COB 291 Final UPDATED Exam Questions and CORRECT Answers
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Course
COB 291
Institution
COB 291
COB 291 Final UPDATED Exam Questions
and CORRECT Answers
Father of Management Science - CORRECT ANSWER- George Dantzing
What did George Dantzing create? - CORRECT ANSWER- Simplex Method of Linear
Programming in 1947
Decision Analysis - CORRECT ANSWER- Identifying and evaluating the different...
COB 291 Final UPDATED Exam Questions
and CORRECT Answers
Father of Management Science - CORRECT ANSWER- ✔✔George Dantzing
What did George Dantzing create? - CORRECT ANSWER- ✔✔Simplex Method of Linear
Programming in 1947
Decision Analysis - CORRECT ANSWER- ✔✔Identifying and evaluating the different
possible courses of action that might be chosen to address a decision problem.
Computer Model - CORRECT ANSWER- ✔✔A set of mathematical relationships an logical
assumptions implemented in a computer as a representation of some real world object or
phenomenon
What is a spreadsheet model? - CORRECT ANSWER- ✔✔type of a computer model where a
spreadsheet is used to implement the model
Management Science - CORRECT ANSWER- ✔✔A field of study that uses computers,
statistics, and mathematics to solve business problems
What is management science also known as? - CORRECT ANSWER- ✔✔Operations
research
Decision Science
Business Analytics
New buzz word for management science - CORRECT ANSWER- ✔✔Business Analytics
A good model accurately displays the... - CORRECT ANSWER- ✔✔key properties of the
entity it represents
Mental Model - CORRECT ANSWER- ✔✔Picture what it looks like in your mind's eye
(arranging furniture)
, Visual Model - CORRECT ANSWER- ✔✔drawings that illustrate how various parts of a
structure fit together when it is completed (blueprints, road maps)
Physical/Scale Models - CORRECT ANSWER- ✔✔Physical representation that actually
looks like the object it represent (areodynamics, buildings)
Analog Model - CORRECT ANSWER- ✔✔Measures or weighs (speedometer)
Symbolic or mathematical model - CORRECT ANSWER- ✔✔Represents the real situation
by a system of symbols and mathematical relationships or expressions (what we'll be
studying)
Benefits of Modeling - CORRECT ANSWER- ✔✔Economy
Timeliness
Feasibility
Good dec,Bad dec
Most mathematical models have - CORRECT ANSWER- ✔✔Decision Variables
Objective Function
Constraints
Decision Variables - CORRECT ANSWER- ✔✔Variables over which the decision maker has
control
Objective Function - CORRECT ANSWER- ✔✔measure of effectiveness
Constraints - CORRECT ANSWER- ✔✔ensure that the solution satisfies certain
requirements dictated by the nature of the problem
Problem solving - CORRECT ANSWER- ✔✔process of identifying a difference between
some actual and some desired sate of affairs and then taking action to resolve the difference
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