Introduction to Management Science

10. An analysis to determine how much a solution would change if there were changes in the model or the input data is called: a. sensitivity or postoptimality analysis. b. schematic or iconic analysis. c. futurama conditioning. d. both b and c.

A.

11. Decision variables are: a. controllable. b. uncontrollable. c. parameters. d. constant numerical values associated with any complex problem.

A.

3. Frederick Winslow Taylor: a. was a world-class golfer and tennis player. b. pioneered the principles of scientific management. c. is known as the "Father of Industrial Engineering." d. all of the above.

B.

4. An input (such as variable cost per unit or fixed cost) for a model is an example of: a. a decision variable. b. a parameter. c. an algorithm. d. a stochastic variable.

B.

1. In analyzing a problem, you should normally study: a. the qualitative aspects. b. the quantitative aspects. c. both a and b. d. neither a nor b.

C.

12. Which of the following categories of business analytics involves the use of optimization models? a. descriptive b. predictive c. prescriptive d. none of the above

C.

5. The point at which total revenue equals total cost (meaning zero profit) is called the: a. zero-profit solution. b. optimal-profit solution. c. break-even point. d. fixed-cost solution.

C.

6. Quantitative analysis is typically associated with the use of: a. schematic models. b. physical models. c. mathematical models. d. scale models.

C.

8. A deterministic model is one in which: a. there is some uncertainty about the parameters used in the model. b. there is a measurable outcome. c. all parameters used in the model are known with complete certainty. d. there is no available computer software.

C.

2. Quantitative analysis is: a. a logical approach to decision making. b. a rational approach to decision making. c. a scientific approach to decision making. d. all of the above.

D.

7. Sensitivity analysis is most often associated with which step of the quantitative analysis approach? a. defining a problem b. acquiring input data c. implementing the results d. analyzing the results

D.

9. The term algorithm: a. is named after Algorismus. b. is named after a ninth-century Persian mathematician. c. describes a series of steps or procedures to be repeated. d. all of the above.

D.