31) A set of logical and mathematical operations performed in a specific sequence is called a(n) A) complete enumeration. B) diagnostic analysis. C) algorithm. D) objective. E) None of the above
32) The ability to examine the variability of a solution due to changes in the formulation of a problem is an important part of the analysis of the results. This type of analysis is called ________ analysis. A) sensitivity B) implicit C) normal D) scale E) objective
33) Which of the following is not one of the steps in the quantitative analysis approach? A) Defining the Problem B) Developing a Solution C) Observing a hypothesis D) Testing a Solution E) Implementing the Results 34) The condition of improper data yielding misleading results is referred to as A) garbage in, garbage out. B) break-even point. C) uncontrollable variable. D) postoptimality. E) None of the above
35) Expressing profits through the relationship among unit price, fixed costs, and variable costs is an example of A) a sensitivity analysis model. B) a quantitative analysis model. C) a postoptimality relationship. D) a parameter specification model. E) None of the above 36) The widespread applicability of operations research methods to business followed which war? A) The U.S. Civil War B) World War I C) World War II D) The Korean War E) The Vietnam War
37) Which of the following statement(s) are true regarding the advantages of mathematical modeling? A) Models accurately represent reality. B) Models can help decision makers formulate problems. C) Models can save time. D) Models may be the only way to solve some large and complex problems in a timely manner. E) All of the above
38) A measurable quantity that is inherent in the problem is called a(n) A) decision variable. B) uncontrollable variable. C) algorithm. D) parameter. E) enumeration variable.
39) Trying various approaches and picking the one that results in the best decision is called A) the trial-and-error method. B) incomplete enumeration. C) complete enumeration. D) algorithmic approximation. E) sensitivity analysis. 40) Models that do not involve risk or chance are A) probabilistic models. B) postoptimality models. C) deterministic models. D) MIS models. E) None of the above 41) If input data are accurate to three significant digits, then the solution results can be accurate to how many significant digits? A) one B) two C) three D) four E) six
42) Postoptimality analysis is most closely associated with A) collecting input data. B) developing a model. C) sensitivity analysis. D) writing a computer program. E) None of the above
43) The break-even point is an example of a A) postoptimality model. B) quantitative analysis model. C) schematic model. D) sensitivity analysis model. E) None of the above
44) A controllable variable is also called a A) parameter. B) decision variable. C) mathematical model. D) measurable quantity. E) None of the above
45) Evaluating all possible values of a variable in a model is called A) trial and error. B) complete enumeration. C) an algorithm. D) variablization. E) None of the above 46) What is the formula for the break-even point of a simple profit model? A) Fixed Cost / Variable Cost Per Unit B) (Selling Price Per Unit – Variable Cost Per Unit) / Fixed Cost C) Fixed Cost / (Selling Price Per Unit – Variable Cost Per Unit) D) Fixed Cost / (Variable Cost Per Unit – Selling Price Per Unit) E) Selling Price Per Unit – (Fixed Cost / Variable Cost Per Unit)
47) The break-even point of a simple profit model represents a(n) A) decision variable. B) uncontrollable variable. C) parameter. D) constant. E) None of the above
48) A(n) ________ model is one that is accurate and correctly represents the problem or system under investigation. A) robust B) valid C) sensitive D) optimal E) feasible
49) Which Excel feature is an optimization technique that can maximize or minimize a quantity given a set of limitations or constraints? A) Optimizer B) Goal Seek C) Analysis Tool-Pak D) Algorithm Builder E) Solver 50) Which Excel feature allows the user to specify a target or goal and the variable that is desired to change in order to achieve that goal? A) Solver B) Goal Search C) Target Search D) Goal Seek E) Target Seek
51) All of the following are real computer applications that perform quantitative analysis except A) Solver in Excel. B) Goal Seek in Excel. C) Excel QM. D) POM-QM for Windows. E) QA for Windows. of IT
52) As one attempts to develop a model, which of the following problems might she encounter? A) The problem may not fit a textbook approach. B) There will be no data available to test the model. C) Not everyone will understand the problem in the same way. D) All of the above E) None of the above
53) Which of the following is a picture, drawing, or chart of reality? A) scale model B) physical model C) mathematical model D) schematic model E) abstract model 54) Which of the following is not considered a possible problem in the quantitative analysis approach? A) validity of the data B) lack of commitment C) resistance to change D) subjective solutions E) hard-to-understand mathematics
55) Quantitative analysis is ________.
56) Identify the steps of the quantitative analysis approach. Answer: (1) Defining the Problem, (2) Developing a Model, (3) Acquiring Input Data, (4) Developing a Solution, (5) Testing the Solution, (6) Analyzing the Results, and (7) Implementing the Results 57) What are the three categories of business analytics? : (1) Descriptive analytics, (2) Predictive Analytics, and (3) Prescriptive analytics
58) The study of the consolidation of historical data to describe how a company has performed in the past is called ________.
59) The use of techniques to forecast how things will be in the future based on past patterns of data is called ________.
60) The use of optimization methods to provide new and better ways to operate based on specific business objectives is called ________.