Question 1

A model is a representation of a situation.

Accepted Answer

A) True 
 B)False

Question 2

KJ built his taco truck out of $75,000,000 worth of titanium and duct tape.He uses $5.25 of ground beef, $2.25 of cheese, and $1.50 of lettuce in each taco.If he sells tacos at $10 each, what is his break-even quantity?

Accepted Answer

A) 1,250,000 
B) 15,000,000 
C) 75,000,000 
D) 750,000,000 
A) 1,250,000 
B) 15,000,000 
C) 75,000,000 
D) 750,000,000

Question 3

Business Analytics is a data-driven approach to decision making that allows companies to make better decisions.

Accepted Answer

A) True 
 B)False

Question 4

In order for a break-even quantity to exist in the presence of positive fixed costs, sales price must exceed variable cost per unit.

Accepted Answer

A) True 
 B)False

Question 5

Sensitivity analysis helps us estimate the effect of known and unknown errors in our model.

Accepted Answer

A) True 
 B)False

Question 6

Management support and user involvement are not essential in the successful implementation of quantitative analysis projects.

Accepted Answer

A) True 
 B)False

Question 7

As one attempts to develop a model, which of the following problems might she encounter?

Accepted Answer

A) The assumptions made in order to apply the model will not be violated. 
B) The model will provide an array of possible answers to the question the analyst poses. 
C) Everyone will understand the problem in the same way. 
D) Accurate data will not be available for the model. 
A) The assumptions made in order to apply the model will not be violated. 
B) The model will provide an array of possible answers to the question the analyst poses. 
C) Everyone will understand the problem in the same way. 
D) Accurate data will not be available for the model.

Question 8

Mickey built his lemonade stand out of $250 worth of plywood and paint.He sells a glass of lemonade for $3 and uses $1.25 of lemons, sugar and water to make his product.How many glasses of lemonade does he need to sell to break even?

Accepted Answer

A) 170 
B) 161 
C) 152 
D) 143 
A) 170 
B) 161 
C) 152 
D) 143

Question 9

Model variables can be controllable or uncontrollable.

Accepted Answer

A) True 
 B)False

Question 10

Evaluating all possible values of a variable in a model is called

Accepted Answer

A) trial and error. 
B) complete enumeration. 
C) an algorithm. 
D) variablization. 
A) trial and error. 
B) complete enumeration. 
C) an algorithm. 
D) variablization.

Question 11

Operations Research is known as

Accepted Answer

A) the science of numerical analysis. 
B) the science of sensitivity analysis. 
C) the science of better. 
D) the science of modeling. 
A) the science of numerical analysis. 
B) the science of sensitivity analysis. 
C) the science of better. 
D) the science of modeling.

Question 12

Decision variables may also be called parameters.

Accepted Answer

A) True 
 B)False

Question 13

The Quantitative Analysis Approach consists of six steps.

Accepted Answer

A) True 
 B)False

Question 14

Models can help us analyze a problem and sell a decision to those who must implement it.

Accepted Answer

A) True 
 B)False

Question 15

Revenue is calculated by subtracting expenses from profit.

Accepted Answer

A) True 
 B)False

Question 16

Successful implementation of a solution developed via quantitative analysis requires that the analyst

Accepted Answer

A) tell the users exactly what to do. 
B) train the users in the theoretical underpinnings of the models considered. 
C) work with users and take their feelings into account. 
D) train the users in the theoretical underpinnings of the best model. 
A) tell the users exactly what to do. 
B) train the users in the theoretical underpinnings of the models considered. 
C) work with users and take their feelings into account. 
D) train the users in the theoretical underpinnings of the best model.

Question 17

A sensitivity analysis allows a manager to answer the "what if" questions.

Accepted Answer

A) True 
 B)False

Question 18

All problems can be solved by considering only the quantitative issues.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following techniques involves the study and consolidation of historical data for a business and an industry?

Accepted Answer

A) descriptive analytics 
B) prescriptive analytics 
C) predictive analytics 
D) management science 
A) descriptive analytics 
B) prescriptive analytics 
C) predictive analytics 
D) management science

Question 20

A measurable quantity that may vary, or is subject to change, and can be controlled is known as a(n)

Accepted Answer

A) decision variable. 
B) algorithm. 
C) parameter. 
D) solution. 
A) decision variable. 
B) algorithm. 
C) parameter. 
D) solution.

Exam 1: Introduction to Quantitative Analysis

A model is a representation of a situation.

KJ built his taco truck out of $75,000,000 worth of titanium and duct tape.He uses $5.25 of ground beef, $2.25 of cheese, and $1.50 of lettuce in each taco.If he sells tacos at $10 each, what is his break-even quantity?

Business Analytics is a data-driven approach to decision making that allows companies to make better decisions.

In order for a break-even quantity to exist in the presence of positive fixed costs, sales price must exceed variable cost per unit.

Sensitivity analysis helps us estimate the effect of known and unknown errors in our model.

Management support and user involvement are not essential in the successful implementation of quantitative analysis projects.

As one attempts to develop a model, which of the following problems might she encounter?

Mickey built his lemonade stand out of $250 worth of plywood and paint.He sells a glass of lemonade for $3 and uses $1.25 of lemons, sugar and water to make his product.How many glasses of lemonade does he need to sell to break even?

Model variables can be controllable or uncontrollable.

Evaluating all possible values of a variable in a model is called

Operations Research is known as

Decision variables may also be called parameters.

The Quantitative Analysis Approach consists of six steps.

Models can help us analyze a problem and sell a decision to those who must implement it.

Revenue is calculated by subtracting expenses from profit.

Successful implementation of a solution developed via quantitative analysis requires that the analyst

A sensitivity analysis allows a manager to answer the "what if" questions.

All problems can be solved by considering only the quantitative issues.

Which of the following techniques involves the study and consolidation of historical data for a business and an industry?

A measurable quantity that may vary, or is subject to change, and can be controlled is known as a(n)

Probability Concepts and Applications

Decision Analysis

Regression Models

Forecasting

Inventory Control Models

Linear Programming Models: Graphical and Computer Methods

Linear Programming Applications

Transportation, Assignment, and Network Models

Integer Programming, Goal Programming, and Nonlinear Programming

Project Management

Waiting Lines and Queuing Theory Models

Simulation Modeling

Markov Analysis

Statistical Quality Control

Analytic Hierarchy Process

Dynamic Programming

Decision Theory and the Normal Distribution

Game Theory

Mathematical Tools: Determinants and Matrices

Calculus-Based Optimization

Linear Programming: The Simplex Method

Transportation, Assignment, and Network Algorithms

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