Exam 1: Introduction to Quantitative Analysis

Model variables can be controllable or uncontrollable.

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

The use of optimization methods to provide new and better ways to operate based on specific business objectives is called ________.

The use of techniques to forecast how things will be in the future based on past patterns of data is called ________.

What is the formula for the break-even point of a simple profit model?

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

Operations Research is known as

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

Trying various approaches and picking the one resulting in the best decision is called incomplete enumeration.

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

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

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?

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

A series of steps or procedures that are repeated is known as an algorithm.

Quantitative analysis is ________.

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

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

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 techniques involves the use of optimization methods to provide new and better ways to operate based on specific business objectives?

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