Interesting Quiz On Study Guide

33 Questions | Total Attempts: 139

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Questions and Answers
  • 1. 
      Modeling can be viewed as a science in its entirety. 
    • A. 

      True

    • B. 

      False

  • 2. 
      In order to be effective, analysts must use models to solve problems with no regard to the organizational culture to find optimal results. 
    • A. 

      True

    • B. 

      False

  • 3. 
     AHP can be used effectively for optimization with problems containing a small number of alternatives
    • A. 

      True

    • B. 

      False

  • 4. 
      The trend is towards developing and using Web tools and software to access and run modeling software
    • A. 

      True

    • B. 

      False

  • 5. 
     Using data cubes in OLAP systems opens the data up to analysis by more classes of models
    • A. 

      True

    • B. 

      False

  • 6. 
    Taking a decision under risk is different from taking the decision under uncertainty
    • A. 

      True

    • B. 

      False

  • 7. 
     Spreadsheets are the second most popular tool for modeling
    • A. 

      True

    • B. 

      False

  • 8. 
    Inear programming seeks to optimally allocate resources among competing activities and is likely the best known optimization model. 
    • A. 

      True

    • B. 

      False

  • 9. 
    .  When using Excel's Solver, we can have multiple constraints and multiple objective cells. 
    • A. 

      True

    • B. 

      False

  • 10. 
      Most managerial problems can be properly evaluated and solved using a single goal, such as profit maximization. 
    • A. 

      True

    • B. 

      False

  • 11. 
     Sensitivity analysis seeks to assess the impact of changes in the input data and parameters on the proposed solution
    • A. 

      True

    • B. 

      False

  • 12. 
     Goal seeking is roughly the opposite of "what-if" analysis. 
    • A. 

      True

    • B. 

      False

  • 13. 
    Using expected value (EV) with decision trees is totally appropriate for situations where one outcome could lead to an immense loss for the company
    • A. 

      True

    • B. 

      False

  • 14. 
    The analytic hierarchy process incorporates both qualitative and quantitative decision making criteria. 
    • A. 

      True

    • B. 

      False

  • 15. 
    .  Using modeling for decision support can currently achieve all of the following EXCEPT
    • A. 

      enable organizations to see likely results of their decisions.

    • B. 

      Replace strategy formulation at top levels of the organization.

    • C. 

      enhance the decision making process

    • D. 

      reduce the costs of providing services to customers.

  • 16. 
    Environmental scanning is important for all of the following reasons EXCEPT
    • A. 

      organizational culture is important and affects the model use.

    • B. 

      environments have greater impact on a model than the organization does

    • C. 

      environmental factors may have created the current problem.

    • D. 

      it is critical to identify key corporate decision makers

  • 17. 
    .  Today, it is critical for companies to consider 
    • A. 

      how to package products in the right format

    • B. 

      how to sell products at the right price.

    • C. 

      how to get products to the right customer

    • D. 

      All of the above

  • 18. 
    .  Models can be built with the help of human knowledge and expertise. Another source of help in building these models is 
    • A. 

      classification and clustering methods.

    • B. 

      the customer.

    • C. 

      business partners.

    • D. 

      customer service reps

  • 19. 
    .  What is an influence diagram? 
    • A. 

      A map of the environment around decision makers

    • B. 

      a map of the environment around a model

    • C. 

      a diagram showing the influence of decision makers

    • D. 

      A graphical representation of a model

  • 20. 
    .  Spreadsheets are particularly useful for all of the following reasons EXCEPT 
    • A. 

      They can be used to build static and dynamic models

    • B. 

      they easily import and manipulate massive databases.

    • C. 

      they are able to import and export to many different file formats.

    • D. 

      it is easy to manipulate data and see results instantly.

  • 21. 
      Linear programming belongs to a family of tools called 
    • A. 

      decision tree models

    • B. 

      mathematical programming models

    • C. 

      qualitative models.

    • D. 

      heuristic programming models

  • 22. 
     Which of the following is NOT a component of a linear programming problem? 
    • A. 

      internal metrics

    • B. 

      decision variables

    • C. 

      constraints

    • D. 

      objective function

  • 23. 
      Managers in organizations typically have 
    • A. 

      multiple goals that need to be simultaneously or jointly optimized

    • B. 

      single goals that cannot be optimized using linear and nonlinear programming.

    • C. 

      single goals that can be optimized using linear and nonlinear programming

    • D. 

      a small number of goals that can be independently optimized using linear and nonlinear programming

  • 24. 
     In an LP model, what does the fourth hidden component contain? 
    • A. 

      product mix variables

    • B. 

      financial and accounting variables

    • C. 

      constraint and limit variables

    • D. 

      slack and surplus variables

  • 25. 
     Sensitivity analysis is important in management support systems for all of the following reasons EXCEPT
    • A. 

      It permits the manager to input data to increase his/her confidence in the model.

    • B. 

      it allows flexibility and adaptation to changing conditions

    • C. 

      it provides a better understanding of the model and the decision-making situation.

    • D. 

      it improves the mathematical optimality of the generated solutions.

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