Question 1

Two of the effects associated with decision problems are:

Accepted Answer

A) anchoring and framing. 
B) anchoring and loading. 
C) framing and complacency. 
D) none of the answers provided is correct. 
A) anchoring and framing. 
B) anchoring and loading. 
C) framing and complacency. 
D) none of the answers provided is correct. A

Question 2

Solutions to which of the following categories of modeling techniques indicate a course of action to the decision maker?

Accepted Answer

A) Descriptive models 
B) Predictive models 
C) Prescriptive models 
D) Preventive models 
A) Descriptive models 
B) Predictive models 
C) Prescriptive models 
D) Preventive models C

Question 3

To be effective,a modeler must

Accepted Answer

A) be an effective presenter of results. 
B) collect the proper input data for the model. 
C) understand how modeling fits into the problem-solving process. 
D) apply the correct modeling technique. 
A) be an effective presenter of results. 
B) collect the proper input data for the model. 
C) understand how modeling fits into the problem-solving process. 
D) apply the correct modeling technique. C

Question 4

Which of the following categories of modeling techniques includes discriminant analysis?

Accepted Answer

A) Biased models. 
B) Descriptive models. 
C) Predictive models. 
D) Prescriptive models. 
A) Biased models. 
B) Descriptive models. 
C) Predictive models. 
D) Prescriptive models.

Question 5

Framing effect refers to:

Accepted Answer

A) how a decision maker views the alternatives in a decision problem. 
B) how difficult the decision is. 
C) whether a software program can be used to obtain an optimal solution to a decision problem. 
D) how structured the decision problem is. 
A) how a decision maker views the alternatives in a decision problem. 
B) how difficult the decision is. 
C) whether a software program can be used to obtain an optimal solution to a decision problem. 
D) how structured the decision problem is.

Question 6

Consistently using a structured,model based process to make decisions

Accepted Answer

A) should produce good outcomes more frequently. 
B) is less effective than making decisions in a haphazard manner. 
C) is evidence that luck plays an important role in decision making. 
D) always leads to well-deserved success in managerial decision making. 
A) should produce good outcomes more frequently. 
B) is less effective than making decisions in a haphazard manner. 
C) is evidence that luck plays an important role in decision making. 
D) always leads to well-deserved success in managerial decision making.

Question 7

A mathematical model is considered to be "valid" when

Accepted Answer

A) it accurately represents the relevant characteristics of the object or decision. 
B) it has passed a validation test. 
C) it replicates all aspects of the object or decision. 
D) the left-hand and right-hand sides of expressions are equal. 
A) it accurately represents the relevant characteristics of the object or decision. 
B) it has passed a validation test. 
C) it replicates all aspects of the object or decision. 
D) the left-hand and right-hand sides of expressions are equal.

Question 8

The Chapter One "The World of Business Analytics" case reading offers the CEO alternatives to start the OR/MS collaboration process.All the following are alternatives offered except:

Accepted Answer

A) Require the OR/MS group to save their yearly salary in every study. 
B) Use OR/MS personnel as consultants. 
C) Hire some OR/MS professionals and give them a problem to work. 
D) All are recommended alternatives. 
A) Require the OR/MS group to save their yearly salary in every study. 
B) Use OR/MS personnel as consultants. 
C) Hire some OR/MS professionals and give them a problem to work. 
D) All are recommended alternatives.

Question 9

The textbook figure of the problem-solving process is an example of a

Accepted Answer

A) mental model. 
B) prescriptive model. 
C) graphical model. 
D) visual model. 
A) mental model. 
B) prescriptive model. 
C) graphical model. 
D) visual model.

Question 10

Project 1.2
Assignment: Conduct a search of Internet news sites or trade journals for an instance of a company using a business analytics technique.Provide a short note summarizing the application,which technique was employed,and any benefits noted.

Accepted Answer

I found an instance of a company using b

Question 11

The concept of "probortunity" is

Accepted Answer

A) the first step in the problem-solving process. 
B) a decision support method. 
C) part of testing results. 
D) part of solution implementation. 
A) the first step in the problem-solving process. 
B) a decision support method. 
C) part of testing results. 
D) part of solution implementation.

Question 12

Which of the following is most likely to be used when faced with the decision of how to arrange furniture in a room?

Accepted Answer

A) Mathematical model 
B) Mental model 
C) Physical model 
D) Visual model 
A) Mathematical model 
B) Mental model 
C) Physical model 
D) Visual model

Question 13

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"?

Accepted Answer

A) Accounting 
B) Information systems 
C) Business analytics 
D) Scientific management 
A) Accounting 
B) Information systems 
C) Business analytics 
D) Scientific management

Question 14

In a decision-making problem,anchoring effects occur when

Accepted Answer

A) decision makers are tied too closely to previous decisions. 
B) organizations refuse to consider new alternatives. 
C) a seemingly trivial factor serves as a starting point for estimations. 
D) a person in a position of authority exerts his or her opinion very forcefully. 
A) decision makers are tied too closely to previous decisions. 
B) organizations refuse to consider new alternatives. 
C) a seemingly trivial factor serves as a starting point for estimations. 
D) a person in a position of authority exerts his or her opinion very forcefully.

