Question 1

Models can be built with the help of human knowledge and expertise. Another source of help in building these models is

Accepted Answer

A)  the customer. 
B)  classification and clustering methods. 
C)  customer service reps. 
D)  business partners.

Question 2

List four difficulties that may arise when analyzing multiple goals.

Accepted Answer

The answer of List four difficulties that may arise when...

Question 3

________ models are used to predict the future and are used widely in e-commerce.

Accepted Answer

The answer of ________ models are used to predict the...

Question 4

The analytic hierarchy process incorporates both qualitative and quantitative decision making criteria.

Accepted Answer

A) True 
 B)False

Question 5

In an LP model, what does the fourth hidden component contain?

Accepted Answer

A)  product mix variables 
B)  slack and surplus variables 
C)  financial and accounting variables 
D)  constraint and limit variables

Question 6

Another name for result variables is independent variables.

Accepted Answer

A) True 
 B)False

Question 7

Spreadsheets are particularly useful for all of the following reasons EXCEPT

Accepted Answer

A)  they are able to import and export to many different file formats. 
B)  it is easy to manipulate data and see results instantly. 
C)  they can be used to build static and dynamic models. 
D)  they easily import and manipulate massive databases.

Question 8

AHP can be used effectively for optimization with problems containing a small number of alternatives.

Accepted Answer

A) True 
 B)False

Question 9

Testing the robustness of decisions under changing conditions is an example of ________ analysis.

Accepted Answer

The answer of Testing the robustness of decisions under changing...

Question 10

Most managerial problems can be properly evaluated and solved using a single goal, such as profit maximization.

Accepted Answer

A) True 
 B)False

Exam 9: Model-Based Decision Making: Optimization and Multi-Criteria Systems

Models can be built with the help of human knowledge and expertise. Another source of help in building these models is

List four difficulties that may arise when analyzing multiple goals.

________ models are used to predict the future and are used widely in e-commerce.

The analytic hierarchy process incorporates both qualitative and quantitative decision making criteria.

In an LP model, what does the fourth hidden component contain?

Another name for result variables is independent variables.

Spreadsheets are particularly useful for all of the following reasons EXCEPT

AHP can be used effectively for optimization with problems containing a small number of alternatives.

Testing the robustness of decisions under changing conditions is an example of ________ analysis.

Most managerial problems can be properly evaluated and solved using a single goal, such as profit maximization.