Test Bank for Quantitative Methods for Business 12th Edition by Anderson

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Test Bank for Quantitative Methods for Business 12th Edition by Anderson

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1. The field field of of manage managemen mentt scien science ce a. concentrat concentrates es on the use use of quantitat quantitative ive methods methods to assist assist in decis decision ion making. making.  b. approaches decision making rationally, rationally, with techniques based on the scientific method. method. c. is another another name name for for decision decision scienc sciencee and for for operatio operations ns research research.. d. each each of of thes thesee choi choices ces are true. true. A!: "

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&. %dentific %dentification ation and definitio definition n of of a problem problem a. cannot cannot be be done done until until alternativ alternatives es are are propo proposed. sed.  b. is the first step of decision decision making. c. is the the fina finall step step of of probl problem em sol solvin ving. g. d. requires requires considera consideration tion of multiple multiple criteria. criteria. A!: '

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(. "eci "ecisi sion on alt alter erna nati tive vess a. shou should ld be ident identified ified before before decision decision criter criteria ia are establ established ished..  b. are limited to quantitative quantitative solutions solutions c. are evaluat evaluated ed as a part part of the the problem problem definitio definition n stage. stage. d. are best best gene generat rated ed by brai brain)s n)stor tormin ming. g. A!: A

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*. "eci "ecisi sion on cri crite teri riaa a. are the the choic choices es faced faced by by the the decisi decision on maker maker..  b. are the problems faced by the decision decision maker. maker. c. are the the ways to evaluate evaluate the choice choicess faced by the decision decision maker maker.. d. mu must st be be uniq unique ue for for a pro probl blem em.. A!: C

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+. %n a multi multicri criter teria ia decis decision ion prob problem lem a. it is impossibl impossiblee to select select a single single decisi decision on alterna alternative tive..  b. the decision maker must evaluate evaluate each alternative with with respect to each criterion. criterion. c. succes successiv sivee decisi decisions ons must must be be made over over time time.. d. each each of of thes thesee choi choices ces are true. true. A!: '

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. The quantitat quantitative ive analysis analysis approach approach requires requires a. the manage manager-s r-s prior prior eperienc eperiencee with with a similar similar proble problem. m.  b. a relatively uncomplicated uncomplicated problem. c. mathematic mathematical al epressio epressions ns for the relations relationships hips.. A!: C

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T$#: /uantitative analysis and decision making

0. A physical model model that does does not have have the same physical appearance appearance as the the obect being modeled is a. an anal analog og mo mode dell.

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 b. an iconic model. c. a math mathem emat atic ical al mod model el.. d. a qual qualit itat ativ ivee mo mode del. l. A!: A

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3. %nputs %nputs to a quanti quantitat tative ive mod model el a. are a trivial trivial part part of of the the problem problem solving solving proces process. s.  b. are uncertain for a stochastic stochastic model. c. are uncon uncontro trolla llable ble for for the decisi decision on varia variable bles. s. d. must all all be determ determinis inistic tic if the the problem problem is is to have have a soluti solution. on. A!: '

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4. 5hen the value of the output output cannot be be determined even if the the value of of the controllable controllable input input is known, the model is a. analog.  b. digital. c. stochastic. d. dete determ rmin inis isti tic. c. A!: C

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16. The volume volume that that results results in total total revenue revenue being equal equal to total total cost is is the a. brea break) k)ev even en poin point. t.  b. marginal volume. c. mar marginal nal cost cost.. d. profit mi. A!: A

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11. 11. 2anagement 2anagement scien science ce and operat operations ions researc research h both invol involve ve a. qualit qualitati ative ve manage manageria riall skills skills..  b. quantitative approaches approaches to decision making. making. c. operat operation ional al manage managemen mentt skil skills. ls. d. scientific scientific research research as oppos opposed ed to to appli applicatio cations. ns. A!: '

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1&. 7eorge "ant8ig "ant8ig is is important important in the history history of management science because because he developed a. the scie scienti ntific fic mana managem gement ent revo revolut lution ion..  b. 5orld 5ar 5ar %% operations research teams. teams. c. the simp simple le meth method od for for linear linear prog program rammin ming. g. d. powerf powerful ul digita digitall compu computer ters. s. A!: C

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1(. 1(. The firs firstt step step in prob problem lem solv solving ing is is a. determinat determination ion of of the correct correct analyt analytical ical solut solution ion proced procedure. ure.  b. definition of decision decision variables. c. the identifi identificatio cation n of a difference difference between between the the actual actual and desired desired state state of affairs. affairs. d. impl implem emen enta tati tion on.. A!: C

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T$#: #roblem solving and decision making

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1*. 1*. #rob #roble lem m def defin init itio ion n a. includes includes specif specific ic obecti obectives ves and and operati operating ng constra constraints ints..  b. must occur prior to the quantitative quantitative analysis analysis process. c. must involve involve the the analyst analyst and the the user user of the resul results. ts. d. each each of of thes thesee choi choices ces are true. true. A!: "

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1+. A model model that that uses a system system of symbols symbols to repres represent ent a problem problem is called called a. mathe athema mattical ical..  b. iconic. c. analog. d. con constra strain ined ed.. A!: A

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1. 5hich of the following following is not not one of the commonly used names for the body of knowledge knowledge involving involving quantitative approaches to decision)making9 decision)making9 a. mana manage geme ment nt scie scienc ncee  b. business analytics analytics c. oper operat atio ions ns res resea earc rch h d. effi effici cien ency cy stud studie iess A!: "

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1. The process process of decisio decision n making is is more limited limited than than that of proble problem m solving. solving. A!: T

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&. The terms -stochastic- and -deterministic-deterministic- have the same meaning in quantitative quantitative analysis. analysis. A!: 

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(. The volume that results in marginal marginal revenue equaling marginal marginal cost is called the break)even point. A!: 

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*. #roblem solving solving encompasses both the identification of a problem problem and the the action to resolve it. A!: T

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+. The decision decision making making process include includess implementat implementation ion and evaluatio evaluation n of the decision. decision. A!: 

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. The most successful quantitative quantitative analysis will will separate the analyst from the managerial managerial team until after  after  the problem is fully structured. A!: 

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

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A!: T

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3. ;ncontro ;ncontrollabl llablee inputs inputs are the the decision decision variabl variables es for a model. model. A!: 

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4. The feasible feasible solution solution is the best best solution solution possibl possiblee for a mathematical mathematical model. model. A!: 

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16. A company seeks to maimi8e profit subect subect to limited availability availability of man)hours. 2an)hours 2an)hours is a controllable input. A!: 

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11. rederick Taylor Taylor is credited with forming the first 2!