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
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a. |
cannot be done until alternatives are proposed. |
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b. |
is the first step of decision making. |
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c. |
is the final step of problem solving. |
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d. |
requires consideration of multiple criteria. |
3. Decision alternatives
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a. |
should be identified before decision criteria are established. |
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b. |
are limited to quantitative solutions |
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c. |
are evaluated as a part of the problem definition stage. |
|
d. |
are best generated by brain-storming. |
4. Decision criteria
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a. |
are the choices faced by the decision maker. |
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b. |
are the problems faced by the decision maker. |
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c. |
are the ways to evaluate the choices faced by the decision maker. |
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d. |
must be unique for a problem. |
5. In a multicriteria decision problem
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a. |
it is impossible to select a single decision alternative. |
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b. |
the decision maker must evaluate each alternative with respect to each criterion. |
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c. |
successive decisions must be made over time. |
|
d. |
each of these choices are true. |
6. The quantitative analysis approach requires
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a. |
the manager's prior experience with a similar problem. |
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b. |
a relatively uncomplicated problem. |
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c. |
mathematical expressions for the relationships. |
7. A physical model that does not have the same physical appearance as the object being modeled is
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a. |
an analog model. |
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b. |
an iconic model. |
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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. |
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c. |
are uncontrollable for the decision variables. |
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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
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a. |
analog. |
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b. |
digital. |
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c. |
stochastic. |
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d. |
deterministic. |
10. The volume that results in total revenue being equal to total cost is the
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a. |
break-even point. |
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b. |
marginal volume. |
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c. |
marginal cost. |
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d. |
profit mix. |
11. Management science and operations research both involve
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a. |
qualitative managerial skills. |
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b. |
quantitative approaches to decision making. |
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c. |
operational management skills. |
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d. |
scientific research as opposed to applications. |
12. George Dantzig is important in the history of management science because he developed
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a. |
the scientific management revolution. |
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b. |
World War II operations research teams. |
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c. |
the simplex method for linear programming. |
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d. |
powerful digital computers. |
13. The first step in problem solving is
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a. |
determination of the correct analytical solution procedure. |
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b. |
definition of decision variables. |
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c. |
the identification of a difference between the actual and desired state of affairs. |
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d. |
implementation. |
14. Problem definition
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a. |
includes specific objectives and operating constraints. |
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b. |
must occur prior to the quantitative analysis process. |
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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
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a. |
mathematical. |
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b. |
iconic. |
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c. |
analog. |
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d. |
constrained. |
16. Which of the following is not one of the commonly used names for the body of knowledge involving quantitative approaches to decision-making?
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a. |
management science |
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b. |
business analytics |
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c. |
operations research |
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d. |
efficiency studies |
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Rating:
/5
Solution: economics data bank