Select all that applyWhat are two of the most relevant discrete probability distributions for Monte Carlo simulation?NormalBinomialLog normalPoisson'______________________' is a family of quantitative techniques where an objective function is maximized or minimized for obtaining optimal solutions to complex business problems.A classic example of a(an) '___________________' problem involves a manager who needs to decide which of the warehouses to use in order to deliver products to retail stores or customers.In any business setting, when the probability distributions are known for all relevant random variables, we can easily formulate and develop a Monte Carlo simulation. The next crucial step is to construct a quantitative model that represents the relationship among relevant variables.TrueFalseIn a typical '________________' budgeting problem, a decision maker tries to choose from a number of potential projects.In any optimization problem, a single objective with a mathematical representation is referred to as:The objective functionParametersDecision variablesConstraintsUse the following information to formulate the objective function: Abigail Kwan wants to continue using prescriptive analytics to solve other business problems for FashionTech. One of the difficult decisions that she has to make every winter season is deciding how many parkas and winter jackets for women to produce to maximize profits.On analyzing data for the medium-sized jackets and parkas. Based on her records, the per-unit profits for a winter jacket and parka are $9 and $12.50, respectively. Which of the following could be the objective function?A Monte Carlo simulation can be used to estimate the average profit or a range of best- and worse-case scenarios at different staffing levels.TrueFalseSelect all that applyWhich of the following are two common types of IP problems: (1) a capital-budgeting problem for selection of investment projects and (2) a transportation problem for selection of supply locations for product deliveryA manufacturing product mix problem for selecting which products to produceA transportation problem for selection of supply locations for product deliveryA mixing problem for identifying how much of each ingredient to add to a productA capital-budgeting problem for selection of investment projectsWhich of the following describes a prescriptive analytics method?Extract value from dataResults are analyzed to improve decision makingDesigned to explore the data,This method will classify or predict new recordsWhich distribution is particularly useful for modeling when we are interested in finding the number of occurrences (successes) of a certain event over a given interval of time or space?Which method of optimization is a simple way to perform optimization by assuming linear relationships among relevant variables?Linear programmingNonlinear programmingPrescriptive analyticsMonte Carlo simulation'___________________' analytics uses simulation and optimization algorithms to quantify the effect of different possible actions of a decision maker to make a more informed decision.Select all that applyWhat is referred to as 'A family of computer algorithms used to model the risk or uncertainty of a real-world process or system'?Linear programming methodsComputer simulationRelies on random samplingThe Monte Carlo methodSelect all that applyThe Monte Carlo Simulation technique relies on random sampling to mimic the odds of all possible outcomes. Which of the following is true?The Monte Carlo technique is stochasticThe Monte Carlo technique is deterministicThe Monte Carlo technique is predictiveThe Monte Carlo technique is probabilistic'________________________' is an attempt to imitate a real-world process that produces several business scenarios.Definition: an attempt to find an optimal way to achieve a business objective under constraints, such as limited capacities, financial resources, and competing priorities. What is this a definition of?Equation of a line in slope intercept formmaturity/ future value for simple interestcmoundCompound Interest --> longer time than a 1year
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