Question 1

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. 
E)  None of the above 
A)  decision variable. 
B)  algorithm. 
C)  parameter. 
D)  solution. 
E)  None of the above

Question 2

A parameter is a measurable quantity that may vary or is subject to change.

Accepted Answer

A) True 
 B)False

Question 3

Managers do not need to be familiar with the limitations, assumptions, and/or specific applicability of the quantitative analysis technique to use it for accurate decision making.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is a picture, drawing, or chart of reality?

Accepted Answer

A)  scale model 
B)  physical model 
C)  mathematical model 
D)  schematic model 
E)  abstract model 
A)  scale model 
B)  physical model 
C)  mathematical model 
D)  schematic model 
E)  abstract model

Question 5

Stochastic models are synonymous with

Accepted Answer

A)  deterministic models 
B)  schematic models. 
C)  qualitative models. 
D)  conceptual models. 
E)  None of the above 
A)  deterministic models 
B)  schematic models. 
C)  qualitative models. 
D)  conceptual models. 
E)  None of the above

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is not considered a possible problem in the quantitative analysis approach?

Accepted Answer

A)  validity of the data 
B)  lack of commitment 
C)  resistance to change 
D)  subjective solutions 
E)  hard-to-understand mathematics 
A)  validity of the data 
B)  lack of commitment 
C)  resistance to change 
D)  subjective solutions 
E)  hard-to-understand mathematics

Question 8

Which Excel feature allows the user to specify a target or goal and the variable that is desired to change in order to achieve that goal?

Accepted Answer

A)  Solver 
B)  Goal Search 
C)  Target Search 
D)  Goal Seek 
E)  Target Seek 
A)  Solver 
B)  Goal Search 
C)  Target Search 
D)  Goal Seek 
E)  Target Seek

Question 9

All of the following are real computer applications that perform quantitative analysis except

Accepted Answer

A)  Solver in Excel. 
B)  Goal Seek in Excel. 
C)  Excel QM. 
D)  POM-QM for Windows. 
E)  QA for Windows. 
A)  Solver in Excel. 
B)  Goal Seek in Excel. 
C)  Excel QM. 
D)  POM-QM for Windows. 
E)  QA for Windows.

Question 10

In making a decision, both ________ and quantitative factors must be considered.

Accepted Answer

The answer of In making a decision, both ________ and...

Question 11

Identify three potential problems with people (two with management and one with the quantitative analysts themselves) that may hinder successful implementation of a quantitative model.

Accepted Answer

Answers will vary but may incl

Question 12

How can an analyst overcome the threats to successful implementation of a quantitative model?

Accepted Answer

Answers will vary; one solutio

Question 13

Quantitative analysis is ________.

Accepted Answer

the scientific appro

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

If input data are accurate to three significant digits, then the solution results can be accurate to how many significant digits?

Accepted Answer

A)  one 
B)  two 
C)  three 
D)  four 
E)  six 
A)  one 
B)  two 
C)  three 
D)  four 
E)  six

Question 16

A mathematical model shows the relationship between quantifiable and non-quantifiable information.

Accepted Answer

A) True 
 B)False

Question 17

________ models are synonymous with stochastic models.

Accepted Answer

The answer of ________ models are synonymous with stochastic models....

Question 18

Identify the steps of the quantitative analysis approach.

Accepted Answer

(1) Defining the Problem, (2)

Question 19

Which Excel feature is an optimization technique that can maximize or minimize a quantity given a set of limitations or constraints?

Accepted Answer

A)  Optimizer 
B)  Goal Seek 
C)  Analysis Tool-Pak 
D)  Algorithm Builder 
E)  Solver 
A)  Optimizer 
B)  Goal Seek 
C)  Analysis Tool-Pak 
D)  Algorithm Builder 
E)  Solver

Question 20

The Quantitative Analysis Approach consists of six steps.

Accepted Answer

A) True 
 B)False

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

A parameter is a measurable quantity that may vary or is subject to change.

Managers do not need to be familiar with the limitations, assumptions, and/or specific applicability of the quantitative analysis technique to use it for accurate decision making.

Which of the following is a picture, drawing, or chart of reality?

Stochastic models are synonymous with

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

Which of the following is not considered a possible problem in the quantitative analysis approach?

Which Excel feature allows the user to specify a target or goal and the variable that is desired to change in order to achieve that goal?

All of the following are real computer applications that perform quantitative analysis except

In making a decision, both ________ and quantitative factors must be considered.

Identify three potential problems with people (two with management and one with the quantitative analysts themselves) that may hinder successful implementation of a quantitative model.

How can an analyst overcome the threats to successful implementation of a quantitative model?

Quantitative analysis is ________.

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

If input data are accurate to three significant digits, then the solution results can be accurate to how many significant digits?

A mathematical model shows the relationship between quantifiable and non-quantifiable information.

________ models are synonymous with stochastic models.

Identify the steps of the quantitative analysis approach.

Which Excel feature is an optimization technique that can maximize or minimize a quantity given a set of limitations or constraints?

The Quantitative Analysis Approach consists of six steps.

Probability Concepts and Applications

Decision Analysis

Regression Models

Forecasting

Inventory Control Models

Linear Programming Models: Graphical and Computer Methods

Linear Programming Applications

Transportation and Assignment Models

Integer Programming, Goal Programming, and Nonlinear Programming

Network Models

Project Management

Waiting Lines and Queuing Theory Models

Simulation Modeling

Markov Analysis

Statistical Quality Control

Filters

Exam 1: Introduction to Quantitative Analysis

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

A parameter is a measurable quantity that may vary or is subject to change.

Managers do not need to be familiar with the limitations, assumptions, and/or specific applicability of the quantitative analysis technique to use it for accurate decision making.

Which of the following is a picture, drawing, or chart of reality?

Stochastic models are synonymous with

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

Which of the following is not considered a possible problem in the quantitative analysis approach?

Which Excel feature allows the user to specify a target or goal and the variable that is desired to change in order to achieve that goal?

All of the following are real computer applications that perform quantitative analysis except

In making a decision, both ________ and quantitative factors must be considered.

Identify three potential problems with people (two with management and one with the quantitative analysts themselves) that may hinder successful implementation of a quantitative model.

How can an analyst overcome the threats to successful implementation of a quantitative model?

Quantitative analysis is ________.

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

If input data are accurate to three significant digits, then the solution results can be accurate to how many significant digits?

A mathematical model shows the relationship between quantifiable and non-quantifiable information.

________ models are synonymous with stochastic models.

Identify the steps of the quantitative analysis approach.

Which Excel feature is an optimization technique that can maximize or minimize a quantity given a set of limitations or constraints?

The Quantitative Analysis Approach consists of six steps.

Probability Concepts and Applications

Decision Analysis

Regression Models

Forecasting

Inventory Control Models

Linear Programming Models: Graphical and Computer Methods

Linear Programming Applications

Transportation and Assignment Models

Integer Programming, Goal Programming, and Nonlinear Programming

Network Models

Project Management

Waiting Lines and Queuing Theory Models

Simulation Modeling

Markov Analysis

Statistical Quality Control

Filters