Exam 1: Introduction to Modeling and Decision Analysis

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

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

To be effective, a modeler must

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

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

Which of the following statements is true of using models in problem solving and decision analysis?

Which step of the problem-solving process is considered the most important?

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

Business opportunities can be viewed and formulated as

A mathematical model is considered to be "valid" when

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,

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

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

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

Which of the following categories of modeling techniques includes optimization techniques?

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

In a decision-making framework presented in Chapter One, the term "poetic justice" refers to a situation when the following occur:

​In spreadsheet modeling of a problem, there is no direct correspondence between mathematical equation and the spreadsheet.

Better decision making due to using a modeling process is achieved due to

The concept of "probortunity" is