Exam 1: Introduction to Modeling

Before trusting the answers to what-if scenarios from a spreadsheet model,a manager should attempt to:

Which of the following is not one of advantages of mathematical models

A management science model is typically initiated when an organization believes it has a problem.

Which of the following is not necessarily a property of a good model

A first step in determining how well a model fits reality is to:

The primary difference between management science and business analytics is

A good model should achieve the right balance between being too simple and too complex.

In a descriptive model,the manager first wants to build a model that reflects the current situation.

Management science has often been taught as a collection of:

The most frequent cause of a failed implementation of a model is:

As models become larger and more complex,heuristic solutions are often adequate,even though they are not necessarily optimal solutions.

Which of the following is not one of the guiding principles for a heuristic

Data are often not in the required form,in which case it is the analysts' job to gather the right data and put it into an appropriate format.

Models that suggest a desirable course of action are called descriptive models

One of the advantages of spreadsheet models is that they allow managers to ask what-if questions.

Which of the following type of model is used when inputs are modeled with probability distributions

The overall modeling process typically done in practice always requires seven steps: define the problem,collect and summarize data,develop a model,verify the model,select one or more suitable decisions,present the results to the organization,and finally implement the model and update it through time.

In modeling situations where it is not possible to write an equation for an output in terms of the inputs,there may still be a mathematical procedure for calculating outputs from inputs.

Defining an organization's problem includes:

The best strategy for implementation of a model is to involve key people in the organization in the project when the model is ready for testing and verification.