Exam 1: Introduction

The most successful quantitative analysis will separate the analyst from the managerial team until after the problem is fully structured.

Management science and operations research both involve

Problem solving encompasses both the identification of a problem and the action to resolve it.

All uncontrollable inputs or data must be specified before we can analyze the model and recommend a decision or solution for the problem.

George Dantzig is important in the history of management science because he developed

In quantitative analysis, the optimal solution is the mathematically-best solution.

Uncontrollable inputs are the decision variables for a model.

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

A physical model that does not have the same physical appearance as the object being modeled is

An author has received an advance against royalties of $10,000. The royalty rate is $1.00 for every book sold in the United States, and $1.35 for every book sold outside the United States. Define variables for this problem and write an expression that could be used to calculate the number of books to be sold to cover the advance.

The quantitative analysis approach requires

The volume that results in total revenue being equal to total cost is the

The decision making process includes implementation and evaluation of the decision.

Identification and definition of a problem

The first step in problem solving is

Inputs to a quantitative model