Question 1

An influence diagram is a graphical representation of a model; that is,it is a model of a model.

Accepted Answer

An influence diagram is a graphical representation of a model, which shows causal relationships between variables, decisions, and uncertainties. It is a model in itself, not a model of a model.

Question 2

Predictive analytics is essential for construction and manipulation of models because when a decision is implemented,the results usually occur in the future.

Accepted Answer

Predictive analytics involves using data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data. As such, it is essential in the construction and manipulation of models because decisions made based on the results of these models usually occur in the future, making predictions about the likelihood of certain outcomes crucial.

Question 3

The pessimistic approach assumes that the best possible outcome of each alternative will occur and then selects the best of the best.

Accepted Answer

The pessimistic approach assumes that the worst possible outcome of each alternative will occur and then selects the best of the worst.

Question 4

Models,like data,must be managed to maintain their applicability,and thus their integrity.

Accepted Answer

The answer of Models,like data,must be managed to maintain their...

Question 5

The use of an optimization model in the auction bidding process to award school meal contracts in Chile has significantly decreased costs.

Accepted Answer

The use of an optimization model in the auction bidding process to award school meal contracts in Chile has resulted in significant cost savings, making option A true.

Question 6

In developing countries,small changes in state-run social programs using management science support can lead to enormous savings.

Accepted Answer

Management science techniques can be used to optimize social programs in developing countries, leading to improvements in efficiency and cost savings. Even small changes can have a significant impact on the effectiveness of these programs.

Question 7

There is a trend toward developing and using Web tools and software to access and run software to perform modeling,optimization,and simulation,even though this has complicated the application of many models to real-world problems.

Accepted Answer

The answer of There is a trend toward developing and...

Question 8

The AHP manipulates quantitative and qualitative decision-making criteria in a fairly structured manner,allowing a decision maker to make trade-offs quickly and expertly.

Accepted Answer

The AHP (Analytic Hierarchy Process) is a decision-making method that allows decision makers to structure and prioritize criteria and alternatives based on their preferences and judgments. It does so by using a multi-criteria decision-making approach that takes both quantitative and qualitative factors into consideration, and then facilitates trade-off analysis to arrive at an overall decision. Therefore, the statement that "The AHP manipulates quantitative and qualitative decision-making criteria in a fairly structured manner, allowing a decision maker to make trade-offs quickly and expertly" is true.

Question 9

All companies,except for those under financial stress,should invest in simulation models to increase their efficiency.

Accepted Answer

Investing in simulation models can be beneficial for many companies to increase efficiency, but it's not universally applicable or necessary for all companies, regardless of their financial status. The decision to invest should be based on specific needs, potential return on investment, and strategic goals rather than a blanket rule.

Question 10

One recent trend in modeling involves the development of model libraries and solution technique libraries.

Accepted Answer

This is true. Model libraries and solution technique libraries are becoming increasingly popular in the field of modeling and simulation. These libraries provide pre-built models and solution methods that can be easily adapted and integrated into new modeling projects. They are designed to save time and resources by providing a ready-made framework for modeling and analysis.

Question 11

Continuous distributions are situations with unlimited numbers of possible events that follow density functions,such as the normal distribution.

Accepted Answer

The answer of Continuous distributions are situations with unlimited numbers...

Question 12

Modeling involves data analysis with trend lines and establishing relationships with statistical methods.

Accepted Answer

The answer of Modeling involves data analysis with trend lines...

Question 13

A DSS can be composed of several models,some standard and some custom built,used collectively to support strategic decisions in the company.

Accepted Answer

This statement is true. A Decision Support System (DSS) can be made up of various models, both standard and customized, that work together to aid in strategic decision-making within a company.

Question 14

Blind search techniques are arbitrary search approaches that are not guided.

Accepted Answer

Blind search techniques do not use any prior knowledge or heuristic to guide the search. They explore all possible solutions until the goal state is reached, which is why they are also called brute-force search techniques.

Question 15

Today's management systems are designed to help managers attain simultaneous,but at times,conflicting goals.

Accepted Answer

This statement is true. Management systems are designed to help managers achieve multiple goals, such as increasing profits while also improving employee satisfaction and retention. However, these goals may sometimes conflict with each other, and the management system should be flexible enough to balance these conflicting priorities.

Question 16

DSS uses mostly qualitative models,whereas expert systems use quantitative models in their applications.

Accepted Answer

This statement is false. DSS (Decision Support Systems) use both qualitative and quantitative models in their applications, while expert systems use mainly qualitative models (rules-based systems).

Question 17

One of the assumptions of the linear programming allocation model is that not all data are known with certainty.

Accepted Answer

Linear programming assumes that all data (coefficients in the objective function and constraints) are known with certainty.

Question 18

To use models and solution techniques effectively,one needs to have gained experience through developing and solving simple ones.

Accepted Answer

To become proficient in using models and solution techniques, it is important to practice and gain experience by starting with simpler problems and gradually progressing to more complex ones.

Question 19

In decision making under uncertainty,the decision maker considers situations in which several outcomes are possible for each course of action.In this case,the decision maker can estimate the probability of occurrence of the possible outcomes.

Accepted Answer

In decision making under uncertainty, the decision maker cannot estimate the probability of occurrence of the possible outcomes with certainty, which differentiates it from decision making under risk where probabilities are known or can be estimated.

Question 20

Heuristics techniques are used mainly for solving structured problems,usually of a tactical or operational nature,in areas such as resource allocation or inventory management.

Accepted Answer

Heuristics are primarily used for solving complex, unstructured problems where an optimal solution is hard to find. They provide satisfactory solutions rather than optimal ones, often used in decision-making processes where exhaustive search is impractical.

Quiz 4: Modeling and Analysis