Question 1

Explain the relationship between information systems specialists and quantitative analysts in the solution of large mathematical problems.

Accepted Answer

Information systems specialists and quan

Question 2

Discuss at least three characteristics of a problem that make it a good candidate for using a quantitative approach to analyze it.

Accepted Answer

There are several characteristics of a p

Question 3

A small firm builds television antennas.The investment in plan and equipment is $200,000.The variable cost per television antenna is $500.The price of the television antenna is $1000.How many television antennas would be needed for the firm to break even?

Accepted Answer

400 televi

Question 4

Explain the difference between quantitative and qualitative analysis from the manager's point of view.

Accepted Answer

Quantitative analysis involves the use o

Question 5

A manufacturer makes two products,doors and windows.Each must be processed through two work areas.Work area #1 has 60 hours of available production time.Work area #2 has 48 hours of available production time.Manufacturing of a door requires 4 hours in work area #1 and 2 hours in work area #2.Manufacturing of a window requires 2 hours in work area #1 and 4 hours in work area #2.Profit is $8 per door and $6 per window.
a.Define decision variables that will tell how many units to build (doors and windows).
b.Develop an objective function that will maximize profits.
c.Develop production constraints for work area #1 and #2.

Accepted Answer

a.Let D = the number of doors

Question 6

Discuss two developments that occurred during the post-World War II period that led to the growth and use of quantitative methods in nonmilitary applications.

Accepted Answer

Two developments that occurred during th

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

As computer service center has the capacity to do 400 jobs per day.The expected level of jobs demanded per day is 250 per day.The fixed cost of renting the computer process is $200 per day.Space rents for $100 per day.The cost of material is $15 per unit of work and $.35 cents of labor per unit.What is the break-even level of work?

Accepted Answer

The answer of As computer service center has the capacity...

Question 9

What are three of the management science techniques that practitioners use most frequently? How can the effectiveness of these applications be increased?

Accepted Answer

Three of the management science techniqu

Question 10

A snack food manufacturer buys corn for tortilla chips from two cooperatives,one in Iowa and one in Illinois.The price per unit of the Iowa corn is $5.50 and the price per unit of the Illinois corn is $6.00.
A)Define variables that would tell how many units to purchase from each source.
B)Develop an objective function that would minimize the total cost.
C)The manufacturer needs at least 12000 units of corn. The Iowa cooperative can supply up to 8000 units, and the Illinois cooperative must supply at least 6000 units. Develop constraints for these conditions.

Accepted Answer

A.LET X₁ = THE NUMBER OF UNITS

Question 11

Frederick Taylor is credited with forming the first MS/OR interdisciplinary teams in the 1940's.

Accepted Answer

A) True 
 B)False

Question 12

To find the choice that provides the highest profit and the fewest employees,apply a single-criterion decision process.

Accepted Answer

A) True 
 B)False

Question 13

Jane Persico,facility engineer at the El Paso plant of Computer Products Corporation (CPC),is studying a process selection decision at the plant.A new printer is to be manufactured and she must decide whether the printer will be auto-assembled or manually assembled.The decision is complicated by the fact that annual production volume is expected to increase by almost 50% over three years.Jane has developed these estimates for two alternatives for the printer assembly process: $\begin{array}{lccc} 
\hline
\hline
& \begin{array}{c}
\text { Auto- } \
\text { Assembly } \
\text { Process }
\end{array} & \begin{array}{c}
\text { Manual } \
\text { Assembly } \
\text { Process }
\end{array} \
\hline 
\text{Annual fixed cost}&& \$ 690,000 & \$ 269,000 \
\text{Variable cost per product}&& \$ 29.56 & \$ 31.69 \
\text{Estimated annual production}&&\
\text{(in number of products):}&\text { Year 1 } & 152,000 & 152,000 \
&\text { Year 2 } & 190,000 & 190,000 \
&\text { Year 3 } & 225,000 & 225,000 \
\hline \hline
\end{array}$ 
a. Which production process would be the least-cost alternative in Years 1, 2, and 3?
b. How much would the variable cost per unit have to be in Year 2 for the auto-assembly process to justify the additional annual fixed cost for the auto-assembly process over the manual assembly process?

Accepted Answer

a.C(x)= fixed cost + variable cost(x)
Ye

Question 14

The volume that results in marginal revenue equaling marginal cost is called the break-even point.

Accepted Answer

A) True 
 B)False

Question 15

Model development should be left to quantitative analysts; the model user's involvement should begin at the implementation stage.

