Question 1

Which of the following is one of the disadvantages of simulation?
A) The model is built from the manager's perspective.
B) Simulation automatically produces many important performance measures.
C) Simulation is often the only DSS modeling method that can readily handle relatively unstructured problems.
D) An optimal solution cannot be guaranteed, but relatively good ones are generally found.

Accepted Answer

Simulation does not guarantee an optimal solution because it is a method used to model complex systems and explore the effects of different decisions or scenarios, rather than directly solving for the best option. It can help identify good solutions, but it does not inherently find the best one.

Question 2

________ uses animated computer graphic displays to present the impact of different managerial decisions.It differs from regular graphics in that the user can adjust the decision making process and see the results of the intervention.
A) Visual interactive simulation
B) Quantitative software
C) OLAP
D) Object-oriented model base

Accepted Answer

Visual interactive simulation is a tool that allows users to adjust decision-making processes and see the impact of different choices through animated computer graphics. This differs from regular graphics as it allows for interactivity and simulation of scenarios. The other options, quantitative software, OLAP, and object-oriented model base, do not specifically involve animated graphics or simulations for decision-making.

Question 3

________ diagrams are graphical models of mathematical models,which can facilitate the process of identifying the model's variables.
A) Decision
B) Tree
C) Fish bone
D) Influence

Accepted Answer

Influence diagrams are commonly used in decision analysis to model complex problems involving multiple variables and sources of uncertainty. They are particularly useful in identifying the relationships between different variables and in highlighting the key drivers of outcomes. Fish bone diagrams are used to identify the root causes of problems, while decision trees are used to analyze the outcomes of different decision options. Therefore, the best choice for graphical models of mathematical models to facilitate identifying the model's variables is influence diagrams.

Question 4

Which of the following are the informal,judgmental knowledge of an application area that constitute the "rules of good judgment" in the field?
A) Binary search
B) Algorithm
C) Heuristic
D) Rule of thumb

Accepted Answer

Heuristics are informal, judgmental knowledge or strategies used to make decisions or solve problems in a specific field, often based on experience and intuition rather than formal rules.

Question 5

Decision situations that involve a finite and usually not-too-large number of alternatives are modeled by an approach called ________.
A) exhaustive search
B) decision map
C) decision analysis
D) trial-and-error

Accepted Answer

Decision analysis is the approach used to model decision situations that involve a finite and usually not-too-large number of alternatives. It involves structuring and analyzing decision problems to help make informed choices.

Question 6

A model builder makes predictions and assumptions regarding the input data,many of which deal with the assessment of uncertain futures.Which of the following attempts to assess the impact of a change in the input data or parameters on the proposed solution?
A) Mathematical relationships
B) Decision analysis
C) Goal programming
D) Sensitivity analysis

Accepted Answer

Sensitivity analysis determines how much the proposed solution would change if there are variations in the input data or parameters, making it the best choice for assessing the impact of changes. Mathematical relationships, decision analysis, and goal programming do not specifically address the analysis of the solution's sensitivity to input variations.

Question 7

The four components in a decision support mathematical model are linked together by the ________ relationships,such as equations.
A) mathematical
B) cause-and-effect
C) analytical
D) data integration

Accepted Answer

The four components in a decision support mathematical model are typically linked together by mathematical relationships, which often take the form of equations. Cause-and-effect relationships may also be considered, but they would generally be included within the overall mathematical framework of the model. Analytical and data integration capabilities may be incorporated into the model, but they are not typically considered the primary means of linking the four components.

Question 8

Decision situations are often classified on the basis of what the decision maker knows about the forecasted results.Which of the following is one of the categories?
A) Indecision
B) Firmness
C) Ambiguity
D) Certainty

Accepted Answer

Certainty is a category used to classify decision situations, indicating that the decision maker knows exactly what the outcomes of their decision will be.

Question 9

E-commerce has created an immense need for ________ and an abundance of available information for performing it.
A) nonlinear programming
B) forecasting
C) auction models
D) queuing

Accepted Answer

E-commerce requires accurate forecasting to make informed decisions about inventory management, pricing, and marketing strategies. With the vast amount of available data, forecasting can be done using complex algorithms and statistical models to analyze trends and patterns in consumer behavior. Nonlinear programming, auction models, and queuing are not directly related to the need for forecasting in e-commerce.

Question 10

Which of the following are factors that affect the result variables,but are not under the control of the decision maker?
A) Parameters
B) Decision variables
C) Independent variables
D) Output variables

Accepted Answer

Parameters are variables that affect the result but are not under the control of the decision maker. Decision variables are under the control of the decision maker, independent variables are variables that are manipulated by the decision maker, and output variables are the results of the decision-maker's actions. Therefore, A is the correct choice.

Question 11

Which of the following is not a characteristic of a linear programming model?
A) A limited quantity of economic resources is available for allocation.
B) The resources are used in the production of products or services.
C) The maximum number of constraints is four.
D) There are two or more ways in which the resources can be used.

Accepted Answer

The statement "the maximum number of constraints is four" is incorrect. Linear programming models can have any number of constraints.

Question 12

Which of the following is a step-by-step search process for obtaining an optimal solution?
A) Analytic technique
B) Algorithm
C) Heuristic
D) Linear programming

Accepted Answer

An algorithm is a step-by-step search process for obtaining an optimal solution. Analytic techniques involve mathematical or statistical analysis, while heuristics are problem-solving methods that may not guarantee an optimal solution. Linear programming is a mathematical optimization technique used for solving linear programming problems.

