of the constraint.
False
Decision variables in an optimization model are known values.
False
In predictive modeling, verification refers to how well a model represents reality (T/F).
False
In the context of simulation, random numbers are numbers that are uniformly distributed between 0 and 9.
False
Simple bounds constrain the values of multiple variables.
False
Which of the following best defines Monte Carlo simulation
It is the process of generating random values for uncertain inputs in a model and computing the output variables of interest
A constraint function is a function of the decision variables in the problem.
True
A value randomly generated from a specified probability distribution is called a random variate.
True
Any solution that satisfies all constraints of a problem is called a feasible solution.
True
As Monte Carlo simulation is essentially statistical sampling, the larger the number of trials used, the more precise is the result.
True
Balance constraints essentially state that input = output and ensure that the flow of material or money is accounted for at locations or between time periods.
True
Constraints are limitations, requirements, or other restrictions that are imposed on any solution, either from practical of technological considerations or by management policy.
True
Infeasible problems can occur when the demand requirement is higher than the available capacity.
True
Proportional Relationships are often found in problems involving mixtures or blends of materials or strategies.
True
Requirements involve the specifications of minimum levels of performance (T/F).
True
Risk analysis seeks to examine the impact of uncertain inputs on various outputs.
True
There are three types of optimization models: linear, integer, and nonlinear.
True
Uniform or triangular distributions are used in the absence of data.
True
Problem statements such as production must be sufficient to meet promised customer orders would be categorized as a ________ constraint.
requirements
