1. Defining a problem well will often make it much easier to solve.
a. True
b. False
2. Because they simplify reality, models are generally not helpful in examining things that would be impossible to
do in reality.
a. True
b. False
3. In spreadsheet modeling of a problem, there is no direct correspondence between mathematical equation and the
spreadsheet.
a. True
b. False
4. Humans usually do not make errors in estimation due to anchoring and framing effects.
a. True
b. False
5. A mathematical model uses mathematical relationships to describe or represent an object or decision problem.
a. True
b. False
6. The proliferation of powerful PCs and the development of easy-to-use electronic spreadsheets have made the tools of
business analytics far more practical and available to a much larger audience.
a. True
b. False
7. OR/MS specialists do not deliver business value.
a. True
b. False
8. Good decisions always result in good outcomes.
a. True
b. False
Indicate the answer choice that best completes the statement or answers the question.
9. 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.
10. A situation when decision quality is good and the resulting outcome quality is good is referred to as
Copyright Cengage Learning. Powered by Cognero. Page 1
,Name: Class: Date:
ch 1
a. pure luck.
b. deserved success.
c. dumb luck.
d. poetic justice.
11. Operations Research got its start
a. during World War II.
b. with the first Univac computers in the early 1950's.
c. from roots in Operations Management.
d. from Frederick Taylor's Scientific Management.
12. If we do not identify the correct problem, the best we can hope for is:
a. wasted time and effort.
b. useful experience in problem definition efforts.
c. a descriptive model.
d. the right answer to the wrong question.
13. 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.
14. In which of the following categories of modeling techniques do the independent variables have unknown or uncertain
values or coefficients?
a. Descriptive models
b. Predictive models
c. Prescriptive models
d. Probabilistic models
15. The Chapter One "The World of Business Analytics" case reading discusses the relationship between OR/MS and IS
professionals. Which of the following statements is NOT true?
a. OR/MS analysts need IS professionals' data for their models.
b. OR/MS analysts need to take many of the IS customers.
c. The IS professional cannot use OR/MS tools in their applications.
d. The IS tools can start to recommend solutions using OR/MS skills.
16. The goal of the modeling approach to problem solving is to
a. help individuals make good decisions.
b. ensure optimality of decisions.
c. determine a set of optimal decisions.
d. determine feasibility of decisions.
17. If results testing produces unsatisfactory results
a. the problem-solving process requires new formulation and implementation.
Copyright Cengage Learning. Powered by Cognero. Page 2
, Name: Class: Date:
ch 1
b. minor adjustments to the existing model.
c. checking the solution algorithm.
d. repeated testing.
18. In a decision-making framework presented in Chapter One, the term "poetic justice" refers to a situation when the
following occur:
a. Good decision quality and good outcome quality.
b. Good decision quality and bad outcome quality.
c. Bad decision quality and good outcome quality.
d. Bad decision quality and bad outcome quality.
19. Business analytics focuses on
a. identifying and leveraging business opportunities.
b. formulating analytical models.
c. using models to analyze problem.
d. testing and implementing results.
20. The Chapter One "The World of Business Analytics" case reading offers the CEO alternatives to start the OR/MS
collaboration process. All the following are alternatives offered except:
a. Require the OR/MS group to save their yearly salary in every study.
b. Use OR/MS personnel as consultants.
c. Hire some OR/MS professionals and give them a problem to work.
d. Institute more participation from OR analysts.
21. Two of the effects associated with decision problems are:
a. anchoring and framing.
b. anchoring and loading.
c. framing and complacency.
d. anchoring and luck
22. Which of the following categories of modeling techniques addresses uncertainty in the values of the independent
variables?
a. Descriptive models
b. Predictive models
c. Prescriptive models
d. Scale models
23. Consider the spreadsheet model shown in the figure below. This is an example of a
A B C
1
2
3 Purchase price $32,500
4 less:
Copyright Cengage Learning. Powered by Cognero. Page 3
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller AcademiContent. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $32.26. You're not tied to anything after your purchase.
