Question 1

When a problem is difficult to quantify, it may be necessary to develop unspecific objectives.

Accepted Answer

False

Question 2

One problem in using a quantitative model is that the necessary data may be unavailable.

Accepted Answer

Quantitative models rely heavily on data and if the required data is not available, the model may not be effective.

Question 3

Testing the data and model should be done before the results have been analyzed.

Accepted Answer

It is important to test the data and model before analyzing the results to ensure the accuracy and reliability of the findings.

Question 4

All problems can be solved by considering only the quantitative issues.

Accepted Answer

Some problems also involve qualitative issues such as values, emotions, and beliefs, which cannot always be measured quantitatively.

Question 5

A sensitivity analysis allows a manager to answer the "what if" questions.

Accepted Answer

A sensitivity analysis involves testing different scenarios and variables to see how they would impact outcomes. This allows a manager to explore various possibilities and make more informed decisions by understanding the potential risks and opportunities associated with each scenario.

Question 6

In the early 1900s, Henry Ford pioneered the principles of the scientific approach to management.

Accepted Answer

The principles of the scientific approach to management were pioneered by Frederick Winslow Taylor, not Henry Ford. Taylor is known for his work on improving industrial efficiency.

Question 7

Decision variables may also be called parameters.

Accepted Answer

Decision variables and parameters are two different concepts in optimization. Decision variables are the variables that the optimization model seeks to determine, while parameters are fixed values that are inputs to the model. Therefore, decision variables and parameters cannot be used interchangeably.

Question 8

Models can help us analyze a problem and sell a decision to those who must implement it.

Accepted Answer

Models provide a visual representation of a problem or solution, which can help stakeholders better understand and support a decision. This can make it easier to sell the decision to those who will be responsible for implementing it.

Question 9

Trying various approaches and picking the one resulting in the best decision is called incomplete enumeration.

Accepted Answer

Incomplete enumeration refers to a method where not all possible options are considered, often due to the impracticality of doing so, rather than trying various approaches and picking the best one.

Question 10

Sensitivity analysis helps us estimate the effect of known and unknown errors in our model.

Accepted Answer

Sensitivity analysis evaluates the sensitivity of a model to changes in its input variables and helps estimate the effect of uncertainties and errors in the model.

Question 11

A profit equation is an example of a schematic model.

Accepted Answer

A profit equation is an example of a mathematical model, not a schematic model. Schematic models represent concepts, systems, or phenomena through diagrams or schematics, while mathematical models use mathematical language and equations to describe relationships.

Question 12

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.

Accepted Answer

Managers need to be aware of the limitations, assumptions, and specific applicability of the quantitative analysis technique to use it appropriately for accurate decision making. This understanding can help them avoid errors, make better judgments, and effectively communicate the results to others.

Question 13

Model variables can be controllable or uncontrollable.

Accepted Answer

Model variables can be classified into controllable and uncontrollable variables. Controllable variables are the ones that can be controlled or set by the experimenter, while uncontrollable variables are the ones that cannot be controlled and are considered as given inputs to the model.

Question 14

A series of steps or procedures that are repeated is known as an algorithm.

Accepted Answer

This statement is true. An algorithm is a set of instructions or steps that are followed systematically to solve a problem or perform a task. These instructions may be repeated multiple times until the desired outcome is achieved.

Question 15

Interviews, statistical sampling, and company reports provide input data for quantitative analysis models.

Accepted Answer

Interviews, statistical sampling, and company reports are commonly used as input data sources for quantitative analysis models. These techniques provide numerical data that can be analyzed using statistical methods to identify patterns, trends, and relationships.

Question 16

A model is a representation of a situation.

Accepted Answer

A model is a simplified representation of a situation or concept that is used to help better understand or explain it.

Question 17

A parameter is a measurable quantity that may vary or is subject to change.

Accepted Answer

The answer of A parameter is a measurable quantity that...

Question 18

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.

Accepted Answer

This statement is true. Operations research and management science, which involve using quantitative techniques to study and solve complex problems, were pioneered during WWII to assist the military in logistics, strategy, and tactical decision making. After the war, many companies and organizations began using similar techniques in their own decision making and planning processes to improve efficiency and effectiveness.

Question 19

The Quantitative Analysis Approach consists of six steps.

Accepted Answer

The Quantitative Analysis Approach typically consists of seven steps: defining the problem, developing a model, acquiring input data, developing a solution, testing the solution, analyzing results, and implementing the solution.

Question 20

A mathematical model shows the relationship between quantifiable and non-quantifiable information.

Accepted Answer

A mathematical model typically represents relationships between quantifiable variables or parameters, using mathematical expressions to describe and predict behaviors or outcomes. Non-quantifiable information is generally not directly modeled in mathematical terms.

Quiz 1: Introduction to Quantitative Analysis