TEST BANK FOR PRACTICAL MANAGEMENT SCIENCE, 6TH EDITION BY L. WINSTON (Newly Updated 2022)

TEST BANK FOR PRACTICAL MANAGEMENT SCIENCE, 6TH EDITION BY L. WINSTON TEST BANK FOR PRACTICAL MANAGEMENT SCIENCE, 6TH EDITION BY L. WINSTON. Chapter 1: Introduction to Modelling 1. Models that suggest a desirable course of action are called descriptive models a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy Easy |Bloom's Knowledge Easy |Bloom's Comprehension QUESTION TYPE: True / False HAS VARIABLES: False TOPICS: 1.1 Introduction OTHER: BUSPROG-Communication DISC- Mathematical Modeling DATE CREATED: 5/17/2017 3:39 PM DATE MODIFIED: 10/21/2017 8:35 PM 2. In modeling situations where it is not possible to write an equation for an output in terms of the inputs, there may still be a mathematical procedure for calculating outputs from inputs. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy Easy |Bloom's Knowledge Easy |Bloom's Comprehension QUESTION TYPE: True / False HAS VARIABLES: False TOPICS: 1.1 Introduction OTHER: BUSPROG-Communication DISC- Mathematical Modeling DATE CREATED: 5/17/2017 3:39 PM DATE MODIFIED: 10/21/2017 8:35 PM 3. In a descriptive model, the manager first wants to build a model that reflects the current situation. TEST BANK FOR PRACTICAL MANAGEMENT SCIENCE, 6TH EDITION BY L. WINSTON. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Moderate Moderate |Bloom's Knowledge Moderate |Bloom's Comprehension TEST BANK FOR PRACTICAL MANAGEMENT SCIENCE, 6TH EDITION BY L. WINSTON. Page 4 of 216 QUESTION TYPE: True / False HAS VARIABLES: False TOPICS: 1.4 A Seven Step Modeling Process - Step 4 Model Verification OTHER: BUSPROG-Analytic DISC- Mathematical Modeling DATE CREATED: 5/17/2017 3:39 PM DATE MODIFIED: 10/21/2017 8:35 PM 4. One of the advantages of spreadsheet models is that they allow managers to ask what-if questions. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy Easy |Bloom's Knowledge Easy |Bloom's Comprehension QUESTION TYPE: True / False HAS VARIABLES: False TOPICS: 1.2 A Capital Budgeting Example - An Optimization Model OTHER: BUSPROG-Communication DISC- Mathematical Modeling DATE CREATED: 5/17/2017 3:39 PM DATE MODIFIED: 10/21/2017 8:35 PM 5. One of the arguments that management science practitioners have used to criticize the emphasis on specific models is that they do not provide the correct answer. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy Easy |Bloom's Knowledge Easy |Bloom's Comprehension QUESTION TYPE: True / False HAS VARIABLES: False TOPICS: 1.3 Modeling Versus Models OTHER: BUSPROG-Communication DISC- Mathematical Modeling DATE CREATED: 5/17/2017 3:39 PM DATE MODIFIED: 10/21/2017 8:35 PM 6. The overall modeling process typically done in practice always requires seven steps: define the problem, collect and summarize data, develop a model, verify the model, select one or more suitable TEST BANK FOR PRACTICAL MANAGEMENT SCIENCE, 6TH EDITION BY L. WINSTON. Page 5 of 216 decisions, present the results to the organization, and finally implement the model and update it through time. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy Easy |Bloom's Knowledge Easy |Bloom's Comprehension QUESTION TYPE: True / False HAS VARIABLES: False TOPICS: 1.1 Introduction OTHER: BUSPROG-Communication DISC- Mathematical Modeling DATE CREATED: 5/17/2017 3:39 PM DATE MODIFIED: 10/21/2017 8:35 PM 7. Modeling is a process where the essence of a theoretical problem is extracted into a model, spreadsheet or otherwise. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy Easy |Bloom's Knowledge Easy |Bloom's Comprehension QUESTION TYPE: True / False HAS VARIABLES: False TOPICS: 1.4 A Seven Step Modeling Process - Step 1 Problem Definition OTHER: BUSPROG-Communication DISC- Mathematical Modeling DATE CREATED: 5/17/2017 3:39 PM DATE MODIFIED: 10/21/2017 8:35 PM 8. In some applications, an analyst might present several alternative solutions from a model, and let the organization choose the best one. