Question 1

To find the choice that provides the highest profit and the fewest employees, apply a single-criterion decision process.

Accepted Answer

A) True 
 B)False  False

Question 2

A company seeks to maximize profit subject to limited availability of man-hours. Man-hours is a controllable input.

Accepted Answer

A) True 
 B)False  False

Question 3

There is a fixed cost of $50,000 to start a production process. Once the process has begun, the variable cost per unit is $25. The revenue per unit is projected to be $45.
a.Write an expression for total cost.
b.Write an expression for total revenue.
c.Write an expression for total profit.
d.Find the break-even point.

Accepted Answer

a.C(x) = 50000 + 25x
b.R(x) = 45x
c.P(x) = 45x - (50000 + 25x)
d.x = 2500

Question 4

Should the problem solving process be applied to all problems?

Accepted Answer

The problem-solving process is a systema

Question 5

A small firm builds television antennas. The investment in plan and equipment is $200,000. The variable cost per television antenna is $500. The price of the television antenna is $1000. How many television antennas would be needed for the firm to break even?

Accepted Answer

400 televi

Question 6

The first step in problem solving is

Accepted Answer

A) determination of the correct analytical solution procedure. 
B) definition of decision variables. 
C) the identification of a difference between the actual and desired state of affairs. 
D) implementation. 
A) determination of the correct analytical solution procedure. 
B) definition of decision variables. 
C) the identification of a difference between the actual and desired state of affairs. 
D) implementation.

Question 7

Identification and definition of a problem

Accepted Answer

A) cannot be done until alternatives are proposed. 
B) is the first step of decision making. 
C) is the final step of problem solving. 
D) requires consideration of multiple criteria. 
A) cannot be done until alternatives are proposed. 
B) is the first step of decision making. 
C) is the final step of problem solving. 
D) requires consideration of multiple criteria.

Question 8

The first step in the decision making process is to identify the problem.

Accepted Answer

A) True 
 B)False

Question 9

The most critical component in determining the success or failure of any quantitative approach to decision making is problem definition.

Accepted Answer

A) True 
 B)False

Question 10

Problem definition

Accepted Answer

A) includes specific objectives and operating constraints. 
B) must occur prior to the quantitative analysis process. 
C) must involve the analyst and the user of the results. 
D) each of the above is true. 
A) includes specific objectives and operating constraints. 
B) must occur prior to the quantitative analysis process. 
C) must involve the analyst and the user of the results. 
D) each of the above is true.

Question 11

When the value of the output cannot be determined even if the value of the controllable input is known, the model is

Accepted Answer

A) analog. 
B) digital. 
C) stochastic. 
D) deterministic. 
A) analog. 
B) digital. 
C) stochastic. 
D) deterministic.

Question 12

Explain the relationship among model development, model accuracy, and the ability to obtain a solution from a model.

Accepted Answer

The relationship among model development

Question 13

In a multicriteria decision problem

Accepted Answer

A) it is impossible to select a single decision alternative. 
B) the decision maker must evaluate each alternative with respect to each criterion. 
C) successive decisions must be made over time. 
D) each of the above is true. 
A) it is impossible to select a single decision alternative. 
B) the decision maker must evaluate each alternative with respect to each criterion. 
C) successive decisions must be made over time. 
D) each of the above is true.

Question 14

A manufacturer makes two products, doors and windows. Each must be processed through two work areas. Work area #1 has 60 hours of available production time. Work area #2 has 48 hours of available production time. Manufacturing of a door requires 4 hours in work area #1 and 2 hours in work area #2. Manufacturing of a window requires 2 hours in work area #1 and 4 hours in work area #2. Profit is $8 per door and $6 per window.
a.Define decision variables that will tell how many units to build (doors and windows).
b.Develop an objective function that will maximize profits.
c.Develop production constraints for work area #1 and #2.

Accepted Answer

a.Let D = the number of doors

Question 15

The terms 'stochastic' and 'deterministic' have the same meaning in quantitative analysis.

Accepted Answer

A) True 
 B)False

Question 16

Uncontrollable inputs are the decision variables for a model.

Accepted Answer

A) True 
 B)False

Question 17

A snack food manufacturer buys corn for tortilla chips from two cooperatives, one in Iowa and one in Illinois. The price per unit of the Iowa corn is $6.00 and the price per unit of the Illinois corn is $5.50.
a.Define variables that would tell how many units to purchase from each source.
b.Develop an objective function that would minimize the total cost.
c.The manufacturer needs at least 12000 units of corn.The Iowa cooperative can supply up to 8000 units, and the Illinois cooperative can supply at least 6000 units.Develop constraints for these conditions.

