Exam (elaborations)
Practical Management Science 5e Wayne L Winston S Christian Albright
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- Practical Management
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- Practical Management
Practical Management Science 5e Wayne L Winston S Christian Albright
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,Chapter 1 - Introduction to Modeling1. Which of the following is a type of model that is key to virtually every management science application?
a. Heuristic model
b. Queuing model
c. Mathematical model
d. Regression model
ANSWER: c
POINTS: 1
2. Which of the following is not one of advantages of mathematical models?
a. Mathematical models enable managers to understand the problem better
b. Mathematical models allow analysts to employ a variety of mathematical solution procedures
c. The mathematical modeling process itself, if done correctly, often helps "sell" the solution
d. Mathematical models help reduce the cost of obtaining a solution
ANSWER: d
POINTS: 1
3. Before trusting the answers to what-if scenarios from a spreadsheet model, a manager should attempt to:
a. validate the model
b. make sure all possible scenarios have been investigated
c. check the mathematics in the model
d. sense-check the model
ANSWER: a
POINTS: 1
4. Optimization models are useful for determining:
a. sensitivity to inputs
b. whether the inputs are valid or not
c. what the manager should do
d. the value of the output under the current conditions
ANSWER: c
POINTS: 1
5. Management science has often been taught as a collection of:
a. theories
b. problems
c. models
d. topics
ANSWER: c
POINTS: 1
6. The modeling process discussed in Practical Management Science is a
a. seven-step process
b. six-step process
c. five-step process
d. four-step process
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,Chapter 1 - Introduction to Modeling
ANSWER: a
POINTS: 1
7. Defining an organization's problem includes:
a. specifying the organization's objectives
b. collecting the organization's historical data
c. defining the model of the problem
d. sensitivity analysis
ANSWER: a
POINTS: 1
8. Which of the following type of model is used when an appropriate equation or system of equations can be developed to
represent the system?
a. Simulation model
b. Analytical model
c. Heuristic model
d. Spreadsheet model
ANSWER: b
POINTS: 1
9. A first step in determining how well a model fits reality is to:
a. check whether the inputs are correct
b. see if the sensitivity analysis is correct
c. check whether the model is valid for the current situation
d. try some what-if scenarios to see if the model is able to obtain solutions
ANSWER: c
POINTS: 1
10. Which of the following is not necessarily a property of a good model?
a. The model represents the client's real problem accurately
b. The model is as simple as possible
c. The model is based on a well-known algorithm
d. The model is one the client can understand
ANSWER: c
POINTS: 1
11. Which of the following is a possible cause if a model's outputs for certain inputs are not as expected?
a. The certain inputs may not be correct
b. The model could be too detailed of an approximation of the actual situation
c. The mathematics in the model are inadequate
d. The analyst's expectations are not correct
ANSWER: d
POINTS: 1
12. Which of the following is not one of the guiding principles for a heuristic?
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, Chapter 1 - Introduction to Modeling
a. Common sense
b. Intuition
c. Trial and error
d. Optimality
ANSWER: d
POINTS: 1
13. Which of the following is not one of the desired conditions for a successful model implementation?
a. The people who will run the model understand how to enter appropriate inputs
b. The people who will run the model are able to run what-if analysis
c. The people who will run the model are able to modify it
d. The people who will run the model are able to interpret the model's outputs correctly
ANSWER: c
POINTS: 1
14. The most frequent cause of a failed implementation of a model is:
a. the model is incorrect
b. the analyst fails to communicate how to use the model
c. the data for the model is unavailable
d. the model is too complex
ANSWER: b
POINTS: 1
15. Which of the following is not one of the reasons for the new-found relevance of management science models?
a. Modeling is an important way to think about problems in general
b. Modeling is often now a legal requirement
c. The business world is increasingly driven by numbers
d. Modeling helps develop intuition for problems
ANSWER: b
POINTS: 1
16. Models that suggest a desirable course of action are called descriptive models
a. True
b. False
ANSWER: False
POINTS: 1
17. In modeling situations where it is not possible to write an equation for an output in terms of the inputs, there may still
be a mathematical procedure for calculating outputs from inputs.
a. True
b. False
ANSWER: True
POINTS: 1
18. In a descriptive model, the manager first wants to build a model that reflects the current situation.
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