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MAT 540 Quiz bank (Test bank)
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Introduction to Management Science, 10e (Taylor) Chapter 1
Management Science
1) Management science involves the philosophy of approaching a problem in a
subjective manner.
2) Management science techniques can be applied only to business and military
organizations.
3) Once management scientist makes his or her decision and
recommendation to management, then typically, his or her involvement with
the problem is finished.
4) A variable is a value that is usually a coefficient of a parameter in an equation.
5) Parameters are known, constant values that are usually coefficients of
variables in equations.
6) Data are pieces of information from the problem environment.
,7) A model is a mathematical representation of a problem situation including
variables, parameters, and equations.
8) A management science technique usually applies to a specific model type.
9) The first step of the management science process is to define the problem.
10) Management science modeling techniques provide results that are known with
certainty.
11) The term sensitivity analysis refers to testing how a problem solution reacts to
changes in one or more of the model parameters.
12) Fixed costs depend on the number of items produced.
13) Variable costs depend on the number of items produced.
14) Fixed cost is the difference between total cost and total variable cost.
15) The break-even point is the volume that equates total revenue with total cost.
16) In general, an increase in price increases the break even point if all costs are
held constant.
17) If variable costs increase, but price and fixed costs are held constant, the
break even point will decrease.
18) Managers utilize spreadsheets to conduct their own analyses in management
science studies.
19) Management science techniques focus primarily on observation, model
construction and implementation to find an appropriate solution to a problem.
20) Management science modeling techniques focus on model construction
and problem solution.
21) Decision Support Systems (DSS) use computers to help decision
makers address complex problems.
,22) Enterprise Resource Planning (ERP) system is a data oriented decision support
system that utilizes specific management science solution procedures to solve
individual problems such as cost- volume analysis.
23) A is a symbol used to represent an item that can take on any value.
24) are known, constant values that are coefficients of variables in
equations.
25) are pieces of information from the problem
environment.
26) A is a functional relationship including variables, parameters,
and equations.
27) Management science techniques include techniques,
models that are represented as diagrams, presenting a pictorial representation of the
system being analyzed.
28) techniques provide results that contain uncertainty, unlike
mathematical programming techniques which are deterministic.
29) costs are independent of the volume of goods produced
and remain constant.
30) depend on the number of items produced.
31) Total revenue minus total cost equals .
32) The is the volume that equates total revenue with total cost.
33) A represents a limitation to achieving maximum profits due
to limited resources.
34) A programming technique refers to a predetermined set of
mathematical steps used to solve a problem.
35) A is a computer-based system that helps decision- makers address
complex problems that involve different parts of an organization and operations.
, 36) The relationship d = 5000 - 25p describes what happens to demand (d) as
price (p) varies. Price can vary between $10 and
$50. How many units can be sold when the price is $10?
37) The supplier of cans for Coors Brewery, Valley Metal Container, uses a to
determine the weekly production schedule for cans in order to meet brewery demand.
38) A production process requires a fixed cost of $50,000. The variable cost per
unit is $25 and the revenue per unit is projected to be $45. Write a mathematical
expression for total cost.
39) A production process requires a fixed cost of $50,000. The variable cost per
unit is $25 and the revenue per unit is projected to be $45. Write a mathematical
expression for total revenue.
40) A production process requires a fixed cost of $50,000. The variable cost per
unit is $25 and the revenue per unit is projected to be $45. Write a mathematical
expression for total profit.
41) A production process requires a fixed cost of $50,000. The variable cost per
unit is $25 and the revenue per unit is projected to be $45. Find the break-even
point.
42) A production process requires a fixed cost of $50,000 and the variable cost
per unit is $25. The revenue per unit was projected to be $45 but a recent
marketing study shows that because of an emerging competitor, the revenue will be
about 12% lower. How does this affect the break even point?
43) Administrators at a university will charge students $150 to attend a seminar. It
costs $3000 to reserve a room, hire an instructor, and bring in the equipment. Assume
it costs $25 per student for the administrators to provide the course materials. How
many students would have to register for the seminar for the university to break even?
44) Administrators at a university are planning to offer a summer seminar. It costs
$3000 to reserve a room, hire an instructor, and bring in the equipment. Assume it
costs $25 per student for the administrators to provide the course materials. If we
know that 20 people will attend, what price should be charged per person to break
even?
45) Administrators at a university are planning to offer a summer seminar. It costs
$3000 to reserve a room, hire an instructor, and bring in the equipment. Assume it
costs $25 per student for the
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