Question 1

List four rational economic assumptions the linear programming allocation model is based upon.

Accepted Answer

• Returns from different allocations can be compared; that is, they can be measured by a common unit (e.g., dollars, utility).
• The return from any allocation is independent of other allocations.
• The total return is the sum of the returns yielded by the different activities.
• All data are known with certainty.
• The resources are to be used in the most economical manner.

Question 2

Using data cubes in OLAP systems opens the data up to analysis by more classes of models.

Accepted Answer

A) True 
 B)False  False

Question 3

The trend is towards developing and using Web tools and software to access and run modeling software.

Accepted Answer

A) True 
 B)False  True

Question 4

What is the most common method for treating risk in decision trees and tables?

Accepted Answer

The most common method for han

Question 5

The use of simulation models is desirable because they can usually be solved in one pass, without incurring the time and cost of iterations.

Accepted Answer

A) True 
 B)False

Question 6

An advantage of simulation is that it allows model builders to solve problems with minimal interaction with users or managers.

Accepted Answer

A) True 
 B)False

Question 7

In the opening vignette, the solution helped to determine how many vendors to award contracts to, as well as the size of each of the contracts.

Accepted Answer

A) True 
 B)False

Question 8

Linear programming seeks to optimally allocate resources among competing activities and is likely the best-known optimization model.

Accepted Answer

A) True 
 B)False

Question 9

The analytic hierarchy process (AHP) can be categorized as a model that creates optimization via algorithm.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is NOT a component of decision support mathematical processes?

Accepted Answer

A)  result variables 
B)  decision variables 
C)  controlled variables 
D)  uncontrolled variables 
A)  result variables 
B)  decision variables 
C)  controlled variables 
D)  uncontrolled variables

Question 11

Time compression in a simulation allows managers some feel as to the long-term effects of many policies.

Accepted Answer

A) True 
 B)False

Question 12

In the School District of Philadelphia opening vignette,the district was able to use the standard version of Microsoft Excel exclusively to perform the needed analysis.

Accepted Answer

A) True 
 B)False

Question 13

Sensitivity analysis is important in management support systems for all of the following reasons EXCEPT:

Accepted Answer

A)  it allows flexibility and adaptation to changing conditions. 
B)  it permits the manager to input data to increase his/her confidence in the model. 
C)  it improves the mathematical optimality of the generated solutions. 
D)  it provides a better understanding of the model and the decision-making situation. 
A)  it allows flexibility and adaptation to changing conditions. 
B)  it permits the manager to input data to increase his/her confidence in the model. 
C)  it improves the mathematical optimality of the generated solutions. 
D)  it provides a better understanding of the model and the decision-making situation.

Question 14

List five major types of simulation.

Accepted Answer

• probabilistic simulation
• t

Question 15

Because real decision-making situations involve some randomness and deal with semistructured or unstructured situations it can be said that "reality is complex." What type of decision support method is often successfully employed under these conditions?

Accepted Answer

A)  simulation 
B)  genetic algorithms 
C)  optimization 
D)  human intuition 
A)  simulation 
B)  genetic algorithms 
C)  optimization 
D)  human intuition

Question 16

Sensitivity analysis seeks to assess the impact of changes in the input data and parameters on the proposed solution.

Accepted Answer

A) True 
 B)False

Question 17

"Customer Income" is an example of an uncontrolled variable (parameter) that would be associated with what type of decision variable?

Accepted Answer

A)  prime rate 
B)  audit schedule 
C)  taffing level 
D)  advertising budget 
A)  prime rate 
B)  audit schedule 
C)  taffing level 
D)  advertising budget

List four rational economic assumptions the linear programming allocation model is based upon.

Using data cubes in OLAP systems opens the data up to analysis by more classes of models.

The trend is towards developing and using Web tools and software to access and run modeling software.

What is the most common method for treating risk in decision trees and tables?

The use of simulation models is desirable because they can usually be solved in one pass, without incurring the time and cost of iterations.

An advantage of simulation is that it allows model builders to solve problems with minimal interaction with users or managers.

In the opening vignette, the solution helped to determine how many vendors to award contracts to, as well as the size of each of the contracts.

