Question 1

In a model Y=f(x1, x2), x1 is called:

Accepted Answer

A)  an independent variable. 
B)  a dependent variable. 
C)  a confounded variable. 
D)  a convoluted variable. 
A)  an independent variable. 
B)  a dependent variable. 
C)  a confounded variable. 
D)  a convoluted variable.

Question 2

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)  Institute more participation from OR analysts. 
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)  Institute more participation from OR analysts.

Question 3

The mathematical modeling approaches presented in the textbook

Accepted Answer

A)  are a subset of the total problem-solving process. 
B)  cover the entire spectrum of decision support approaches. 
C)  are exhaustive. 
D)  are complementary. 
A)  are a subset of the total problem-solving process. 
B)  cover the entire spectrum of decision support approaches. 
C)  are exhaustive. 
D)  are complementary.

Question 4

Variables are termed independent when they satisfy which of the following?

Accepted Answer

A)  The function value depends upon their values. 
B)  The decision maker has no control over them. 
C)  The variables have no relationship to one another. 
D)  The variable is described as an output of the spreadsheet model. 
A)  The function value depends upon their values. 
B)  The decision maker has no control over them. 
C)  The variables have no relationship to one another. 
D)  The variable is described as an output of the spreadsheet model.

Question 5

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 6

Beneficial uses of the testing process include all of the following except:

Accepted Answer

A)  double checking the validity the model. 
B)  finding that some important assumption has been left out of the model. 
C)  giving no new insights into the nature of the problem. 
D)  improving solutions after the implementation step. 
A)  double checking the validity the model. 
B)  finding that some important assumption has been left out of the model. 
C)  giving no new insights into the nature of the problem. 
D)  improving solutions after the implementation step.

Question 7

Which of the following problem-solving steps is often considered the most difficult?

Accepted Answer

A)  Identify the problem. 
B)  Analyze the model. 
C)  Test results. 
D)  Implement the solution. 
A)  Identify the problem. 
B)  Analyze the model. 
C)  Test results. 
D)  Implement the solution.

Question 8

The proliferation of powerful PCs and the development of easy-to-use electronic spreadsheets have made the tools of business analytics far more practical and available to a much larger audience.

Accepted Answer

A) True 
 B)False

Question 9

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 10

Two of the effects associated with decision problems are:

Accepted Answer

A)  anchoring and framing. 
B)  anchoring and loading. 
C)  framing and complacency. 
D)  anchoring and luck 
A)  anchoring and framing. 
B)  anchoring and loading. 
C)  framing and complacency. 
D)  anchoring and luck

Question 11

Why would someone wish to use a spreadsheet model?

Accepted Answer

A)  To implement a computer model. 
B)  Because spreadsheets are convenient. 
C)  To analyze decision alternatives. 
D)  All of these. 
A)  To implement a computer model. 
B)  Because spreadsheets are convenient. 
C)  To analyze decision alternatives. 
D)  All of these.

Question 12

The categories of modeling techniques presented in this book include all of the following except:

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.

Question 13

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

Accepted Answer

A)  Good decision quality and good outcome quality. 
B)  Good decision quality and bad outcome quality. 
C)  Bad decision quality and good outcome quality. 
D)  Bad decision quality and bad outcome quality. 
A)  Good decision quality and good outcome quality. 
B)  Good decision quality and bad outcome quality. 
C)  Bad decision quality and good outcome quality. 
D)  Bad decision quality and bad outcome quality.

Question 14

The essence of decision analysis is:

Accepted Answer

A)  breaking down complex situations into manageable elements. 
B)  choosing the best course of action among alternatives. 
C)  finding the root cause of why something has gone wrong. 
D)  thinking ahead to avoid negative consequences. 
A)  breaking down complex situations into manageable elements. 
B)  choosing the best course of action among alternatives. 
C)  finding the root cause of why something has gone wrong. 
D)  thinking ahead to avoid negative consequences.

Question 15

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 16

In the textbook the words "opportunity" and "problem" are

Accepted Answer

A)  disjoint. 
B)  used interchangeably. 
C)  mutually exclusive. 
D)  complementary. 
A)  disjoint. 
B)  used interchangeably. 
C)  mutually exclusive. 
D)  complementary.

Question 17

In which of the following categories of modeling techniques do the independent variables have unknown or uncertain values or coefficients?

Accepted Answer

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

Question 18

​Good decisions always result in good outcomes.

Accepted Answer

A) True 
 B)False

In a model Y=f(x₁, x₂), x₁ is called:

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 mathematical modeling approaches presented in the textbook

Variables are termed independent when they satisfy which of the following?

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

Beneficial uses of the testing process include all of the following except:

Which of the following problem-solving steps is often considered the most difficult?

The proliferation of powerful PCs and the development of easy-to-use electronic spreadsheets have made the tools of business analytics far more practical and available to a much larger audience.

Consistently using a structured, model based process to make decisions

Two of the effects associated with decision problems are:

Why would someone wish to use a spreadsheet model?

The categories of modeling techniques presented in this book include all of the following except:

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

The essence of decision analysis is:

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

In the textbook the words "opportunity" and "problem" are

In which of the following categories of modeling techniques do the independent variables have unknown or uncertain values or coefficients?

Good decisions always result in good outcomes.

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 Evolutionary Optimization

Regression Analysis

Data Mining

Time Series Forecasting

Introduction to Simulation Using Analytic Solver Platform

Queuing Theory

Decision Analysis

Project Management Online

Filters

Exam 1: Introduction to Modeling and Decision Analysis

In a model Y=f(x1, x2), x1 is called:

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 mathematical modeling approaches presented in the textbook

Variables are termed independent when they satisfy which of the following?

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

Beneficial uses of the testing process include all of the following except:

Which of the following problem-solving steps is often considered the most difficult?

The proliferation of powerful PCs and the development of easy-to-use electronic spreadsheets have made the tools of business analytics far more practical and available to a much larger audience.

Consistently using a structured, model based process to make decisions

Two of the effects associated with decision problems are:

Why would someone wish to use a spreadsheet model?

The categories of modeling techniques presented in this book include all of the following except:

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

The essence of decision analysis is:

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

In the textbook the words "opportunity" and "problem" are

In which of the following categories of modeling techniques do the independent variables have unknown or uncertain values or coefficients?

​Good decisions always result in good outcomes.

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 Evolutionary Optimization

Regression Analysis

Data Mining

Time Series Forecasting

Introduction to Simulation Using Analytic Solver Platform

Queuing Theory

Decision Analysis

Project Management Online

Filters

In a model Y=f(x₁, x₂), x₁ is called:

Good decisions always result in good outcomes.