Question 1

Sensitivity analysis is used to check the effect of changes in the model.
Multiple Choice Questions

Accepted Answer

A) True 
 B)False  True

Question 2

Which of the following is an inequality or equation that expresses a restriction in a mathematical model?

Accepted Answer

A) Decision variable. 
B) Parameter. 
C) Objective function. 
D) Constraint. 
E) None of the above. 
A) Decision variable. 
B) Parameter. 
C) Objective function. 
D) Constraint. 
E) None of the above. D

Question 3

A cost that varies with the production volume would be a variable cost.

Accepted Answer

A) True 
 B)False  True

Question 4

Which of the following are components of a mathematical model for decision making?

Accepted Answer

A) Decision variables. 
B) An objective function. 
C) Constraints. 
D) Parameters. 
E) All of the above. 
A) Decision variables. 
B) An objective function. 
C) Constraints. 
D) Parameters. 
E) All of the above.

Question 5

Managers make decisions based solely on the quantitative factors involved in the problem.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is a mathematical expression that gives the measure of performance for the problem?

Accepted Answer

A) Decision variable. 
B) Parameter. 
C) Objective function. 
D) Constraint. 
E) None of the above. 
A) Decision variable. 
B) Parameter. 
C) Objective function. 
D) Constraint. 
E) None of the above.

Question 7

A constraint is an algebraic variable that represents a quantifiable decision to be made.

Accepted Answer

A) True 
 B)False

Question 8

Once management makes its decisions,the management science team typically is finished with its involvement in the problem.

Accepted Answer

A) True 
 B)False

Question 9

A parameter in a model is a variable that represents a decision to be made.

Accepted Answer

A) True 
 B)False

Question 10

Managers need to know the mathematical theory behind the techniques of management science so that they can lead management science teams.

Accepted Answer

A) True 
 B)False

Question 11

Management science is based strongly on which of the following fields?

Accepted Answer

A) Mathematics. 
B) Computer science. 
C) Business administration. 
D) a.and b.only. 
E) All of the above. 
A) Mathematics. 
B) Computer science. 
C) Business administration. 
D) a.and b.only. 
E) All of the above.

Question 12

Spreadsheets allow many managers to conduct their own analyses in management science studies.

Accepted Answer

A) True 
 B)False

Question 13

The mathematical model of a business problem is the system of equations and related mathematical expressions that describes the essence of the problem.

Accepted Answer

A) True 
 B)False

Question 14

The objective function for a model is a mathematical expression of the measure of performance for the problem in terms of the decision variables.

Accepted Answer

A) True 
 B)False

Question 15

Enlightened future managers should know which of the following?

Accepted Answer

A) The power and relevance of management science. 
B) When management science can and cannot be applied. 
C) How to apply the major techniques of management science. 
D) How to interpret the results of a management science study. 
E) All of the above. 
A) The power and relevance of management science. 
B) When management science can and cannot be applied. 
C) How to apply the major techniques of management science. 
D) How to interpret the results of a management science study. 
E) All of the above.

Question 16

A cost that varies with the production volume would be a fixed cost.

Accepted Answer

A) True 
 B)False

Question 17

At the break-even point,management is indifferent between producing a product and not producing it.

Accepted Answer

A) True 
 B)False

Question 18

The discovery of the simplex method in 1947 was the beginning of management science as a discipline.

Accepted Answer

A) True 
 B)False

Question 19

Management science is a discipline that attempts to aid managerial decision making by applying a scientific approach to managerial problems that involve quantitative factors.

Accepted Answer

A) True 
 B)False

Question 20

Management scientists don't make managerial decisions.

Accepted Answer

A) True 
 B)False

Exam 1: Introduction

Sensitivity analysis is used to check the effect of changes in the model. Multiple Choice Questions

Which of the following is an inequality or equation that expresses a restriction in a mathematical model?

A cost that varies with the production volume would be a variable cost.

Which of the following are components of a mathematical model for decision making?

Managers make decisions based solely on the quantitative factors involved in the problem.

Which of the following is a mathematical expression that gives the measure of performance for the problem?

A constraint is an algebraic variable that represents a quantifiable decision to be made.

Once management makes its decisions,the management science team typically is finished with its involvement in the problem.

A parameter in a model is a variable that represents a decision to be made.

Managers need to know the mathematical theory behind the techniques of management science so that they can lead management science teams.

Management science is based strongly on which of the following fields?

Spreadsheets allow many managers to conduct their own analyses in management science studies.

The mathematical model of a business problem is the system of equations and related mathematical expressions that describes the essence of the problem.

The objective function for a model is a mathematical expression of the measure of performance for the problem in terms of the decision variables.

Enlightened future managers should know which of the following?

A cost that varies with the production volume would be a fixed cost.

At the break-even point,management is indifferent between producing a product and not producing it.

The discovery of the simplex method in 1947 was the beginning of management science as a discipline.

Management science is a discipline that attempts to aid managerial decision making by applying a scientific approach to managerial problems that involve quantitative factors.

Management scientists don't make managerial decisions.

Linear Programming: Basic Concepts

Linear Programming: Formulation and Applications

The Art of Modeling With Spreadsheets

What-If Analysis for Linear Programming

Network Optimization Problems

Using Binary Integer Programming to Deal With Yes-Or-No Decisions

Nonlinear Programming

Decision Analysis

Cd Supplement - Decision Analysis

Forecasting

Queueing Models

CD Supplement - Additional Queueing Models

Computer Simulation: Basic Concepts

CD Supplement - the Inverse Transformation Method for Generating Random Observations

Computer Simulation With Crystal Ball

CD - Solution Concepts for Linear Programming

CD - Transportation and Assignment Problems

CD - Pertcpm Models for Project Management

CD - Goal Programming

CD - Inventory Management With Known Demand

CD - Inventory Management With Uncertain Demand

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