economics data bank
MULTIPLE CHOICE
1. The field of management science
a. 
concentrates on the use of quantitative methods to assist in decision making. 
b. 
approaches decision making rationally, with techniques based on the scientific method. 
c. 
is another name for decision science and for operations research. 
d. 
each of these choices are true. 
2. Identification and definition of a problem
a. 
cannot be done until alternatives are proposed. 
b. 
is the first step of decision making. 
c. 
is the final step of problem solving. 
d. 
requires consideration of multiple criteria. 
3. Decision alternatives
a. 
should be identified before decision criteria are established. 
b. 
are limited to quantitative solutions 
c. 
are evaluated as a part of the problem definition stage. 
d. 
are best generated by brainstorming. 
4. Decision criteria
a. 
are the choices faced by the decision maker. 
b. 
are the problems faced by the decision maker. 
c. 
are the ways to evaluate the choices faced by the decision maker. 
d. 
must be unique for a problem. 
5. In a multicriteria decision problem
a. 
it is impossible to select a single decision alternative. 
b. 
the decision maker must evaluate each alternative with respect to each criterion. 
c. 
successive decisions must be made over time. 
d. 
each of these choices are true. 
6. The quantitative analysis approach requires
a. 
the manager's prior experience with a similar problem. 
b. 
a relatively uncomplicated problem. 
c. 
mathematical expressions for the relationships. 
7. A physical model that does not have the same physical appearance as the object being modeled is
a. 
an analog model. 
b. 
an iconic model. 
c. 
a mathematical model. 
d. 
a qualitative model. 
8. Inputs to a quantitative model
a. 
are a trivial part of the problem solving process. 
b. 
are uncertain for a stochastic model. 
c. 
are uncontrollable for the decision variables. 
d. 
must all be deterministic if the problem is to have a solution. 
9. When the value of the output cannot be determined even if the value of the controllable input is known, the model is
a. 
analog. 
b. 
digital. 
c. 
stochastic. 
d. 
deterministic. 
10. The volume that results in total revenue being equal to total cost is the
a. 
breakeven point. 
b. 
marginal volume. 
c. 
marginal cost. 
d. 
profit mix. 
11. Management science and operations research both involve
a. 
qualitative managerial skills. 
b. 
quantitative approaches to decision making. 
c. 
operational management skills. 
d. 
scientific research as opposed to applications. 
12. George Dantzig is important in the history of management science because he developed
a. 
the scientific management revolution. 
b. 
World War II operations research teams. 
c. 
the simplex method for linear programming. 
d. 
powerful digital computers. 
13. The first step in problem solving is
a. 
determination of the correct analytical solution procedure. 
b. 
definition of decision variables. 
c. 
the identification of a difference between the actual and desired state of affairs. 
d. 
implementation. 
14. Problem definition
a. 
includes specific objectives and operating constraints. 
b. 
must occur prior to the quantitative analysis process. 
c. 
must involve the analyst and the user of the results. 
d. 
each of these choices are true. 
15. A model that uses a system of symbols to represent a problem is called
a. 
mathematical. 
b. 
iconic. 
c. 
analog. 
d. 
constrained. 
16. Which of the following is not one of the commonly used names for the body of knowledge involving quantitative approaches to decisionmaking?
a. 
management science 
b. 
business analytics 
c. 
operations research 
d. 
efficiency studies 

Rating:
5/
Solution: economics data bank