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Quantitative Analysis for Management-Chapter 1 Introduction to Quantitative Analysisalse

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Question;Quantitative;Analysis for Management;Chapter 1 Introduction to Quantitative Analysisalsetrue false;1) Interviews, statistical sampling, and;company reports provide input data for quantitative analysis models.;2) In the early 1900s, Henry Ford;pioneered the principles of the scientific approach to management.;3) Managers do not need to be familiar;with the limitations, assumptions, and/or specific applicability of the;quantitative analysis technique to use it for accurate decision making.;4) During World War II, many new;scientific and quantitative techniques were developed to assist the military;and these developments were so successful that many companies started using;similar techniques in managerial decision making and planning after the war.;5) Business Analytics is a data-driven;approach to decision making that allows companies to make better decisions.;6) Descriptive Analytics is aimed at;forecasting future outcomes based on patterns in the past data.;7) When a problem is difficult to;quantify, it may be necessary to develop unspecific objectives.;8) The Quantitative Analysis Approach;consists of six steps.;9) A mathematical model shows the;relationship between quantifiable and non-quantifiable information.;10) Decision variables may also be called;parameters.;11) Model variables can be controllable or;uncontrollable.;12) A series of steps or procedures that;are repeated is known as an algorithm.;13) A model is a representation of a;situation.;14) A parameter is a measurable quantity;that may vary or is subject to change.;15) Trying various approaches and picking;the one resulting in the best decision is called incomplete enumeration.;16) All problems can be solved by;considering only the quantitative issues.;17) A profit equation is an example of a;schematic model.;18) Testing the data and model should be;done before the results have been analyzed.;19) Sensitivity analysis helps us estimate;the effect of known and unknown errors in our model.;20) Models can help us analyze a problem;and sell a decision to those who must implement it.;21) A sensitivity analysis allows a;manager to answer the "what if" questions.;22) One problem in using a quantitative;model is that the necessary data may be unavailable.;23) Management support and user;involvement are not essential in the successful implementation of quantitative;analysis projects.mcq;24) Which of the following terms is;interchangeable with quantitative analysis?;A) management science;B) economics;C) financial analysis;D) statistics;E) None of the above;25) Operations Research is known as;A) the science of numerical analysis.;B) the science of sensitivity analysis.;C) the science of better.;D) the science of modeling.;E) None of the above;26) Who is credited with pioneering the;principles of the scientific approach to management?;A) Adam Smith;B) Henri Fayol;C) John R. Locke;D) Frederick W. Taylor;E) Charles Babbage;27) Which of the following techniques;involves the study and consolidation of historical data for a business and an;industry?;A) descriptive analytics;B) prescriptive analytics;C) predictive analytics;D) management science;E) operations research;28) Which of the following techniques;involves the use of optimization methods to provide new and better ways to;operate based on specific business objectives?;A) descriptive analytics;B) prescriptive analytics;C) predictive analytics;D) quantitative analysis;E) qualitative analysis;Answer;B;Diff: 2;Topic: BUSINESS ANALYTICS;29) A(n) ________ is a representation of;reality or a real-life situation.;A) objective;B) model;C) analysis;D) algorithm;E) None of the above;30) A measurable quantity that may vary;or is subject to change, and can be controlled is known as a(n);A) decision variable.;B) algorithm.;C) parameter.;D) solution.;E) None of the above;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.;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.;57) What are the three categories of;business analytics?;58) The study of the consolidation of;historical data to describe how a company has performed in the past is called;called ________.;60) The use of optimization methods to;provide new and better ways to operate based on specific business objectives is;called ________.;61) A controllable variable is also called;a ________ variable.;62) A picture, drawing, or chart of reality;is a ________ model;63) Identify some possible problems in the;quantitative analysis approach.;64) Identify three potential problems with;people (two with management and one with the quantitative analysts themselves);that may hinder successful implementation of a quantitative model.;65) In making a decision, both;and quantitative factors must be considered.;66) Inaccurate model input data leads to;inaccurate model solutions. This phenomenon is commonly referred to as;67) The solution process of;implies that we look at all possible solutions.;Complete enumeration;68) Once we have a solution, we should;then perform ________ analysis.;69) ________ models do not involve risk or;chance.;70) ________ models are uncertain.;71) How can an analyst overcome the;threats to successful implementation of a quantitative model?

 

Paper#45868 | Written in 18-Jul-2015

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