Question 1

A company seeks to maximize profit subject to limited availability of man-hours.Man-hours is a controllable input.

Accepted Answer

A) True 
 B)False  False

Question 2

The relationship d = 5000 - 25p describes what happens to demand (d)as price (p)varies.Here,price can vary between $10 and $50.
a.How many units can be sold at the $10 price? How many can be sold at the $50 price?
b.Model the expression for total revenue.
c.Consider prices of $20,$30,and $40.Which price alternative will maximize total revenue? What are the values for demand and revenue at this price?

Accepted Answer

a.For p = 10,d = 4750
For p = 50,d = 3750
b.TR = p(5000-25p)
c.For p = 20,TR = $90,000
For p = 30,TR = $127,500
For p = 40,TR = $160,000
Best price is p = 40.Demand = 4000

Question 3

In a multicriteria decision problem

Accepted Answer

A) it is impossible to select a single decision alternative. 
B) the decision maker must evaluate each alternative with respect to each criterion. 
C) successive decisions must be made over time. 
D) each of the above is true. 
A) it is impossible to select a single decision alternative. 
B) the decision maker must evaluate each alternative with respect to each criterion. 
C) successive decisions must be made over time. 
D) each of the above is true. B

Question 4

A toy train layout designed to represent an actual railyard is an example of an analog model.

Accepted Answer

A) True 
 B)False

Question 5

Decision criteria

Accepted Answer

A) are the choices faced by the decision maker. 
B) are the problems faced by the decision maker. 
C) are the ways to evaluate the choices faced by the decision maker. 
D) must be unique for a problem. 
A) are the choices faced by the decision maker. 
B) are the problems faced by the decision maker. 
C) are the ways to evaluate the choices faced by the decision maker. 
D) must be unique for a problem.

Question 6

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 7

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

Accepted Answer

A) True 
 B)False

Question 8

In this portion of an Excel spreadsheet,the user has given values for selling price,the costs,and a sample volume.Give the cell formula for
   
a.cell E12,break-even volume.
b.cell E16,total revenue.
c.cell E17,total cost.
d.cell E19,profit/loss.

Accepted Answer

a.=E9/(E6-

Question 9

Decision alternatives

Accepted Answer

A) should be identified before decision criteria are established. 
B) are limited to quantitative solutions 
C) are evaluated as a part of the problem definition stage. 
D) are best generated by brain-storming. 
A) should be identified before decision criteria are established. 
B) are limited to quantitative solutions 
C) are evaluated as a part of the problem definition stage. 
D) are best generated by brain-storming.

Question 10

A feasible solution is one that satisfies at least one of the constraints in the problem.

Accepted Answer

A) True 
 B)False

Question 11

The feasible solution is the best solution possible for a mathematical model.

Accepted Answer

A) True 
 B)False

Question 12

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 13

There is a fixed cost of $50,000 to start a production process.Once the process has begun,the variable cost per unit is $25.The revenue per unit is projected to be $45.
a.Write an expression for total cost.
b.Write an expression for total revenue.
c.Write an expression for total profit.
d.Find the break-even point.

Accepted Answer

a.C(x)= 50000 + 25x

Question 14

The first step in problem solving is

Accepted Answer

A) determination of the correct analytical solution procedure. 
B) definition of decision variables. 
C) the identification of a difference between the actual and desired state of affairs. 
D) implementation. 
A) determination of the correct analytical solution procedure. 
B) definition of decision variables. 
C) the identification of a difference between the actual and desired state of affairs. 
D) implementation.

Question 15

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 16

Inputs to a quantitative model

Accepted Answer

A) are a trivial part of the problem solving process. 
B) are uncertain for a stochastic model. 
C) are uncontrollable for the decision variables. 
D) must all be deterministic if the problem is to have a solution. 
A) are a trivial part of the problem solving process. 
B) are uncertain for a stochastic model. 
C) are uncontrollable for the decision variables. 
D) must all be deterministic if the problem is to have a solution.

Question 17

Organizers of an Internet training session will charge participants $150 to attend.It costs $3000 to reserve the room,hire the instructor,bring in the equipment,and advertise.Assume it costs $25 per student for the organizers to provide the course materials.
a.How many students would have to attend for the company to break even?
b.If the trainers think,realistically,that 20 people will attend,then what price should be charged per person for the organization to break even?

Accepted Answer

a.C(x)= 3000 + 25x
R(x)= 150x

Question 18

George Dantzig is important in the history of management science because he developed

Accepted Answer

A) the scientific management revolution. 
B) World War II operations research teams. 
C) the simplex method for linear programming. 
D) powerful digital computers. 
A) the scientific management revolution. 
B) World War II operations research teams. 
C) the simplex method for linear programming. 
D) powerful digital computers.

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

Problem definition

Accepted Answer

A) includes specific objectives and operating constraints. 
B) must occur prior to the quantitative analysis process. 
C) must involve the analyst and the user of the results. 
D) each of the above is true. 
A) includes specific objectives and operating constraints. 
B) must occur prior to the quantitative analysis process. 
C) must involve the analyst and the user of the results. 
D) each of the above is true.

A company seeks to maximize profit subject to limited availability of man-hours.Man-hours is a controllable input.

In a multicriteria decision problem

A toy train layout designed to represent an actual railyard is an example of an analog model.

Decision criteria

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

In this portion of an Excel spreadsheet,the user has given values for selling price,the costs,and a sample volume.Give the cell formula for a.cell E12,break-even volume. b.cell E16,total revenue. c.cell E17,total cost. d.cell E19,profit/loss.

Decision alternatives

A feasible solution is one that satisfies at least one of the constraints in the problem.

The feasible solution is the best solution possible for a mathematical model.

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

The first step in problem solving is

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

Inputs to a quantitative model

George Dantzig is important in the history of management science because he developed

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

Problem definition

Introduction to Probability

Probability Distributions

Decision Analysis

Utility and Game Theory

Forecasting

Introduction to Linear Programming

Lp Sensitivity Analysis and Interpretation of Solution

Linear Programming Applications

Distribution and Network Problems

Integer Linear Programming

Advanced Optimization Application

Project Scheduling: Pertcpm

Inventory Models

Waiting Line Models

Simulation

Markov Processes

Filters

Exam 1: Introduction

A company seeks to maximize profit subject to limited availability of man-hours.Man-hours is a controllable input.

In a multicriteria decision problem

A toy train layout designed to represent an actual railyard is an example of an analog model.

Decision criteria

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

In this portion of an Excel spreadsheet,the user has given values for selling price,the costs,and a sample volume.Give the cell formula for a.cell E12,break-even volume. b.cell E16,total revenue. c.cell E17,total cost. d.cell E19,profit/loss.

Decision alternatives

A feasible solution is one that satisfies at least one of the constraints in the problem.

The feasible solution is the best solution possible for a mathematical model.

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

The first step in problem solving is

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

Inputs to a quantitative model

George Dantzig is important in the history of management science because he developed

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

Problem definition

Introduction to Probability

Probability Distributions

Decision Analysis

Utility and Game Theory

Forecasting

Introduction to Linear Programming

Lp Sensitivity Analysis and Interpretation of Solution

Linear Programming Applications

Distribution and Network Problems

Integer Linear Programming

Advanced Optimization Application

Project Scheduling: Pertcpm

Inventory Models

Waiting Line Models

Simulation

Markov Processes

Filters