Solved

You Are Reviewing a Simulation Model and Find That the Analyst

question 60

Multiple Choice

You are reviewing a simulation model and find that the analyst who prepared the model used the formula =NORM.INV(RAND() ,100,5) to generate the waiting time at a restaurant (in seconds) . Which of the following assumptions did the analyst make about the waiting time?
I. The minimum waiting time is 100.
II. The average (mean) waiting time is 100.
III. The waiting time is normally distributed.

Appreciate the importance of archaeological sites and fossil evidence in reconstructing human evolutionary history.

Critique theories and models of human evolution based on current evidence.

Understand the concept of learning curves and their application in production and cost estimation.

Calculate time and cost estimates using the arithmetic and logarithmic approaches to learning curves.

Definitions:

Consumer Price Index

The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, used to estimate inflation.

Annual Inflation Rate

The percentage increase in the price level of goods and services in an economy over a year.

Overestimating

The act of assessing something more highly than its actual value or performance, often leading to errors in judgment or planning.

Structurally Unemployed

Describes individuals who are unemployed due to a mismatch between their skills and the jobs available, often because of technological change or fundamental shifts in an economy.