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CHP. 1A HW MC QUESTIONS AND ANSWERS WITH VERIFIED SOLUTIONS 2024
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CHP. 1A HW MC QUESTIONS AND ANSWERS WITH VERIFIED SOLUTIONS 2024
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CHP. 1A HW MC QUESTIONS ANDANSWERS WITH VERIFIED SOLUTIONS
2024
Which of the following ARE advantages of mathematical models? - ANSWER - The mathematical
modeling process itself, if done correctly, often helps "sell" the solution.
- Mathematical models enable managers to understand the problem better.
- Mathematical models allow analysts to employ a variety of mathematical solution procedures.
Which of the following ARE the desired conditions for a successful model implementation? - ANSWER -
The people who will run the model are able to interpret the model's outputs correctly.
- The people who will run the model are able to run what-if analysis.
- The people who will run the model understand how to enter appropriate inputs.
Which of the following ARE the guiding principles for a heuristic? - ANSWER - Intuition
- Trail and error
- Common sense
Which of the following ARE the reasons for the new-found relevance of management science models? -
ANSWER - The business world is increasingly driven by numbers.
- Modeling is an important way to think about problems in general.
- Modeling helps develop intuition for problems.
Which of the following type of model is used when an appropriate equation or system of equations can
be developed to represent the system? - ANSWER Analytical model
A completed model typically marks the end of the modeling process. T/F - ANSWER False
A good model should achieve the right balance between being too simple and too complex. T/F -
ANSWER True
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