Question 15

In a spreadsheet,input cells correspond conceptually to

Accepted Answer

A) dependent variables. 
B) functions. 
C) independent variables. 
D) output cells. 
A) dependent variables. 
B) functions. 
C) independent variables. 
D) output cells.

Question 16

Business analytics focuses on

Accepted Answer

A) identifying and leveraging business opportunities. 
B) formulating analytical models. 
C) using models to analyze problem. 
D) testing and implementing results. 
A) identifying and leveraging business opportunities. 
B) formulating analytical models. 
C) using models to analyze problem. 
D) testing and implementing results.

Question 17

Which of the following is true of "What if?" analysis?

Accepted Answer

A) A well-designed spreadsheet facilitates "What if?" analysis. 
B) It is not very useful when working with non mathematical models. 
C) "What if?" analysis is an efficient optimization technique. 
D) "What if?" analysis is useful in creating a well-defined problem statement. 
A) A well-designed spreadsheet facilitates "What if?" analysis. 
B) It is not very useful when working with non mathematical models. 
C) "What if?" analysis is an efficient optimization technique. 
D) "What if?" analysis is useful in creating a well-defined problem statement.

Question 18

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

Accepted Answer

A) a constraint. 
B) a declaration. 
C) a function. 
D) a mathematical model. 
A) a constraint. 
B) a declaration. 
C) a function. 
D) a mathematical model.

Question 19

A factor that plays a role in determining whether a good or bad outcome occurs is called

Accepted Answer

A) luck. 
B) intuition. 
C) certainty. 
D) predictability. 
A) luck. 
B) intuition. 
C) certainty. 
D) predictability.

Question 20

In order to be useful to a decision-maker,decision problems need to be

Accepted Answer

A) solved. 
B) analyzed. 
C) simplified. 
D) tested. 
A) solved. 
B) analyzed. 
C) simplified. 
D) tested.

Two of the effects associated with decision problems are:

Solutions to which of the following categories of modeling techniques indicate a course of action to the decision maker?

To be effective,a modeler must

Which of the following categories of modeling techniques includes discriminant analysis?

Framing effect refers to:

Consistently using a structured,model based process to make decisions

A mathematical model is considered to be "valid" when

The Chapter One "The World of Business Analytics" case reading offers the CEO alternatives to start the OR/MS collaboration process.All the following are alternatives offered except:

The textbook figure of the problem-solving process is an example of a

Project 1.2 Assignment: Conduct a search of Internet news sites or trade journals for an instance of a company using a business analytics technique.Provide a short note summarizing the application,which technique was employed,and any benefits noted.

The concept of "probortunity" is

Which of the following is most likely to be used when faced with the decision of how to arrange furniture in a room?

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"?

In a decision-making problem,anchoring effects occur when

In a spreadsheet,input cells correspond conceptually to

Business analytics focuses on

Which of the following is true of "What if?" analysis?

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

A factor that plays a role in determining whether a good or bad outcome occurs is called

In order to be useful to a decision-maker,decision problems need to be

Introduction to Optimization and Linear Programming

Modeling and Solving Lp Problems in a Spreadsheet

Sensitivity Analysis and the Simplex Method

Network Modeling

Integer Linear Programming

Goal Programming and Multiple Objective Optimization

Nonlinear Programming and Evolutionary Optimization

Regression Analysis

Data Mining

Time Series Forecasting

Introduction to Simulation Using Analytic Solver Platform

Queuing Theory

Decision Analysis

Project Management Online

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Exam 1: Introduction to Modeling and Decision Analysis

Two of the effects associated with decision problems are:

Solutions to which of the following categories of modeling techniques indicate a course of action to the decision maker?

To be effective,a modeler must

Which of the following categories of modeling techniques includes discriminant analysis?

Framing effect refers to:

Consistently using a structured,model based process to make decisions

A mathematical model is considered to be "valid" when

The Chapter One "The World of Business Analytics" case reading offers the CEO alternatives to start the OR/MS collaboration process.All the following are alternatives offered except:

The textbook figure of the problem-solving process is an example of a

Project 1.2 Assignment: Conduct a search of Internet news sites or trade journals for an instance of a company using a business analytics technique.Provide a short note summarizing the application,which technique was employed,and any benefits noted.

The concept of "probortunity" is

Which of the following is most likely to be used when faced with the decision of how to arrange furniture in a room?

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"?

In a decision-making problem,anchoring effects occur when

In a spreadsheet,input cells correspond conceptually to

Business analytics focuses on

Which of the following is true of "What if?" analysis?

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

A factor that plays a role in determining whether a good or bad outcome occurs is called

In order to be useful to a decision-maker,decision problems need to be

Introduction to Optimization and Linear Programming

Modeling and Solving Lp Problems in a Spreadsheet

Sensitivity Analysis and the Simplex Method

Network Modeling

Integer Linear Programming

Goal Programming and Multiple Objective Optimization

Nonlinear Programming and Evolutionary Optimization

Regression Analysis

Data Mining

Time Series Forecasting

Introduction to Simulation Using Analytic Solver Platform

Queuing Theory

Decision Analysis

Project Management Online

Filters