Question 1

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?

Accepted Answer

The answer of Administrators at a university are planning to...

Question 2

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

Accepted Answer

The answer of ________ are known, constant values that are...

Question 3

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

Accepted Answer

A)  by when? 
B)  who else? 
C)  how much? 
D)  what if?

Question 4

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

Accepted Answer

The answer of A ________ is a computer-based system that...

Question 5

The quantitative analysis approach requires

Accepted Answer

A)  mathematical expressions for the relationship. 
B)  uncomplicated problems. 
C)  the manager to have prior experience with similar problems. 
D)  access to a computer.

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

At the break-even point,

Accepted Answer

A)  total revenue equals total cost. 
B)  profit is maximized. 
C)  revenue is maximized. 
D)  costs are minimized.

Question 9

Which of the following statements is false?

Accepted Answer

A)  Decision models selectively describe the managerial situation. 
B)  Decision models consider all factors from the real world. 
C)  Decision models designate performance measures that reflect objectives. 
D)  Decision models designate decision variables.

Question 10

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?

Accepted Answer

The answer of Administrators at a university are planning to...

Question 11

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

Accepted Answer

The answer of ________ costs are independent of the volume...

Question 12

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

Accepted Answer

The answer of A ________ represents a limitation to achieving...

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

What are some different types of decision support systems?

Accepted Answer

The answer of What are some different types of decision...

Question 15

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

Accepted Answer

A)  an Excel spreadsheet 
B)  an ERP 
C)  QM for Windows 
D)  OLAP

Question 16

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:

Accepted Answer

A)  5S + 3.5W ≤ 160 
B)  Min 5S + 3.5 W 
C)  Max 5S + 3.5 W 
D)  Min 5S + 3.5W ≥ 160

Question 17

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?

Accepted Answer

A)  $120 
B)  $150 
C)  $175 
D)  $200

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

The processes of problem observation

Accepted Answer

A)  cannot be done until alternatives are proposed. 
B)  requires consideration of multiple criteria. 
C)  is the first step of decision making. 
D)  is the final step of problem solving.

Question 20

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

Accepted Answer

A) True 
 B)False

Exam 1: Management Science

________ 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?

________ 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.