(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.