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Question;TRUE/FALSE;1. The process of decision making is more;limited than that of problem solving.;2. The terms 'stochastic' and 'deterministic;have the same meaning in quantitative analysis.;3. The volume that results in marginal revenue;equaling marginal cost is called the break-even point.;4. Problem solving encompasses both the;identification of a problem and the action to resolve it.;5. The decision making process includes;implementation and evaluation of the decision.;6. The most successful quantitative analysis;will separate the analyst from the managerial team until after the problem is;fully structured.;7. The value of any model is that it enables the;user to make inferences about the real situation.;8. Uncontrollable inputs are the decision;variables for a model.;9. The feasible solution is the best solution;possible for a mathematical model.;10. A company seeks to maximize profit subject to;limited availability of man-hours. Man-hours is a controllable input.;11. Frederick Taylor is credited with forming the;first MS/OR interdisciplinary teams in the 1940's.;12. To find the choice that provides the highest;profit and the fewest employees, apply a single-criterion decision process.;13. The most critical component in determining;the success or failure of any quantitative approach to decision making is;problem definition.;14. The first step in the decision making process;is to identify the problem.;15. All uncontrollable inputs or data must be;specified before we can analyze the model and recommend a decision or solution;for the problem.;16. In quantitative analysis, the optimal;solution is the mathematically-best solution.;17. If you are deciding to buy either machine A;B, or C with the objective of minimizing the sum of labor, material and utility;costs, you are dealing with a single-criterion decision.;18. Model development should be left to;quantitative analysts, the model user's involvement should begin at the;implementation stage.;19. A feasible solution is one that satisfies at;least one of the constraints in the problem.;20. A toy train layout designed to represent an;actual railyard is an example of an analog model.

Paper#57914 | Written in 18-Jul-2015

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