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Test Bank for Quantitative Analysis for Management, 14th Edition by Barry Render - All Chapters || Latest Version 2024 A+ $12.99
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Test Bank for Quantitative Analysis for Management, 14th Edition by Barry Render - All Chapters || Latest Version 2024 A+
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  • Quantitative Analysis For Management, 14th Edition

Test Bank for Quantitative Analysis for Management, 14th Edition by Barry Render - All Chapters || Latest Version 2024 A+

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  • September 8, 2024
  • 1043
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • test
  • bank
  • quantitative
  • analysis
  • for
  • management
  • 14th edition
  • by barry render
  • 2024
  • all chapters
  • latest
  • complete guide
  • 9780137943593

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  • Quantitative Analysis for Management, 14th Edition
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Test Bank for Quantitative Analysis for Management, 14th Edition by Barry
Render - All Chapters || Latest Version 2024 A+

Chapter 1 Introduction to Quantitative Analysis

1.1 True/False

1) Interviews, statistical sampling, and company reports provide input data for quantitative
analysis models.
Answer: TRUE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept

2) In the early 1900s, Frederick Winslow Taylor pioneered the principles of the scientific
approach to management.
Answer: TRUE
Diff: Moderate
Topic: WHAT IS QUANTITATIVE ANALYSIS?
LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a real
situation.
AACSB: Analytical thinking
Classification: Concept

3) Managers do not need to be familiar with the limitations, assumptions, and/or specific
applicability of the quantitative analysis technique to use it for accurate decision making.
Answer: FALSE
Diff: Moderate
Topic: INTRODUCTION
LO: 1.6: Recognize possible problems in using quantitative analysis.
AACSB: Analytical thinking
Classification: Concept




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4) During World War II, many new scientific and quantitative techniques were developed to
assist the military, and these developments were so successful that many companies started using
similar techniques in managerial decision making and planning after the war.
Answer: TRUE
Diff: Moderate
Topic: WHAT IS QUANTITATIVE ANALYSIS?
LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a real
situation.
AACSB: Analytical thinking
Classification: Concept

5) The study of Business Analytics involves the use of large datasets known as big data.
Answer: TRUE
Diff: Moderate
Topic: BUSINESS ANALYTICS
LO: 1.2: Describe the three categories of business analytics.
AACSB: Analytical thinking
Classification: Concept

6) Predictive Analytics is aimed at forecasting future outcomes based on patterns in the past data.
Answer: TRUE
Diff: Moderate
Topic: BUSINESS ANALYTICS
LO: 1.2: Describe the three categories of business analytics.
AACSB: Analytical thinking
Classification: Concept

7) When a problem is difficult to quantify, it may be necessary to develop unspecific objectives.
Answer: FALSE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept




Testbank A++
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8) The Quantitative Analysis Approach consists of six steps.
Answer: FALSE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept

9) A schematic model is a picture, drawing, or chart of reality.
Answer: TRUE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept

10) Decision variables may also be called parameters.
Answer: FALSE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept

11) Model variables can be controllable or uncontrollable.
Answer: TRUE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept

12) A series of steps or procedures that are repeated is known as an algorithm.
Answer: TRUE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept



Testbank A++
PAGE 3

, Created By : TestsBanks


13) A model is a representation of a situation.
Answer: TRUE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept

14) A parameter is a measurable quantity that may vary or is subject to change.
Answer: FALSE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept

15) Trying various approaches and picking the one resulting in the best decision is called
incomplete enumeration.
Answer: FALSE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept

16) All problems can be solved by considering only the quantitative issues.
Answer: FALSE
Diff: Easy
Topic: WHAT IS QUANTITATIVE ANALYSIS?
LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a real
situation.
AACSB: Analytical thinking
Classification: Concept

17) A profit equation is an example of a schematic model.
Answer: FALSE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.



Testbank A++
PAGE 4

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