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Moderate Moderate |Bloom's Knowledge Moderate |Bloom's Comprehension QUESTION TYPE: True / False TEST BANK FOR PRACTICAL MANAGEMENT SCIENCE, 6TH EDITION BY L. WINSTON. Page 6 of 216 HAS VARIABLES: False TOPICS: 1.4 A Seven Step Modeling Process - Step 3 Model Development OTHER: BUSPROG-Communication DISC- Mathematical Modeling DATE CREATED: 5/17/2017 3:39 PM DATE MODIFIED: 10/21/2017 8:35 PM 9. A management science model is typically initiated when an organization believes it has a problem. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Moderate Moderate |Bloom's Knowledge Moderate |Bloom's Comprehension QUESTION TYPE: True / False HAS VARIABLES: False TOPICS: 1.4 A Seven Step Modeling Process - Step 4 Model Verification OTHER: BUSPROG-Analytic DISC- Mathematical Modeling DATE CREATED: 5/17/2017 3:39 PM DATE MODIFIED: 10/21/2017 8:35 PM 10. Data are often not in the required form, in which case it is the analysts' job to gather the right data and put it into an appropriate format. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Moderate Moderate |Bloom's Knowledge Moderate |Bloom's Comprehension QUESTION TYPE: True / False HAS VARIABLES: False TOPICS: 1.4 A Seven Step Modeling Process - Step 3 Model Development OTHER: BUSPROG-Analytic DISC- Mathematical Modeling DATE CREATED: 5/17/2017 3:39 PM DATE MODIFIED: 10/21/2017 8:35 PM 11. A good model should achieve the right balance between being too simple and too complex. a. True b. False ANSWER: True TEST BANK FOR PRACTICAL MANAGEMENT SCIENCE, 6TH EDITION BY L. WINSTON. Page 7 of 216 POINTS: 1 DIFFICULTY: Moderate Moderate |Bloom's Knowledge Moderate |Bloom's Comprehension QUESTION TYPE: True / False HAS VARIABLES: False TOPICS: 1.4 A Seven Step Modeling Process - Step 4 Model Verification OTHER: BUSPROG-Analytic DISC- Mathematical Modeling DATE CREATED: 5/17/2017 3:39 PM DATE MODIFIED: 10/21/2017 8:35 PM 12. Verification is typically the most difficult phase of the modeling process, from a mathematical perspective. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy Easy |Bloom's Knowledge Easy |Bloom's Comprehension QUESTION TYPE: True / False HAS VARIABLES: False TOPICS: 1.4 A Seven Step Modeling Process - Step 5 Optimization and Decision Making OTHER: BUSPROG-Communication DISC- Mathematical Modeling DATE CREATED: 5/17/2017 3:39 PM DATE MODIFIED: 10/21/2017 8:35 PM 13. As models become larger and more complex, heuristic solutions are often adequate, even though they are not necessarily optimal solutions. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Moderate Moderate |Bloom's Knowledge Moderate |Bloom's Comprehension QUESTION TYPE: True / False HAS VARIABLES: False TOPICS: 1.4 A Seven Step Modeling Process - Step 7 Model Implementation OTHER: BUSPROG-Communication DISC- Mathematical Modeling DATE CREATED: 5/17/2017 3:39 PM TEST BANK FOR PRACTICAL MANAGEMENT SCIENCE, 6TH EDITION BY L. WINSTON. Page 8 of 216 DATE MODIFIED: 10/21/2017 8:35 PM 14. The best strategy for implementation of a model is to involve key people in the organization in the project when the model is ready for testing and verification. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Moderate Moderate |Bloom's Knowledge Moderate |Bloom's Comprehension QUESTION TYPE: True / False HAS VARIABLES: False TOPICS: 1.4 A Seven Step Modeling Process - Step 7 Model Implementation OTHER: BUSPROG-Communication DISC- Mathematical Modeling DATE CREATED: 5/17/2017 3:39 PM DATE MODIFIED: 10/21/2017 8:35 PM 15. A completed model typically marks the end of the modeling process. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy Easy |Bloom's Knowledge Easy |Bloom's Comprehension QUESTION TYPE: True / False HAS VARIABLES: False TOPICS: 1.6 Why Study Management Science? OTHER: BUSPROG-Communication DISC- Mathematical Modeling DATE CREATED: 5/17/2017 3:39 PM DATE MODIFIED: 10/21/2017 8:35 PM Multiple Choice 16. Which of the following is a type of model that is key to virtually every management science application? a. Heuristic model b. Queuing model c. Mathematical model d. Regression model