Accepted Answer

a.Let x₁ = the number of units

Question 18

The quantitative analysis approach requires

Accepted Answer

A) the manager's prior experience with a similar problem. 
B) a relatively uncomplicated problem. 
C) mathematical expressions for the relationships. 
D) each of the above is true. 
A) the manager's prior experience with a similar problem. 
B) a relatively uncomplicated problem. 
C) mathematical expressions for the relationships. 
D) each of the above is true.

Question 19

Inputs to a quantitative model

Accepted Answer

A) are a trivial part of the problem solving process. 
B) are uncertain for a stochastic model. 
C) are uncontrollable for the decision variables. 
D) must all be deterministic if the problem is to have a solution. 
A) are a trivial part of the problem solving process. 
B) are uncertain for a stochastic model. 
C) are uncontrollable for the decision variables. 
D) must all be deterministic if the problem is to have a solution.

Question 20

As computer service center has the capacity to do 400 jobs per day. The expected level of jobs demanded per day is 250 per day. The fixed cost of renting the computer process is $200 per day. Space rents for $100 per day. The cost of material is $15 per unit of work and $.35 cents of labor per unit. What is the break-even level of work?

Accepted Answer

The answer of As computer service center has the capacity...

To find the choice that provides the highest profit and the fewest employees, apply a single-criterion decision process.

A company seeks to maximize profit subject to limited availability of man-hours. Man-hours is a controllable input.

Should the problem solving process be applied to all problems?

A small firm builds television antennas. The investment in plan and equipment is $200,000. The variable cost per television antenna is $500. The price of the television antenna is $1000. How many television antennas would be needed for the firm to break even?

The first step in problem solving is

Identification and definition of a problem

The first step in the decision making process is to identify the problem.

The most critical component in determining the success or failure of any quantitative approach to decision making is problem definition.

Problem definition

When the value of the output cannot be determined even if the value of the controllable input is known, the model is

Explain the relationship among model development, model accuracy, and the ability to obtain a solution from a model.

In a multicriteria decision problem

The terms 'stochastic' and 'deterministic' have the same meaning in quantitative analysis.

Uncontrollable inputs are the decision variables for a model.

The quantitative analysis approach requires

Inputs to a quantitative model

An Introduction to Linear Programming

Linear Programming: Sensitivity Analysis and Interpretation of Solution

Linear Programming Applications in Marketing, Finance and Operations Management

Advanced Linear Programming Applications

Distribution and Network Problems

Integer Linear Programming

Nonlinear Optimization Models

Project Scheduling: Pertcpm

Inventory Models

Waiting Line Models

Simulation

Decision Analysis

Multicriteria Decisions

Forecasting

Markov Processes

Linear Programming: Simplex Method

Simplex-Based Sensitivity Analysis and Duality

Solution Procedures for Transportation and Assignment Problems

Minimal Spanning Tree

Dynamic Programming

Filters

Exam 1: Introduction

To find the choice that provides the highest profit and the fewest employees, apply a single-criterion decision process.

A company seeks to maximize profit subject to limited availability of man-hours. Man-hours is a controllable input.

Should the problem solving process be applied to all problems?

A small firm builds television antennas. The investment in plan and equipment is $200,000. The variable cost per television antenna is $500. The price of the television antenna is $1000. How many television antennas would be needed for the firm to break even?

The first step in problem solving is

Identification and definition of a problem

The first step in the decision making process is to identify the problem.

The most critical component in determining the success or failure of any quantitative approach to decision making is problem definition.

Problem definition

When the value of the output cannot be determined even if the value of the controllable input is known, the model is

Explain the relationship among model development, model accuracy, and the ability to obtain a solution from a model.

In a multicriteria decision problem

The terms 'stochastic' and 'deterministic' have the same meaning in quantitative analysis.

Uncontrollable inputs are the decision variables for a model.

The quantitative analysis approach requires

Inputs to a quantitative model

An Introduction to Linear Programming

Linear Programming: Sensitivity Analysis and Interpretation of Solution

Linear Programming Applications in Marketing, Finance and Operations Management

Advanced Linear Programming Applications

Distribution and Network Problems

Integer Linear Programming

Nonlinear Optimization Models

Project Scheduling: Pertcpm

Inventory Models

Waiting Line Models

Simulation

Decision Analysis

Multicriteria Decisions

Forecasting

Markov Processes

Linear Programming: Simplex Method

Simplex-Based Sensitivity Analysis and Duality

Solution Procedures for Transportation and Assignment Problems

Minimal Spanning Tree

Dynamic Programming

Filters