Question 1

A physical model that has the same physical appearance as the object being modeled is​

Accepted Answer

A) ​an analog model 
B) ​an iconic model 
C) ​a mathematical model 
D) ​a deterministic model 
A) ​an analog model 
B) ​an iconic model 
C) ​a mathematical model 
D) ​a deterministic model

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

The decision making process includes implementation and evaluation of the decision.

Accepted Answer

A) True 
 B)False

Question 4

A physical model that does not have the same physical appearance as the object being modeled is

Accepted Answer

A) an analog model. 
B) an iconic model. 
C) a mathematical model. 
D) a qualitative model. 
A) an analog model. 
B) an iconic model. 
C) a mathematical model. 
D) a qualitative model.

Question 5

​Define and contrast the terms feasible solution,infeasible solution and optimal solution.

Accepted Answer

A feasible solution is a solution that s

Question 6

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 $920 to enroll in the course,how large would enrollment have to be for the university to break even?

Accepted Answer

Enrollment

Question 7

The value of any model is that it enables the user to make inferences about the real situation.

Accepted Answer

A) True 
 B)False

Question 8

In a multicriteria decision problem

Accepted Answer

A) it is impossible to select a single decision alternative. 
B) the decision maker must evaluate each alternative with respect to each criterion. 
C) successive decisions must be made over time. 
D) each of these choices are true. 
A) it is impossible to select a single decision alternative. 
B) the decision maker must evaluate each alternative with respect to each criterion. 
C) successive decisions must be made over time. 
D) each of these choices are true.

Question 9

Decision criteria

Accepted Answer

A) are the choices faced by the decision maker. 
B) are the problems faced by the decision maker. 
C) are the ways to evaluate the choices faced by the decision maker. 
D) must be unique for a problem. 
A) are the choices faced by the decision maker. 
B) are the problems faced by the decision maker. 
C) are the ways to evaluate the choices faced by the decision maker. 
D) must be unique for a problem.

Question 10

​What steps of the problem solving process are involved in decision making?

Accepted Answer

Decision making is a critical component

Question 11

A feasible solution is one that satisfies at least one of the constraints in the problem.

Accepted Answer

A) True 
 B)False

Question 12

Consider a department store that must make weekly shipments of a certain product from two different warehouses to four different stores.
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 gathered?
c.What would be the decision variables of the mathematical model? the objective function? the constraints?
d.Is the model deterministic or stochastic?
e.Suggest assumptions that could be made to simplify the model.

Accepted Answer

A A quantitative approach to decision ma

Question 13

Organizers of an Internet training session will charge participants $150 to attend.It costs $3000 to reserve the room,hire the instructor,bring in the equipment,and advertise.Assume it costs $25 per student for the organizers to provide the course materials.
a.How many students would have to attend for the company to break even?
b.If the trainers think,realistically,that 20 people will attend,then what price should be charged per person for the organization to break even?

Accepted Answer

a. @#LAT-DLM&
@#LAT-DLM&
Break-even stud

Question 14

As part of their application for a loan to buy Lakeside Farm,a property they hope to develop as a bed-and-breakfast operation,the prospective owners have projected:
​
   
a.Write the expression for total cost per month.Assume 30 days per month.
b.Write the expression for total revenue per month.
c.​If there are 12 guest rooms available,can they break even? What percentage of rooms would need to be occupied,on average,to break even?

Accepted Answer

a. @#LAT-DLM& (monthly)
b. @#LAT-DLM& monthly)
Bre

Question 15

The volume that results in marginal revenue equaling marginal cost is called the break-even point.

Accepted Answer

A) True 
 B)False

Question 16

The first step in problem solving is

Accepted Answer

A) determination of the correct analytical solution procedure. 
B) definition of decision variables. 
C) the identification of a difference between the actual and desired state of affairs. 
D) implementation. 
A) determination of the correct analytical solution procedure. 
B) definition of decision variables. 
C) the identification of a difference between the actual and desired state of affairs. 
D) implementation.

Question 17

​Which of the following is not one of the commonly used names for the body of knowledge involving quantitative approaches to decision-making?

