Exam 1: Introduction to Quantitative Analysis

Inaccurate model input data leads to inaccurate model solutions. This phenomenon is commonly referred to as ________.

Expressing profits through the relationship among unit price, fixed costs, and variable costs is an example of

Which of the following is not one of the steps in the quantitative analysis approach?

The condition of improper data yielding misleading results is referred to as

A controllable variable is also called a

Decision variables may also be called parameters.

One problem in using a quantitative model is that the necessary data may be unavailable.

Identify some possible problems in the quantitative analysis approach.

When a problem is difficult to quantify, it may be necessary to develop unspecific objectives.

Once we have a solution, we should then perform ________ analysis.

The break-even point of a simple profit model represents a(n)

Operations Research is known as

A controllable variable is also called a ________ variable.

The solution process of ________ implies that we look at all possible solutions.

Testing the data and model should be done before the results have been analyzed.

________ models do not involve risk or chance.

Which of the following statement(s) are true regarding the advantages of mathematical modeling?

The widespread applicability of operations research methods to business followed which war?

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

In the early 1900s, Henry Ford pioneered the principles of the scientific approach to management.