Accepted Answer

A) True 
 B)False

Question 16

The first step in the decision making process is to identify the problem.

Accepted Answer

A) True 
 B)False

Question 17

The field of management science

Accepted Answer

A) concentrates on the use of quantitative methods to assist in decision making. 
B) approaches decision making rationally, with techniques based on the scientific method. 
C) is another name for decision science and for operations research. 
D) each of these choices are true. 
A) concentrates on the use of quantitative methods to assist in decision making. 
B) approaches decision making rationally, with techniques based on the scientific method. 
C) is another name for decision science and for operations research. 
D) each of these choices are true.

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

A model that uses a system of symbols to represent a problem is called

Accepted Answer

A) mathematical. 
B) iconic. 
C) analog. 
D) constrained. 
A) mathematical. 
B) iconic. 
C) analog. 
D) constrained.

Question 20

Management science and operations research both involve

Accepted Answer

A) qualitative managerial skills. 
B) quantitative approaches to decision making. 
C) operational management skills. 
D) scientific research as opposed to applications. 
A) qualitative managerial skills. 
B) quantitative approaches to decision making. 
C) operational management skills. 
D) scientific research as opposed to applications.

Explain the relationship between information systems specialists and quantitative analysts in the solution of large mathematical problems.

Discuss at least three characteristics of a problem that make it a good candidate for using a quantitative approach to analyze it.

A small firm builds television antennas.The investment in plan and equipment is $200,000.The variable cost per television antenna is $500.The price of the television antenna is $1000.How many television antennas would be needed for the firm to break even?

Explain the difference between quantitative and qualitative analysis from the manager's point of view.

Discuss two developments that occurred during the post-World War II period that led to the growth and use of quantitative methods in nonmilitary applications.

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

What are three of the management science techniques that practitioners use most frequently? How can the effectiveness of these applications be increased?

Frederick Taylor is credited with forming the first MS/OR interdisciplinary teams in the 1940's.

To find the choice that provides the highest profit and the fewest employees,apply a single-criterion decision process.

The volume that results in marginal revenue equaling marginal cost is called the break-even point.

Model development should be left to quantitative analysts; the model user's involvement should begin at the implementation stage.

The first step in the decision making process is to identify the problem.

The field of management science

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

A model that uses a system of symbols to represent a problem is called

Management science and operations research both involve

Introduction to Probability

Probability Distributions

Decision Analysis

Utility and Game Theory

Times Series Analysis and Forecasting

Introduction to Linear Programming

Linear Programming: Sensitivity Analysis and Interpretation of Solution

Linear Programming Applications in Marketing, Finance, and Operations Management

Distribution and Network Models

Integer Linear Programming

Advanced Optimization Applications

Project Scheduling: Pertcpm

Inventory Models

Waiting Line Models

Simulation

Markov Processes

Filters

Exam 1: Introduction

Explain the relationship between information systems specialists and quantitative analysts in the solution of large mathematical problems.

Discuss at least three characteristics of a problem that make it a good candidate for using a quantitative approach to analyze it.

A small firm builds television antennas.The investment in plan and equipment is $200,000.The variable cost per television antenna is $500.The price of the television antenna is $1000.How many television antennas would be needed for the firm to break even?

Explain the difference between quantitative and qualitative analysis from the manager's point of view.

Discuss two developments that occurred during the post-World War II period that led to the growth and use of quantitative methods in nonmilitary applications.

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

What are three of the management science techniques that practitioners use most frequently? How can the effectiveness of these applications be increased?

Frederick Taylor is credited with forming the first MS/OR interdisciplinary teams in the 1940's.

To find the choice that provides the highest profit and the fewest employees,apply a single-criterion decision process.

The volume that results in marginal revenue equaling marginal cost is called the break-even point.

Model development should be left to quantitative analysts; the model user's involvement should begin at the implementation stage.

The first step in the decision making process is to identify the problem.

The field of management science

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

A model that uses a system of symbols to represent a problem is called

Management science and operations research both involve

Introduction to Probability

Probability Distributions

Decision Analysis

Utility and Game Theory

Times Series Analysis and Forecasting

Introduction to Linear Programming

Linear Programming: Sensitivity Analysis and Interpretation of Solution

Linear Programming Applications in Marketing, Finance, and Operations Management

Distribution and Network Models

Integer Linear Programming

Advanced Optimization Applications

Project Scheduling: Pertcpm

Inventory Models

Waiting Line Models

Simulation

Markov Processes

Filters