(1) In a simulation study, explain the difference between model, inputs, and outputs. (2) Which of the following statements, about simulation and decision analysis, is true?_________ (i) Simulation and decision analysis are both optimization techniques. (ii) We can use simulation for decision making under uncertainty but not decision analysis. (iii) In contrast with decision analysis, simulation is used only for not hard to model systems. (iv) Simulation does not guarantee optimal decisions; on the other hand, decision analysis uses different approaches to find an optimal decision/alternative under a specific approach. (v) None of the above statement is true. (3) In a few words, explain the dynamics of decision making illustrated in the following influence diagram: (4) Consider a queueing system, in which the mean arrival rate is 40 units per hour, and the average service time is 1 minute. What is the utilization factor of the system?_________ (i) 40% (ii) 150% (iii) 66.67% (iv) None of the above. (5) Choose the most accurate statement among the following. In project scheduling parlance, crashing is__________________ (i) The shortening of activity times by adding resources and hence usually increasing cost. (ii) The shortening of activity times. (iii) The shortening of activities along the critical path. (iv) The shortening of some activities along the critical path. (v) None of the above statement is accurate. Decision Alternatives Payoff States of Nature 5 (6) Which of the following statements is true? In queueing mod