Exam 1: Introduction to Quantitative Analysis

The ability to examine the variability of a solution due to changes in the formulation of a problem is an important part of the analysis of the results.This type of analysis is called ________ analysis.

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

________ models do not involve risk or chance.

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

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

The break-even point is an example of a

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

A profit equation is an example of a schematic model.

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

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

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

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

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

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

A measurable quantity that is inherent in the problem is called a(n)

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

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

The study of the consolidation of historical data to describe how a company has performed in the past is called ________.

During World War II,many new scientific and quantitative techniques were developed to assist the military,and these developments were so successful that many companies started using similar techniques in managerial decision making and planning after the war.

Trying various approaches and picking the one that results in the best decision is called