Exam (elaborations)
Quantitative Methods for Business 12th Edition
- Module
- Quantitative Methods
- Institution
- Quantitative Methods
Quantitative Methods for Business 12th Edition
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,Chapter 1—IntroductionMULTIPLE CHOICE
1. The field of management science
a. concentrates on the use of quantitative methods to assist in decision making.
b. approaches decision making rationally, with techniques based on the scientific method.
c. is another name for decision science and for operations research.
d. each of these choices are true.
ANS: D PTS: 1 TOP: Introduction
2. Identification and definition of a problem
a. cannot be done until alternatives are proposed.
b. is the first step of decision making.
c. is the final step of problem solving.
d. requires consideration of multiple criteria.
ANS: B PTS: 1 TOP: Problem solving and decision making
3. Decision alternatives
a. should be identified before decision criteria are established.
b. are limited to quantitative solutions
c. are evaluated as a part of the problem definition stage.
d. are best generated by brain-storming.
ANS: A PTS: 1 TOP: Problem solving and decision making
4. Decision criteria
a. are the choices faced by the decision maker.
b. are the problems faced by the decision maker.
c. are the ways to evaluate the choices faced by the decision maker.
d. must be unique for a problem.
ANS: C PTS: 1 TOP: Problem solving and decision making
5. In a multicriteria decision problem
a. it is impossible to select a single decision alternative.
b. the decision maker must evaluate each alternative with respect to each criterion.
c. successive decisions must be made over time.
d. each of these choices are true.
ANS: B PTS: 1 TOP: Problem solving and decision making
6. The quantitative analysis approach requires
a. the manager's prior experience with a similar problem.
b. a relatively uncomplicated problem.
c. mathematical expressions for the relationships.
ANS: C PTS: 1 TOP: Quantitative analysis and decision making
7. A physical model that does not have the same physical appearance as the object being modeled is
a. an analog model.
b. an iconic model.
, c. a mathematical model.
d. a qualitative model.
ANS: A PTS: 1 TOP: Model development
8. Inputs to a quantitative model
a. are a trivial part of the problem solving process.
b. are uncertain for a stochastic model.
c. are uncontrollable for the decision variables.
d. must all be deterministic if the problem is to have a solution.
ANS: B PTS: 1 TOP: Model development
9. When the value of the output cannot be determined even if the value of the controllable input is
known, the model is
a. analog.
b. digital.
c. stochastic.
d. deterministic.
ANS: C PTS: 1 TOP: Model development
10. The volume that results in total revenue being equal to total cost is the
a. break-even point.
b. marginal volume.
c. marginal cost.
d. profit mix.
ANS: A PTS: 1 TOP: Break-even analysis
11. Management science and operations research both involve
a. qualitative managerial skills.
b. quantitative approaches to decision making.
c. operational management skills.
d. scientific research as opposed to applications.
ANS: B PTS: 1 TOP: Introduction
12. George Dantzig is important in the history of management science because he developed
a. the scientific management revolution.
b. World War II operations research teams.
c. the simplex method for linear programming.
d. powerful digital computers.
ANS: C PTS: 1 TOP: Introduction
13. The first step in problem solving is
a. determination of the correct analytical solution procedure.
b. definition of decision variables.
c. the identification of a difference between the actual and desired state of affairs.
d. implementation.
ANS: C PTS: 1 TOP: Problem solving and decision making
14. Problem definition
a. includes specific objectives and operating constraints.
, b. must occur prior to the quantitative analysis process.
c. must involve the analyst and the user of the results.
d. each of these choices are true.
ANS: D PTS: 1 TOP: Quantitative analysis
15. A model that uses a system of symbols to represent a problem is called
a. mathematical.
b. iconic.
c. analog.
d. constrained.
ANS: A PTS: 1 TOP: Model development
16. Which of the following is not one of the commonly used names for the body of knowledge involving
quantitative approaches to decision-making?
a. management science
b. business analytics
c. operations research
d. efficiency studies
ANS: D PTS: 1 TOP: Introduction
TRUE/FALSE
1. The process of decision making is more limited than that of problem solving.
ANS: T PTS: 1 TOP: Problem solving and decision making
2. The terms 'stochastic' and 'deterministic' have the same meaning in quantitative analysis.
ANS: F PTS: 1 TOP: Model development
3. The volume that results in marginal revenue equaling marginal cost is called the break-even point.
ANS: F PTS: 1 TOP: Problem solving and decision making
4. Problem solving encompasses both the identification of a problem and the action to resolve it.
ANS: T PTS: 1 TOP: Problem solving and decision making
5. The decision making process includes implementation and evaluation of the decision.
ANS: F PTS: 1 TOP: Problem solving and decision making
6. The most successful quantitative analysis will separate the analyst from the managerial team until after
the problem is fully structured.
ANS: F PTS: 1 TOP: Quantitative analysis
7. The value of any model is that it enables the user to make inferences about the real situation.
ANS: T PTS: 1 TOP: Model development
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