Exam 1: Management Science

Administrators at a university are planning to offer a summer seminar. It costs $3000 to reserve a room, hire an instructor, and bring in the equipment. Assume it costs $25 per student for the administrators to provide the course materials. If 30 students pay $175 for the privilege of attending the seminar, how much of a profit (or loss) will be incurred?

________ are known, constant values that are coefficients of variables in equations.

Decision support systems and sensitivity analysis are useful management science tools for answering the question:

A ________ is a computer-based system that helps decision-makers address complex problems that involve different parts of an organization and operations.

The quantitative analysis approach requires

In both an objective function and a constraint, the decision variables are represented by numbers.

Management science modeling techniques provide results that are known with certainty.

At the break-even point,

Which of the following statements is false?

Administrators at a university are planning to offer a summer seminar. It costs $3000 to reserve a room, hire an instructor, and bring in the equipment. Assume it costs $25 per student for the administrators to provide the course materials. If we know that 20 people will attend, what price should be charged per person to break even?

________ costs are independent of the volume of goods produced and remain constant.

A ________ represents a limitation to achieving maximum profits due to limited resources.

Decision Support Systems (DSS) use computers to help decision makers address complex problems.

What are some different types of decision support systems?

Which of these decision support systems is the most comprehensive with respect to an entire organization?

Larry's Fish Market buys salmon (S) for $5 per pound and a local whitefish (W) for $3.50 per pound. Larry wants to minimize his cost, but he cannot spend more than $160. The objective function that minimizes these costs for Larry is:

A university is planning a seminar. It costs $3000 to reserve a room, hire an instructor, and bring in the equipment. Assume it costs $25 per student for the administrators to provide the course materials. If we know that 20 people will attend, what price should be charged per person to break even?

A model is a mathematical representation of a problem situation including variables, parameters, and equations.

The processes of problem observation

Management science techniques focus primarily on observation, model construction, and implementation to find an appropriate solution to a problem.