Question 1

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

Accepted Answer

Postoptimality analysis refers to the study of the solution once it has been achieved. Sensitivity analysis is a common postoptimality technique used to determine how changes in the input parameters of the model impact the solution. Therefore, sensitivity analysis is most closely associated with postoptimality analysis.

Question 2

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

Accepted Answer

Sensitivity analysis is used to examine the variability of a solution due to changes in the formulation of a problem, such as changes in the input parameters, constraints, or objectives.

Question 3

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.

Accepted Answer

A) the trial-and-error method involves attempting different approaches until finding a successful one, which can be useful in decision-making when only a limited amount of information is available or when the optimal choice is not clear.
E) sensitivity analysis is a technique used to assess how sensitive a decision is to changes in assumptions or variables. This can help decision-makers understand the potential risks and rewards of different choices and make more informed decisions.

Question 4

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

Accepted Answer

The solution results can only be as accurate as the input data. Therefore, if the input data are accurate to three significant digits, then the solution results can only be accurate to three significant digits as well.

Question 5

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

Accepted Answer

The answer of Which of the following statement(s) are true...

Question 6

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

Accepted Answer

Garbage in, garbage out (GIGO) refers to the concept that flawed, or nonsense input data will produce nonsense output or "garbage". This can lead to incorrect analysis or decisions. Therefore, it is essential to ensure that the input data is accurate and relevant to yield meaningful results.

Question 7

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

Accepted Answer

The answer of Operations Research is known as
A) the science...

Question 8

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.

Accepted Answer

A parameter is a measurable quantity that is inherent in the problem and typically represents a constant or given value. It is not something that can be decided or controlled (decision variable) and it is not a method or procedure (algorithm). Enumeration variables are not typically used in optimization problems.

Question 9

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

Accepted Answer

The break-even point is a quantitative analysis model because it involves calculating the point at which total revenue equals total costs, taking into account both fixed and variable costs.

Question 10

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

Accepted Answer

A model is a representation of reality or a real-life situation. It can be a physical, mathematical, or conceptual representation. Models are used to study, analyze, forecast, or simulate complex systems or phenomena in a simplified way.

Question 11

A controllable variable is also called a
A) parameter.
B) decision variable.
C) mathematical model.
D) measurable quantity.
E) None of the above

Accepted Answer

The answer of A controllable variable is also called a
A)...

Question 12

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

Accepted Answer

Deterministic models do not involve risk or chance, as the outcomes are completely determined by the input parameters and do not account for variability. Probabilistic models incorporate risk or chance through the use of probabilities or probability distributions. Postoptimality models analyze potential changes or events that may occur after a decision has been made and incorporate uncertainty or risk into the model. MIS models (Management Information Systems) refer to systems for organizing and analyzing data, and do not necessarily involve modeling.

Question 13

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

Accepted Answer

Expressing profits through the relationship among unit price, fixed costs, and variable costs involves using mathematical equations to quantitatively analyze the relationship between these factors to determine their impact on profits. This is an example of a quantitative analysis model.

Question 14

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

Accepted Answer

The answer of Which of the following terms is interchangeable...

Question 15

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

Accepted Answer

A set of logical and mathematical operations performed in a specific sequence is called an algorithm. A complete enumeration refers to the exhaustive listing of all possible solutions, while diagnostic analysis is a process of finding the cause of a problem. Objective refers to a goal or outcome that is not influenced by personal bias. Therefore, the best choice is C, algorithm.

Question 16

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

Accepted Answer

The widespread applicability of operations research methods to business followed World War II. Operations research, also known as management science, was developed during the war to assist with military logistics and decision-making. Its success in military operations led to its adoption in various industries, including business, healthcare, and transportation.

Question 17

Stochastic models are synonymous with
A) deterministic models
B) schematic models.
C) qualitative models.
D) conceptual models.
E) None of the above

Accepted Answer

Stochastic models are not synonymous with any of the given options. Stochastic models are models that incorporate randomness and probabilistic elements, making them distinct from deterministic models. Schematic, qualitative, and conceptual models can be either deterministic or stochastic, depending on whether or not they incorporate probabilistic elements.

Question 18

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

Accepted Answer

Frederick W. Taylor is credited with pioneering the principles of the scientific approach to management, also known as Taylorism. He believed that the most efficient way to run a business was through a scientific approach to analyzing work processes and optimizing them for maximum productivity.

Question 19

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

Accepted Answer

The correct steps in the quantitative analysis approach are defining the problem, developing a solution, testing the solution, and implementing the results. Observing a hypothesis is not a specific step in this approach.

Question 20

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

Accepted Answer

A decision variable is a quantity that can be controlled or manipulated to achieve a desired outcome or result. It is typically used in decision-making processes, optimization models, and mathematical programming. Examples of decision variables include prices, quantities, production levels, and investment amounts.

Quiz 1: Introduction to Quantitative Analysis

Postoptimality analysis is most closely associated with

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.

Trying various approaches and picking the one that results in the best decision is called

If input data are accurate to three significant digits, then the solution results can be accurate to how many significant digits?

Which of the following statement(s) are true regarding the advantages of mathematical modeling?

The condition of improper data yielding misleading results is referred to as

Operations Research is known as

A measurable quantity that is inherent in the problem is called a(n)

The break-even point is an example of a

A(n) ________ is a representation of reality or a real-life situation.

A controllable variable is also called a

Models that do not involve risk or chance are

Expressing profits through the relationship among unit price, fixed costs, and variable costs is an example of

Which of the following terms is interchangeable with quantitative analysis?

A set of logical and mathematical operations performed in a specific sequence is called a(n)

The widespread applicability of operations research methods to business followed which war?

Stochastic models are synonymous with

Who is credited with pioneering the principles of the scientific approach to management?

Which of the following is not one of the steps in the quantitative analysis approach?

A measurable quantity that may vary, or is subject to change, and can be controlled is known as a(n)