Exam 1: Introduction to Modeling

In modeling situations where it is not possible to write an equation for an output in terms of the inputs,there may still be a mathematical procedure for calculating outputs from inputs.

A first step in determining how well a model fits reality is to:

A management science model is typically initiated when an organization believes it has a problem.

Management science has often been taught as a collection of:

Which of the following is not necessarily a property of a good model?

The best strategy for implementation of a model is to involve key people in the organization in the project when the model is ready for testing and verification.

Which of the following is not one of the guiding principles for a heuristic?

Which of the following type of model is used when an appropriate equation or system of equations can be developed to represent the system?

Before trusting the answers to what-if scenarios from a spreadsheet model,a manager should attempt to:

One of the advantages of spreadsheet models is that they allow managers to ask what-if questions.

Defining an organization's problem includes:

The overall modeling process typically done in practice always requires seven steps: define the problem,collect and summarize data,develop a model,verify the model,select one or more suitable decisions,present the results to the organization,and finally implement the model and update it through time.

Which of the following is not one of advantages of mathematical models?

A good model should achieve the right balance between being too simple and too complex.

Models that suggest a desirable course of action are called descriptive models

The most frequent cause of a failed implementation of a model is:

The modeling process discussed in Practical Management Science is a

Modeling is a process where the essence of a theoretical problem is extracted into a model,spreadsheet or otherwise.

In a descriptive model,the manager first wants to build a model that reflects the current situation.

One of the arguments that management science practitioners have used to criticize the emphasis on specific models is that they do not provide the correct answer.