Question 1

________ are generally independent of the volume of units produced and sold.

Accepted Answer

A)  Fixed costs 
B)  Variable costs 
C)  Profits 
D)  Average cost 
A)  Fixed costs 
B)  Variable costs 
C)  Profits 
D)  Average cost

Question 2

A production process requires a fixed cost of $50,000. The variable cost per unit is $25 and the revenue per unit is projected to be $45. Write a mathematical expression for total revenue.

Accepted Answer

The answer of A production process requires a fixed cost...

Question 3

A management science technique that does not assume that all parameters are known with certainty is a(n) ________ technique.

Accepted Answer

The answer of A management science technique that does not...

Question 4

An increase in output typically results in an increase in the ________ cost.

Accepted Answer

total vari

Question 5

The management science process does not include

Accepted Answer

A)  feedback. 
B)  implementation. 
C)  subjective preference. 
D)  information. 
A)  feedback. 
B)  implementation. 
C)  subjective preference. 
D)  information.

Question 6

EKA manufacturing company produces part #2206 for the aerospace industry. Each unit of part #2206 is sold for $15. The unit production cost of part #2206 is $3. The fixed monthly cost of operating the production facility is $3000. How many units of part #2206 have to be sold in a month to break even?

Accepted Answer

A)  166.67 
B)  200 
C)  250 
D)  500 
A)  166.67 
B)  200 
C)  250 
D)  500

Question 7

A production process requires a fixed cost of $50,000. The variable cost per unit is $25 and the revenue per unit is projected to be $45. Write a mathematical expression for total cost.

Accepted Answer

The answer of A production process requires a fixed cost...

Question 8

Management science techniques can be applied only to business and military organizations.

Accepted Answer

A) True 
 B)False

Question 9

The steps of the management science process are:

Accepted Answer

A)  problem definition, model construction, observation, model solution, implementation. 
B)  observation, problem definition, model construction, model solution, implementation. 
C)  model construction, problem definition, observation, model solution, implementation. 
D)  observation, implementation, problem definition, model construction, model solution. 
A)  problem definition, model construction, observation, model solution, implementation. 
B)  observation, problem definition, model construction, model solution, implementation. 
C)  model construction, problem definition, observation, model solution, implementation. 
D)  observation, implementation, problem definition, model construction, model solution.

Question 10

The earliest developments and use of management science techniques was in the field of

Accepted Answer

A)  military operations. 
B)  railroads. 
C)  politics. 
D)  manufacturing. 
A)  military operations. 
B)  railroads. 
C)  politics. 
D)  manufacturing.

Question 11

A difficult aspect of using spreadsheets to solve management science problems is

Accepted Answer

A)  obtaining the solution to standard management science problems. 
B)  data entry. 
C)  performing sensitivity analysis. 
D)  setting up a spreadsheet with complex models and formulas. 
A)  obtaining the solution to standard management science problems. 
B)  data entry. 
C)  performing sensitivity analysis. 
D)  setting up a spreadsheet with complex models and formulas.

Question 12

Which one of the following techniques is not a mathematical programming technique?

Accepted Answer

A)  linear programming models 
B)  transportation models 
C)  analytical hierarchy process 
D)  integer linear programming technique 
A)  linear programming models 
B)  transportation models 
C)  analytical hierarchy process 
D)  integer linear programming technique

Question 13

Variable cost does not include

Accepted Answer

A)  raw materials and resources. 
B)  staff and management salaries. 
C)  material handling and freight. 
D)  direct labor and packaging. 
A)  raw materials and resources. 
B)  staff and management salaries. 
C)  material handling and freight. 
D)  direct labor and packaging.

Question 14

The College Coffee Café receives a profit of $1.25 for each cup of house tea that they sell, $1.40 for each cup of the premium brand, and $1.50 for each cup of their special blend. Develop an objective that maximizes profit.

Accepted Answer

Max 1.25x1

Question 15

Management science involves the philosophy of approaching a problem in a subjective manner.

Accepted Answer

A) True 
 B)False

Question 16

Which steps of the management science process can either be a recommended decision or information that helps a manager make a decision?

Accepted Answer

A)  model implementation 
B)  problem definition 
C)  model solution 
D)  problem formulation 
A)  model implementation 
B)  problem definition 
C)  model solution 
D)  problem formulation

Question 17

The result of an effective decision making process should be monitored in order to

Accepted Answer

A)  reveal the break-even point. 
B)  reveal errors in the implementation. 
C)  keep fixed and variable costs distinct. 
D)  change the scientific method. 
A)  reveal the break-even point. 
B)  reveal errors in the implementation. 
C)  keep fixed and variable costs distinct. 
D)  change the scientific method.

Question 18

The limits of the problem and the degree to which it pervades other units in the organization must be included during the ________ step of the management science process.

Accepted Answer

A)  observation 
B)  definition 
C)  solution 
D)  implementation 
A)  observation 
B)  definition 
C)  solution 
D)  implementation

Question 19

An objective function

Accepted Answer

A)  shows where the break-even point is. 
B)  describes how much of a resource can be used. 
C)  can represent costs or profits. 
D)  describes something to be maximized. 
A)  shows where the break-even point is. 
B)  describes how much of a resource can be used. 
C)  can represent costs or profits. 
D)  describes something to be maximized.

Question 20

A key element of a decision support system (DSS) is the person using the system.

Accepted Answer

A) True 
 B)False

Exam 1: Management Science

________ are generally independent of the volume of units produced and sold.

A production process requires a fixed cost of $50,000. The variable cost per unit is $25 and the revenue per unit is projected to be $45. Write a mathematical expression for total revenue.

A management science technique that does not assume that all parameters are known with certainty is a(n) ________ technique.

An increase in output typically results in an increase in the ________ cost.

The management science process does not include

A production process requires a fixed cost of $50,000. The variable cost per unit is $25 and the revenue per unit is projected to be $45. Write a mathematical expression for total cost.

Management science techniques can be applied only to business and military organizations.

The steps of the management science process are:

The earliest developments and use of management science techniques was in the field of

A difficult aspect of using spreadsheets to solve management science problems is

Which one of the following techniques is not a mathematical programming technique?

Variable cost does not include

The College Coffee Café receives a profit of $1.25 for each cup of house tea that they sell, $1.40 for each cup of the premium brand, and $1.50 for each cup of their special blend. Develop an objective that maximizes profit.

Management science involves the philosophy of approaching a problem in a subjective manner.

Which steps of the management science process can either be a recommended decision or information that helps a manager make a decision?

The result of an effective decision making process should be monitored in order to

The limits of the problem and the degree to which it pervades other units in the organization must be included during the ________ step of the management science process.

An objective function

A key element of a decision support system (DSS) is the person using the system.

Linear Programming: Model Formulation and Graphical Solution

Linear Programming: Computer Solution and Sensitivity Analysis

Linear Programming: Modeling Examples

Integer Programming

Transportation, Transshipment, and Assignment Problems

Network Flow Models

Project Management

Multicriteria Decision Making

Nonlinear Programming

Probability and Statistics

Decision Analysis

Queuing Analysis

Simulation

Forecasting

Inventory Management

the Simplex Solution Method

Transportation and Assignment Solution Methods

Integer Programming: the Branch and Bound Method

Nonlinear Programming: Solution Techniques

Game Theory

Markov Analysis

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