(1) Introduction to Quantitative Analysis

Decision Variable

A controllable variable is also called a

True

A model is a representation of a situation.

False

A parameter is a measurable quantity that may vary or is subject to change.

True

A sensitivity analysis allows a manager to answer the "what if" questions.

True

A series of steps or procedures that are repeated is known as an algorithm

False

Decision variables may also be called parameters.

False

Descriptive Analytics is aimed at forecasting future outcomes based on patterns in the past data.

A Quantitative Analysis Model

Expressing profits through the relationship among unit price, fixed costs, and variable costs is an example of

Three

If input data are accurate to three significant digits, then the solution results can be accurate to how many significant digits?

False

Management support and user involvement are not essential in the successful implementation of quantitative analysis projects.

False

Managers do not need to be familiar with the limitations, assumptions, and/or specific applicability of the quantitative analysis technique to use it for accurate decision making.

True

Model variables can be controllable or uncontrollable.

True

Models can help us analyze a problem and sell a decision to those who must implement it

Deterministic Models

Models that do not involve risk or chance are

Sensitivity Analysis

Postoptimality analysis is most closely associated with

True

Revenue is calculated by subtracting expenses from profit.

False

The Quantitative Analysis Approach consists of six steps.

Sensitivity

The ability to examine the variability of a solution due to changes in the formulation of a problem is an important part of the analysis of the results. This type of analysis is called ______ analysis.

Quantitative Analysis Model

The break-even point is an example of a

Decision Variable

The break-even point of a simple profit model represents a

Garbage In-Garbage Out

The condition of improper data yielding misleading results is referred to as

Fixed Cost / (selling Price Per Unit - Variable Cost Per Unit)

What is the formula for the break-even point of a simple profit model?

False

When a problem is difficult to quantify, it may be necessary to develop unspecific objectives.

Frederick W. Taylor

Who is credited with pioneering the principles of the scientific approach to management?

Model

is a representation of reality or real-life situation.