An account executive has just designed a Monte Carlo model to estimate the costs of a particular type of project. Validating the model could include all except:
Answer(s): D
The Monte Carlo technique is used in a simulation to generate the individual values for a random value. An essential step in the simulation procedure is to validate the mathematical model used. This process involves not only searching for errors but also verifying the assumptions. It also should provide some assurance that the results of the experiment will be realistic. This assurance is often obtained using historical data. If the model gives results equivalent to what actually happened, the model is historically valid. There is still some risk, however, that changes could make the model invalid for the future. The model should not be implemented until this validation process is complete.
A large fishing operation has information on the interval, time, and probabilities of shrimp schools staying beneath their fishing boats. In order to use this information to predict when and where to send their boats, which of the following techniques should be used?
Answer(s): A
Simulation Monte Carlo simulation) is a technique for experimenting with logical/mathematical models using a computer. Despite the power of mathematics, many problems cannot be solved by known analytical methods because of the behavior of the variables and the complexity of their interactions. However, the performance of a quantitative model under uncertainty may be investigated by randomly selecting values for each variable in the model based on its probability distribution) and then calculating the value of the solution. If this process is performed many times, the distribution of results from the model will be obtained.
Which of the following is not true about simu-lation models?
Simulation is a technique for experimenting with logical/mathematical models using a computer. The simulation procedure has five steps: define the objectives, formulate the model, validate the model, design the experiment, and conduct the simulation and evaluate the results. A simulation uses the laws of probability to generate values for random variables.Thus, simulation models are probabilistic, not deterministic.
A cost-volume-profit model developed in a dynamic environment determined that the estimated parameters used may vary between limits. Subsequent testing of the model with respect to all possible values of the estimated parameters is termed:
After a problem has been formulated into any mathematical model, it may be subjected to sensitivity analysis. Sensitivity analysis is a method for studying the effects of changes in one or more variables on the results of a decision model.
An investment company is attempting to allocate its available funds between two investment alternatives, stocks and bonds, which differ in terms of expected return and risk. The company would like to minimize its risk while earning an expected return of at least 10% and investing no more than 70% in either of the investment alternatives. An appropriate technique for allocating its funds between stocks and bonds is:
Linear programming is a mathematical technique for planning resource allocation that optimizes a given objective function that is subject to certain constraints. In this case, the maximum investment is constrained by a 70% limit on either investment choice.
Share your comments for IIA IIA-CIA-PART3-3P exam with other users:
i have a lot of experience but what comes in the exam is totally different from the practical day to day tasks. so i thought i would rather rely on these brain dumps rather failing the exam.
good questions
valied exam dumps. they were very helpful and i got a pretty good score. i am very grateful for this service and exam questions
will it help?
very useful to verify knowledge before exam
good stuffs
question 17 : responses arent b and c ?
just passed the exam on my first try using these dumps.
very helpful
these questions look good.
this is very helpful content
please provide the dumps
it is amazing
quesion 178 about "a banking system that predicts whether a loan will be repaid is an example of the" the answer is classification. not regresion, you should fix it.
please upload apache spark dumps
q14 is b&c to reduce you will switch off mail for every single alert and you will switch on daily digest to get a mail once per day, you might even skip the empty digest mail but i see this as a part of the daily digest adjustment
i think it is good question
good for students who wish to give certification.
is there a google drive link to the images? the links in questions are not working.
very promising, looks great, so much wow!
i scored 87% on the az-204 exam. thanks! i always trust
good need more
sample questions seems good
huawei is ok
good one nice
please continue
this exam dumps just did the job. i donot want to ruffle your feathers but your exam dumps and mock test engine is amazing.
nice questions
the explanation are really helpful
just passed my exam yesterday on my first attempt. these dumps were extremely helpful in passing first time. the questions were very, very similar to these questions!
cosmos db is paas not saas
what is the percentage of common questions in gcp exam compared to 197 dump questions? are they 100% matching with real gcp exam?
not able to see questions
by far one of the best sites for free questions. i have pass 2 exams with the help of this website.