Question 1

In a descriptive model, the manager first wants to build a model that reflects the current situation.

Accepted Answer

In a descriptive model, the goal is to accurately capture the current situation or phenomenon. This provides a baseline for understanding and analysis, and may involve describing relationships, patterns, or trends within the data.

Question 2

Which of the following is not one of the reasons for the new-found relevance of management science models?
A)Modeling is an important way to think about problems in general
B)Modeling is often now a legal requirement
C)The business world is increasingly driven by numbers
D)Modeling helps develop intuition for problems

Accepted Answer

The other three choices all provide valid reasons for the new-found relevance of management science models, but modeling being a legal requirement is not a reason. While modeling may be required in certain industries or for specific projects, it is not a general trend driving the increased use of management science models.

Question 3

Defining an organization's problem includes:
A)specifying the organization's objectives
B)collecting the organization's historical data
C)defining the model of the problem
D)sensitivity analysis

Accepted Answer

A

Question 4

One of the arguments that management science practitioners have used to criticize the emphasis on specific models is that they do not provide the correct answer.

Accepted Answer

The answer of One of the arguments that management science...

Question 5

The modeling process discussed in Practical Management Science is a
A)seven-step process
B)six-step process
C)five-step process
D)four-step process

Accepted Answer

The modeling process discussed in Practical Management Science is a seven-step process, which includes problem definition, model construction, data collection and preparation, model solution, model verification and validation, implementation, and monitoring and update.

Question 6

Which of the following is not one of advantages of mathematical models?
A)Mathematical models enable managers to understand the problem better
B)Mathematical models allow analysts to employ a variety of mathematical solution procedures
C)The mathematical modeling process itself, if done correctly, often helps "sell" the solution
D)Mathematical models help reduce the cost of obtaining a solution

Accepted Answer

This statement is not true, as mathematical models may require significant time and resources to develop and solve, and may not always provide a cost savings compared to other problem-solving approaches.

Question 7

In modeling situations where it is not possible to write an equation for an output in terms of the inputs, there may still be a mathematical procedure for calculating outputs from inputs.

Accepted Answer

This is true, as there are various mathematical models and techniques (such as numerical methods, simulations, and machine learning) that can be used to determine outputs from inputs without a specific equation.

Question 8

Which of the following is not necessarily a property of a good model?
A)The model represents the client's real problem accurately
B)The model is as simple as possible
C)The model is based on a well-known algorithm
D)The model is one the client can understand

Accepted Answer

While it is important for a model to be based on a sound algorithm, it is not necessarily a requirement for a good model. Other factors such as accuracy, simplicity, and client understanding are typically more important in determining the quality of a model.

Question 9

Models that suggest a desirable course of action are called descriptive models

Accepted Answer

Models that suggest a desirable course of action are called prescriptive models. Descriptive models simply describe a phenomenon or situation without making recommendations.

Question 10

Which of the following is not one of the guiding principles for a heuristic?
A)Common sense
B)Intuition
C)Trial and error
D)Optimality

Accepted Answer

The guiding principles for a heuristic include common sense, intuition, and trial and error, but not optimality. Heuristics are shortcuts to problem-solving that prioritize speed and efficiency over finding the absolute best solution. Therefore, optimality is not a guiding principle for heuristics.

Question 11

Management science has often been taught as a collection of:
A)theories.
B)problems.
C)models.
D)topics.

Accepted Answer

Management science is often taught through the use of mathematical models to represent and analyze real-world business scenarios. These models help managers make informed decisions based on data and quantitative analysis.

Question 12

The most frequent cause of a failed implementation of a model is:
A)the model is incorrect
B)the analyst fails to communicate how to use the model
C)the data for the model is unavailable
D)the model is too complex

Accepted Answer

Communication is key in any successful implementation, and failure to properly communicate how to use the model can result in it being used incorrectly or not used at all. The other options may also contribute to a failed implementation, but lack of proper communication is the most common issue.

Question 13

A first step in determining how well a model fits reality is to:
A)check whether the inputs are correct
B)see if the sensitivity analysis is correct
C)check whether the model is valid for the current situation
D)try some what-if scenarios to see if the model is able to obtain solutions

Accepted Answer

Before checking the accuracy of a model, it is important to ensure that the model is valid for the current situation. This involves reviewing the assumptions, data sources, and scope of the model to determine whether it is appropriate for the problem at hand. Only then can one begin to evaluate the model's fit with reality. Checking inputs, sensitivity analysis, and what-if scenarios are all important steps in assessing model accuracy, but they come later in the process.