Linear programming seeks to optimally allocate resources among competing activities and is likely the best-known optimization model.

The analytic hierarchy process (AHP) can be categorized as a model that creates optimization via algorithm.

Which of the following is NOT a component of decision support mathematical processes?

Time compression in a simulation allows managers some feel as to the long-term effects of many policies.

In the School District of Philadelphia opening vignette,the district was able to use the standard version of Microsoft Excel exclusively to perform the needed analysis.

Sensitivity analysis is important in management support systems for all of the following reasons EXCEPT:

List five major types of simulation.

Because real decision-making situations involve some randomness and deal with semistructured or unstructured situations it can be said that "reality is complex." What type of decision support method is often successfully employed under these conditions?

Sensitivity analysis seeks to assess the impact of changes in the input data and parameters on the proposed solution.

"Customer Income" is an example of an uncontrolled variable (parameter) that would be associated with what type of decision variable?

Overview of Business Intelligence, Analytics, Data Science, and Artificial Intelligence: Systems for Decision Support

Artificial Intelligence Concepts, Drivers, Major Technologies, and Business Applications

Nature of Data, Statistical Modeling, and Visualization

Data Mining Process, Methods, and Algorithms

Machine-Learning Techniques for Predictive Analytics

Deep Learning and Cognitive Computing

Text Mining, Sentiment Analysis, and Social Analytics

Big Data, Cloud Computing, and Location Analytics: Concepts and Tool

Robotics: Industrial and Consumer Applications

Group Decision Making, Collaborative Systems, and AI Support

Knowledge Systems: Expert Systems, Recommenders, Chatbots, Virtual Personal Assistants, and Robo Advisors

The Internet of Things As a Platform for Intelligent Applications

Implementation Issues: From Ethics and Privacy to Organizational and Societal Impacts

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Exam 8: Prescriptive Analytics: Optimization and Simulation

List four rational economic assumptions the linear programming allocation model is based upon.

Using data cubes in OLAP systems opens the data up to analysis by more classes of models.

The trend is towards developing and using Web tools and software to access and run modeling software.

What is the most common method for treating risk in decision trees and tables?

The use of simulation models is desirable because they can usually be solved in one pass, without incurring the time and cost of iterations.

An advantage of simulation is that it allows model builders to solve problems with minimal interaction with users or managers.

In the opening vignette, the solution helped to determine how many vendors to award contracts to, as well as the size of each of the contracts.

Linear programming seeks to optimally allocate resources among competing activities and is likely the best-known optimization model.

The analytic hierarchy process (AHP) can be categorized as a model that creates optimization via algorithm.

Which of the following is NOT a component of decision support mathematical processes?

Time compression in a simulation allows managers some feel as to the long-term effects of many policies.

In the School District of Philadelphia opening vignette,the district was able to use the standard version of Microsoft Excel exclusively to perform the needed analysis.

Sensitivity analysis is important in management support systems for all of the following reasons EXCEPT:

List five major types of simulation.

Because real decision-making situations involve some randomness and deal with semistructured or unstructured situations it can be said that "reality is complex." What type of decision support method is often successfully employed under these conditions?

Sensitivity analysis seeks to assess the impact of changes in the input data and parameters on the proposed solution.

"Customer Income" is an example of an uncontrolled variable (parameter) that would be associated with what type of decision variable?

Overview of Business Intelligence, Analytics, Data Science, and Artificial Intelligence: Systems for Decision Support

Artificial Intelligence Concepts, Drivers, Major Technologies, and Business Applications

Nature of Data, Statistical Modeling, and Visualization

Data Mining Process, Methods, and Algorithms

Machine-Learning Techniques for Predictive Analytics

Deep Learning and Cognitive Computing

Text Mining, Sentiment Analysis, and Social Analytics

Big Data, Cloud Computing, and Location Analytics: Concepts and Tool

Robotics: Industrial and Consumer Applications

Group Decision Making, Collaborative Systems, and AI Support

Knowledge Systems: Expert Systems, Recommenders, Chatbots, Virtual Personal Assistants, and Robo Advisors

The Internet of Things As a Platform for Intelligent Applications

Implementation Issues: From Ethics and Privacy to Organizational and Societal Impacts

Filters