Exam 1: Introduction

Model development should be left to quantitative analysts;the model user's involvement should begin at the implementation stage.

In quantitative analysis,the optimal solution is the mathematically-best solution.

The volume that results in total revenue being equal to total cost is the

Uncontrollable inputs are the decision variables for a model.

A university schedules summer school courses based on anticipated enrollment.The cost for faculty compensation,laboratories,student services,and allocated overhead for a computer class is $8500.If students pay $420 to enroll in the course,how large would enrollment have to be for the university to break even?

The terms 'stochastic' and 'deterministic' have the same meaning in quantitative analysis.

When the value of the output cannot be determined even if the value of the controllable input is known,the model is

Zipco Printing operates a shop that has five printing machines.The machines differ in their capacities to perform various printing operations due to differences in the machines' designs and operator skill levels.At the start of the workday there are five printing jobs to schedule.The manager must decide what the job-machine assignments should be. a.How could a quantitative approach to decision making be used to solve this problem? b.What would be the uncontrollable inputs for which data must be collected? c.Define the decision variables,objective function,and constraints to appear in the mathematical model. d.Is the model deterministic or stochastic? e.Suggest some simplifying assumptions for this problem.

A small firm builds television antennas.The investment in plan and equipment is $200,000.The variable cost per television antenna is $500.The price of the television antenna is $1000.How many television antennas would be needed for the firm to break even?

The process of decision making is more limited than that of problem solving.