Homework 1a
Multiple Choice
Identify the choice that best completes the statement or answers the question.
____ 1. The essence of decision analysis is:
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a. |
breaking down complex situations into manageable elements. |
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b. |
choosing the best course of action among alternatives. |
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c. |
finding the root cause of why something has gone wrong. |
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d. |
thinking ahead to avoid negative consequences. |
____ 2. Why would someone wish to use a spreadsheet model?
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a. |
To implement a computer model. |
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b. |
Because spreadsheets are convenient. |
|
c. |
To analyze decision alternatives. |
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d. |
All the above. |
____ 3. Which of the following fields of study is defined in Chapter One as the one that “uses computers, statistics, and mathematics to solve business problems”?
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a. |
Accounting |
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b. |
Information systems |
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c. |
Management science |
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d. |
Scientific management |
____ 4. Which of the following statements is true of using models in problem solving and decision analysis?
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a. |
It is a fairly new idea. |
|
b. |
It is required in order to find good solutions. |
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c. |
It is something everyone has done before. |
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d. |
It is tied to the use of computers. |
____ 5. The textbook figure of the problem solving process is an example of a
|
a. |
mental model. |
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b. |
prescriptive model. |
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c. |
graphical model. |
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d. |
visual model. |
____ 6. Which of the following is most likely to be used when faced with the decision of how to arrange furniture in a room?
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a. |
Mathematical model |
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b. |
Mental model |
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c. |
Physical model |
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d. |
Visual model |
____ 7. To illustrate how a complex system will be built, an engineer will likely use a
|
a. |
Mathematical model |
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b. |
Mental model |
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c. |
Physical model |
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d. |
Visual model |
____ 8. Which of the following is the type of model used throughout this textbook?
|
a. |
Mathematical model |
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b. |
Mental model |
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c. |
Physical model |
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d. |
Visual model |
____ 9. In this text we use the term “mathematics” to encompass
|
i. |
familiar elements of math such as algebra. |
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ii. |
logic. |
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a. |
i only |
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b. |
ii only |
|
c. |
Both i and ii |
|
d. |
Neither i nor ii |
____ 10. Variables are termed independent when they satisfy which of the following?
|
a. |
The function value depends upon their values. |
|
b. |
The decision maker has no control over them. |
|
c. |
The variables have no relationship to one another. |
|
d. |
The variable is described as an output of the spreadsheet model. |
____ 11. Consider the spreadsheet model shown in the figure. This is a
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A |
B |
C |
|
|
1 |
|||
|
2 |
|||
|
3 |
Purchase price |
$32,500 |
|
|
4 |
less: |
||
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5 |
Down payment |
$ 6,500 |
|
|
6 |
Trade-in |
$ 4,000 |
|
|
7 |
Amount financed |
$22,000 |
|
|
8 |
|||
|
9 |
Term of loan |
5 years |
|
|
10 |
|||
|
11 |
Annual interest rate |
11.25% |
|
|
12 |
|||
|
13 |
Monthly payment |
$481.08 |
|
|
14 |
|
a. |
descriptive model. |
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b. |
predictive model. |
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c. |
prescriptive model. |
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d. |
preventive model. |
____ 12. Solutions to which of the following categories of modeling techniques indicate a course of action to the decision maker?
|
a. |
Descriptive models |
|
b. |
Predictive models |
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c. |
Prescriptive models |
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d. |
Preventive models |
____ 13. In which of the following categories of modeling techniques are the specifications of the relationships between dependent and independent variables unknown or ill-defined?
|
a. |
Descriptive models |
|
b. |
Open models |
|
c. |
Predictive models |
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d. |
Prescriptive models |
____ 14. Which of the following categories of modeling techniques includes simulation?
|
a. |
Descriptive models |
|
b. |
Predictive models |
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c. |
Prescriptive models |
|
d. |
Scale models |
____ 15. To be effective, a modeler must
|
a. |
be an effective presenter of results. |
|
b. |
collect the proper input data for the model. |
|
c. |
understand how modeling fits into the problem-solving process. |
|
d. |
apply the correct modeling technique. |
____ 16. There are a variety of problems a manager might face. While presenting and defending your approach, how would you complete this thought: Several different modeling techniques are available to solve managerial decision problems,
|
a. |
the wrong choice of modeling technique is a common source of implementation difficulties. |
|
b. |
students should develop a strong preference and expertise in one technique so when faced with problems as managers they can formulate them as a model that can be solved by their favorite technique. |
|
c. |
fundamental characteristics of the problem guide the selection of an appropriate modeling technique. |
|
d. |
however, most problems faced by managers are fundamentally the same. |
____ 17. Which of the following is true of “What if?” analysis?
|
a. |
A well-designed spreadsheet facilitates “What if?” analysis. |
|
b. |
It is not very useful when working with non mathematical models. |
|
c. |
“What if?” analysis is an efficient optimization technique. |
|
d. |
“What if?” analysis is useful in creating a well-defined problem statement. |
____ 18. Implementing solutions to problems involves people and change. Which of the following is a suggested approach to effectively implement solutions?
|
a. |
Decision making authority centralized to those who have specialized training in decision making. |
|
b. |
Involve anyone affected by the decision in all steps of the problem-solving process. |
|
c. |
Making decisions according to majority vote. |
|
d. |
More skillful communication of management decisions. |
____ 19. Chapter One discussed all of the following except:
|
a. |
how models of decision problems differ in a number of important characteristics. |
|
b. |
how spreadsheet modeling and analysis fit into the problem-solving process. |
|
c. |
how spreadsheet models of decision problems can be used to analyze the consequences of possible courses of action. |
|
d. |
how to implement a problem formulation as a spreadsheet model. |
____ 20. The Chapter One case reading discusses the relationship between OR/MS and IS professionals. Which of the following statements is NOT true?
|
a. |
OR/MS analysts need IS professionals’ data for their models. |
|
b. |
OR/MS analysts need to take many of the IS customers. |
|
c. |
The IS professional cannot use OR/MS tools in their applications. |
|
d. |
The IS tools can start to recommend solutions using OR/MS skills. |
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