Quantitative Methods Midterm Examination

What is the purpose of using modelling and simulation in quantitative methods?

• To reduce the accuracy of predictions

• To limit decision-making capabilities

• To complicate the analysis process

• The purpose of using modelling and simulation in quantitative methods is to represent real-world scenarios in a controlled environment for experimentation, prediction, analysis, and decision-making.

What is the main purpose of simulation in quantitative methods?

• To complicate the analysis process

• To mimic real-life processes for prediction

• To limit decision-making capabilities

• To reduce the accuracy of predictions

Which term refers to a replica of an original or real thing?

• Model

• Simulation

• Modelling

• Monte Carlo

What models use intuitive rules with the hope that it will produce workable solutions, which can be improve upon?

• Stochastic Model

• Heuristic Model

• Simulation Model

• Analogue Model

What year when Monte Carlo method was developed by researchers, John von Neumann, Stanislaw Ulan, Edward Teller, Herman Kahn and physicist working on Manhattan project to study neurons?

• 1980

• 1960

• 1970

• 1940

What type of simulation involves real people operating real systems?

• Constructive

• Graphical

• Live

• Virtual

What is the process of collecting and interpreting facts, identifying the problems and decomposition of a system into components.

• System Analysis

• System Model

• System Architecture

• System Design

What is the term that is derived from the Greek word Systema, which means an organized relationship between any set of components to achieve some common cause or objective?

• Analysis

• System

• Architecture

• Design

Which of the following is responsible for the actual transformation of input into output in a system?

• Input

• Output

• Processor

• Feedback

What is the term used to describe an interdisciplinary study of systems as they relate to one another within a larger, more complex system?

• Analysis

• System Theory

• Design

• Integration