Accepted Answer

A) ​management science 
B) ​business analytics 
C) ​operations research 
D) ​efficiency studies 
A) ​management science 
B) ​business analytics 
C) ​operations research 
D) ​efficiency studies

Question 18

A manufacturer makes two products,doors and windows.Each must be processed through two work areas.Work area #1 has 60 hours of available production time per week.Work area #2 has 48 hours of available production time per week.Manufacturing of a door requires 4 hours in work area #1 and 2 hours in work area #2.Manufacturing of a window requires 2 hours in work area #1 and 4 hours in work area #2.Profit is $8 per door and $6 per window.
a.​Define decision variables that will tell how many units to build (doors and windows)per week.
b.Develop an objective function that will maximize total profit per week.
c.Develop production constraints for work area #1 and #2.

Accepted Answer

a. Let @#LAT-DLM& the number of doors to

Question 19

The field of management science

Accepted Answer

A) concentrates on the use of quantitative methods to assist in decision making. 
B) approaches decision making rationally,with techniques based on the scientific method. 
C) is another name for decision science and for operations research. 
D) each of these choices are true. 
A) concentrates on the use of quantitative methods to assist in decision making. 
B) approaches decision making rationally,with techniques based on the scientific method. 
C) is another name for decision science and for operations research. 
D) each of these choices are true.

Question 20

When production volume exceeds the breakeven point,we can expected​

Accepted Answer

A) ​fixed cost to decrease 
B) ​a loss 
C) ​marginal revenue to decrease 
D) ​a profit 
A) ​fixed cost to decrease 
B) ​a loss 
C) ​marginal revenue to decrease 
D) ​a profit

A physical model that has the same physical appearance as the object being modeled is

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

The decision making process includes implementation and evaluation of the decision.

A physical model that does not have the same physical appearance as the object being modeled is

Define and contrast the terms feasible solution,infeasible solution and optimal solution.

The value of any model is that it enables the user to make inferences about the real situation.

In a multicriteria decision problem

Decision criteria

What steps of the problem solving process are involved in decision making?

A feasible solution is one that satisfies at least one of the constraints in the problem.

The volume that results in marginal revenue equaling marginal cost is called the break-even point.

The first step in problem solving is

Which of the following is not one of the commonly used names for the body of knowledge involving quantitative approaches to decision-making?

The field of management science

When production volume exceeds the breakeven point,we can expected

Introduction to Probability

Probability Distributions

Decision Analysis

Utility Game Theory

Time Series Analysis Forecasting

Intro to Linear Programming

LP Sensitivity Analysis

LP Applications

Distribution Network Models

Integer Linear Programming

Advanced Optimization Applications

Project Scheduling

Inventory Models

Waiting Line Models

Simulation

Markov Processes

Filters

Exam 1: Introduction

A physical model that has the same physical appearance as the object being modeled is​

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

The decision making process includes implementation and evaluation of the decision.

A physical model that does not have the same physical appearance as the object being modeled is

​Define and contrast the terms feasible solution,infeasible solution and optimal solution.

The value of any model is that it enables the user to make inferences about the real situation.

In a multicriteria decision problem

Decision criteria

​What steps of the problem solving process are involved in decision making?

A feasible solution is one that satisfies at least one of the constraints in the problem.

The volume that results in marginal revenue equaling marginal cost is called the break-even point.

The first step in problem solving is

​Which of the following is not one of the commonly used names for the body of knowledge involving quantitative approaches to decision-making?

The field of management science

When production volume exceeds the breakeven point,we can expected​

Introduction to Probability

Probability Distributions

Decision Analysis

Utility Game Theory

Time Series Analysis Forecasting

Intro to Linear Programming

LP Sensitivity Analysis

LP Applications

Distribution Network Models

Integer Linear Programming

Advanced Optimization Applications

Project Scheduling

Inventory Models

Waiting Line Models

Simulation

Markov Processes

Filters

A physical model that has the same physical appearance as the object being modeled is

Define and contrast the terms feasible solution,infeasible solution and optimal solution.

What steps of the problem solving process are involved in decision making?

Which of the following is not one of the commonly used names for the body of knowledge involving quantitative approaches to decision-making?

When production volume exceeds the breakeven point,we can expected