Question 14

Optimization models are useful for determining:
A)sensitivity to inputs
B)whether the inputs are valid or not
C)what the manager should do
D)the value of the output under the current conditions

Accepted Answer

Optimization models are designed to identify the best possible decision or action for a given situation. Therefore, the purpose of optimization models is to determine what the manager should do. While sensitivity analysis can also be performed using optimization models, this is not the primary purpose of optimization models. Checking the validity of inputs is typically done through data validation procedures, which are separate from optimization modeling. Lastly, optimization models can provide insights into the value of output, but this is not the primary focus of optimization modeling.

Question 15

Which of the following is a type of model that is key to virtually every management science application?
A)Heuristic model
B)Queuing model
C)Mathematical model
D)Regression model

Accepted Answer

Mathematical models are widely used in management science applications because they represent real-world situations using mathematical equations and formulas. These models can be used to analyze and optimize business processes, make informed decisions, and predict outcomes. While heuristic, queuing, and regression models may also be useful in certain situations, mathematical models are the most fundamental and widely applicable type of model in management science.

Question 16

Which of the following is not one of the desired conditions for a successful model implementation?
A)The people who will run the model understand how to enter appropriate inputs
B)The people who will run the model are able to run what-if analysis
C)The people who will run the model are able to modify it
D)The people who will run the model are able to interpret the model's outputs correctly

Accepted Answer

Allowing users to modify a model can introduce errors or inconsistencies, especially if they don't fully understand the model's complexity or underlying assumptions. The other options (A, B, D) are essential for successful model implementation, ensuring users can effectively use and interpret the model.

Question 17

Before trusting the answers to what-if scenarios from a spreadsheet model, a manager should attempt to:
A)validate the model
B)make sure all possible scenarios have been investigated
C)check the mathematics in the model
D)sense-check the model

Accepted Answer

The answer of Before trusting the answers to what-if scenarios...

Question 18

Which of the following is a possible cause if a model's outputs for certain inputs are not as expected?
A)The certain inputs may not be correct
B)The model could be too detailed of an approximation of the actual situation
C)The mathematics in the model are inadequate
D)The analyst's expectations are not correct

Accepted Answer

The answer of Which of the following is a possible...

Question 19

Which of the following type of model is used when an appropriate equation or system of equations can be developed to represent the system?
A)Simulation model
B)Analytical model
C)Heuristic model
D)Spreadsheet model

Accepted Answer

An analytical model is based on mathematical equations and can be used when there is a clear understanding of the relationships between the variables in the system. It is the best choice for representing a system when an appropriate equation or system of equations can be developed.

Question 20

One of the advantages of spreadsheet models is that they allow managers to ask what-if questions.

Accepted Answer

Spreadsheet models allow managers to manipulate variables and analyze how different scenarios or changes in inputs will affect outcomes or results, which helps them make more informed decisions. This is referred to as what-if analysis or scenario planning.

Quiz 1: Introduction to Modeling

In a descriptive model, the manager first wants to build a model that reflects the current situation.

Which of the following is not one of the reasons for the new-found relevance of management science models?

Defining an organization's problem includes:

One of the arguments that management science practitioners have used to criticize the emphasis on specific models is that they do not provide the correct answer.

The modeling process discussed in Practical Management Science is a

Which of the following is not one of advantages of mathematical models?

In modeling situations where it is not possible to write an equation for an output in terms of the inputs, there may still be a mathematical procedure for calculating outputs from inputs.

Which of the following is not necessarily a property of a good model?

Models that suggest a desirable course of action are called descriptive models

Which of the following is not one of the guiding principles for a heuristic?

Management science has often been taught as a collection of:

The most frequent cause of a failed implementation of a model is:

A first step in determining how well a model fits reality is to:

Optimization models are useful for determining:

Which of the following is a type of model that is key to virtually every management science application?

Which of the following is not one of the desired conditions for a successful model implementation?

Before trusting the answers to what-if scenarios from a spreadsheet model, a manager should attempt to:

Which of the following is a possible cause if a model's outputs for certain inputs are not as expected?

Which of the following type of model is used when an appropriate equation or system of equations can be developed to represent the system?

One of the advantages of spreadsheet models is that they allow managers to ask what-if questions.