Exam (elaborations)

Spreadsheet Modeling And Decision Analysis A Practical Introduction To Business Analytics 7th Edition By Cliff Ragsdale - Test Bank

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Business Test Bank

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Business Test Bank

1. An LP problem with a feasible region will have a. an optimal solution at some interior point. b. an optimal solution at some extreme point. c. an optimal solution only at the origin. d. an optimal solution at two interior points. ANSWER: b 2. Microsoft Excel contains a built-in optimi...

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spreadsheet modeling and decision analysis

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,1. The essence of decision analysis is:
a. breaking down complex situations into manageable elements.
b. choosing the best course of action among alternatives.
c. finding the root cause of why something has gone wrong.
d. thinking ahead to avoid negative consequences.

ANSWER: b

2. Why would someone wish to use a spreadsheet model?
a. To implement a computer model.
b. Because spreadsheets are convenient.
c. To analyze decision alternatives.
d. All of these.

ANSWER: d

3. Which of the following fields of study is defined in Chapter One as the one that "uses computers, statistics, and
mathematics to solve business problems"?
a. Accounting
b. Information systems
c. Business analytics
d. Scientific management

ANSWER: c

4. In a decision-making problem, anchoring effects occur when
a. decision makers are tied too closely to previous decisions.
b. organizations refuse to consider new alternatives.
c. a seemingly trivial factor serves as a starting point for estimations.
d. a person in a position of authority exerts his or her opinion very forcefully.

ANSWER: c

5. Virtually everyone who uses a spreadsheet today for model building and decision making
a. is a practitioner of business analytics.
b. possesses an advanced knowledge of mathematics and computer programming languages.
c. is a CPA.
d. is in a position to influence decision makers.

ANSWER: a

, 6. Which of the following statements is true of using models in problem solving and decision analysis?
a. It is a fairly new idea.
b. It is required in order to find good solutions.
c. It is something everyone has done before.
d. It is tied to the use of computers.

ANSWER: c

7. A road map is an example of
a. a mathematical model.
b. a mental model.
c. a physical model.
d. a visual model.

ANSWER: d

8. The textbook figure of the problem-solving process is an example of a
a. mental model.
b. prescriptive model.
c. graphical model.
d. visual model.

ANSWER: d

9. Which of the following is most likely to be used when faced with the decision of how to arrange furniture in a room?
a. Mathematical model
b. Mental model
c. Physical model
d. Visual model

ANSWER: b

10. To illustrate how a complex system will be built, an engineer will likely use a
a. mathematical model.
b. mental model.
c. physical model.
d. visual model.

ANSWER: d

11. Which of the following is the type of model used throughout this textbook?
a. Mathematical model
b. Mental model
c. Physical model
d. Visual model

ANSWER: a

, 12. The best models
a. accurately reflect relevant characteristics of the real-world object or decision.
b. are mathematical models.
c. replicate all aspects of the real-world object or decision.
d. replicate the characteristics of a component in isolation from the rest of the system.

ANSWER: a

13. A mathematical model is considered to be "valid" when
a. it accurately represents the relevant characteristics of the object or decision.
b. it has passed a validation test.
c. it replicates all aspects of the object or decision.
d. the left-hand and right-hand sides of expressions are equal.

ANSWER: a

14. All of the following are benefits of modeling except:
a. Modeling delivers needed information on a more timely basis.
b. Modeling finds the right answers to incorrect or flawed problem statements.
c. Modeling is helpful in examining things that would be impossible to do in reality.
d. Modeling is less expensive than implementing several alternative solutions.

ANSWER: b

15. Better decision making due to using a modeling process is achieved due to
a. the interaction with the spreadsheet.
b. the visualization of the system being studied.
c. the insight gained through the process.
d. the timeliness of the results obtained.

ANSWER: c

16. In this text we use the term "mathematics" to encompass

i. familiar elements of math such as algebra.
ii. logic.

a. i only
b. ii only
c. Both i and ii
d. Neither i nor ii

ANSWER: c

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Exam (elaborations)

Spreadsheet Modeling And Decision Analysis A Practical Introduction To Business Analytics 7th Edition By Cliff Ragsdale - Test Bank

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