Exam 1: Introduction to Modeling and Decision Analysis

Which of the following categories of modeling techniques involves determining the value of a dependent variable based on specific values of independent variables?

The goal of the modeling approach to problem solving is to

In a spreadsheet, input cells correspond conceptually to

In which step of the problem-solving process is the main focus to generate and evaluate alternatives?

Business analytics focuses on

The notion that every problem is also an opportunity is reflected in the term

A purely rational decision maker should

​Humans usually do not make errors in estimation due to anchoring and framing effects.

Identifying the real problems faced by the decision maker

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

In this text we use the term "mathematics" to encompass

Virtually everyone who uses a spreadsheet today for model building and decision making

All of the following are benefits of modeling except:

Anchoring occurs when:

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

A valid model:

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

Operations Research got its start

Which of the following categories of modeling techniques addresses uncertainty in the values of the independent variables?

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"?