Exam 1: Introduction to Modeling and Decision Analysis

Which of the following fields of study is defined in Chapter One as the one that "uses computers, statistics, and mathematics to solve business problems"?

To be effective, a modeler must

A purely rational decision maker should

There are a variety of problems a manager might face. While presenting and defending your approach, how would you complete this thought? Several different modeling techniques are available to solve managerial decision problems,

A situation when decision quality is good and the resulting outcome quality is good is referred to as

The best models

In this text we use the term "mathematics" to encompass i.familiar elements of math such as algebra. ii.logic.

Variables are termed independent when they satisfy which of the following?

Virtually everyone who uses a spreadsheet today for model building and decision making

Which of the following is the type of model used throughout this textbook?

The specification or description of the relationship between the dependent and independent variables is generally called

Operations Research got its start

The ultimate goal of the problem identification step of the problem-solving process is

If we do not identify the correct problem, the best we can hope for is:

Consider the spreadsheet model shown in the figure below. This is an example of a

Which of the following steps in the problem-solving process is most likely to incur resistance from people affected by the proposed solution?

The essence of decision analysis is:

Beneficial uses of the testing process include all of the following except:

In a spreadsheet, input cells correspond conceptually to

Which of the following problem-solving steps is often considered the most difficult?