Question 13

Which of the following is a key element in most DSS and a necessity in a model-based DSS?
A) Database
B) Analytical model
C) Modeling
D) Business intelligence

Accepted Answer

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

Question 14

Which of the following calculates the values of the inputs necessary to achieve a desired level of an output?
A) Goal seeking analysis
B) Decision analysis
C) Trial-and-error
D) Sensitivity analysis

Accepted Answer

Goal seeking analysis is the process of determining the inputs required to achieve a desired output. It involves working backwards from a desired outcome to determine the input values necessary to achieve that outcome. Therefore, A is the correct choice for the given question. Decision analysis involves evaluating various options to make a decision, trial-and-error involves testing various inputs until a desired output is achieved, and sensitivity analysis involves understanding how changes in inputs affect the output.

Question 15

Which of the following packages are preprogrammed (sometimes called ready-made)models and optimization systems that sometimes serve as building blocks for other quantitative models?
A) Quantitative software
B) Qualitative software
C) Development tool
D) Application

Accepted Answer

Preprogrammed models and optimization systems that serve as building blocks for other quantitative models are usually included in quantitative software packages.

Question 16

________ is a type of model that is used to find a good enough solution,or the best solution among alternatives,using experimentation.
A) Simulation
B) Heuristics
C) Predictive
D) Deterministic

Accepted Answer

Simulation models are used to find good enough or best solutions among alternatives by conducting experiments in a controlled environment. These models can generate a wide range of possible scenarios and outcomes, allowing decision-makers to explore the consequences of different strategies and make informed decisions based on the results. Heuristics, predictive, and deterministic models may also be used in decision-making, but they are not specifically designed for experimentation and therefore may not provide the same level of insight into alternative solutions.

Question 17

Monte Carlo simulation is a type of ________ simulation.
A) deterministic
B) probabilistic
C) exact
D) analytical

Accepted Answer

Monte Carlo simulation is a probabilistic simulation method that uses random sampling to generate possible outcomes and estimate the probability distribution of a complex system.

Question 18

Which of the following techniques is used to solve optimization problems that have few alternatives?
A) Trial-and-error
B) Binary search
C) Expert systems
D) Decision trees

Accepted Answer

The answer of Which of the following techniques is used...

Question 19

Typically there is some randomness in decision-making situations.Because DSS deals with semistructured or unstructured situations,reality is complex,which may not be easily represented by optimization or other models but can often be handled by ________.
A) simulation
B) linear programming
C) statistical analysis
D) forecasting

Accepted Answer

Simulation is the best choice for handling complex and unstructured decision-making situations with randomness. Simulation allows for the creation of a virtual environment where different scenarios can be tested and their outcomes evaluated, providing decision-makers with insight into the potential consequences of their choices. This approach can help to mitigate the uncertainty inherent in these types of situations and enable decision-makers to make more informed choices. Linear programming, statistical analysis, and forecasting may be useful in some decision-making situations but are less well-suited to the complexity and randomness that is often present in DSS scenarios.

Question 20

Which of the following models takes a single snapshot of a situation where everything occurs in a single interval?
A) Sliced model
B) Snapshot model
C) Stationary model
D) Static model

Accepted Answer

A static model represents a system at a particular point in time, capturing a single snapshot of the situation.

Quiz 4: Modeling and Analysis

Which of the following is one of the disadvantages of simulation?

________ uses animated computer graphic displays to present the impact of different managerial decisions.It differs from regular graphics in that the user can adjust the decision making process and see the results of the intervention.

________ diagrams are graphical models of mathematical models,which can facilitate the process of identifying the model's variables.

Which of the following are the informal,judgmental knowledge of an application area that constitute the "rules of good judgment" in the field?

Decision situations that involve a finite and usually not-too-large number of alternatives are modeled by an approach called ________.

A model builder makes predictions and assumptions regarding the input data,many of which deal with the assessment of uncertain futures.Which of the following attempts to assess the impact of a change in the input data or parameters on the proposed solution?

The four components in a decision support mathematical model are linked together by the ________ relationships,such as equations.

Decision situations are often classified on the basis of what the decision maker knows about the forecasted results.Which of the following is one of the categories?

E-commerce has created an immense need for ________ and an abundance of available information for performing it.

Which of the following are factors that affect the result variables,but are not under the control of the decision maker?

Which of the following is not a characteristic of a linear programming model?

Which of the following is a step-by-step search process for obtaining an optimal solution?

Which of the following is a key element in most DSS and a necessity in a model-based DSS?

Which of the following calculates the values of the inputs necessary to achieve a desired level of an output?

Which of the following packages are preprogrammed (sometimes called ready-made) models and optimization systems that sometimes serve as building blocks for other quantitative models?

________ is a type of model that is used to find a good enough solution,or the best solution among alternatives,using experimentation.

Monte Carlo simulation is a type of ________ simulation.

Which of the following techniques is used to solve optimization problems that have few alternatives?

Typically there is some randomness in decision-making situations.Because DSS deals with semistructured or unstructured situations,reality is complex,which may not be easily represented by optimization or other models but can often be handled by ________.

Which of the following models takes a single snapshot of a situation where everything occurs in a single interval?