Question : The events in an experiment are ________ if only one can occur at a time.
1. Question : The events in an experiment are ________ if only one can occur at a time.
mutually exclusive
non-mutually exclusive
mutually inclusive
independent
Points Received: 5 of 5
Question 2. Question : The quantitative analysis approach requires:
mathematical expressions for the relationship.
uncomplicated problems.
the manager to have prior experience with similar problems.
access to a computer.
Points Received: 5 of 5
Question 3. Question : Which variable is not a component of break-even analysis?
Fixed costs
Variable costs
Number of employees
Selling price
Points Received: 5 of 5
Question 4. Question : A single-channel queuing system has an average service time of 8 minutes and an average time between arrivals of 10 minutes. What is the hourly arrival rate?
8
6
4
2
Points Received: 5 of 5
Question 5. Question : In the basic EOQ model, if D=60 per month, Co=$12, and Cc=$10 per unit per month, what is the EOQ?
11
12
13
14
Points Received: 5 of 5
Question 6. Question : Total variable cost:
depends on the number of units produced.
plus marginal cost equals fixed cost.
is equal to total cost in deterministic models.
is the same as average cost.
Points Received: 5 of 5
Question 7. Question : ________ is the difference between the forecast and actual demand.
Forecast mistake
Forecast error
MAD
Forecast accuracy
Points Received: 5 of 5
Question 8. Question : A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the following payoff table based on whether business is brisk or slow.
Alternative Brisk Slow
Buy 90 -10
Rent 70 40
Lease 60 55
The maximax strategy is:
buy.
rent.
lease.
brisk.
Points Received: 5 of 5
Question 9. Question : A technique that assumes certainty in its solution is referred to as:
stochastic.
probabilistic.
deterministic.
parametric.
Points Received: 5 of 5
Question 10. Question : Which of the following is incorrect with respect to the use of models in decision making?
Student Answer: They improve understanding of the problem
They promote subjectivity in decision making
They are generally easy to use
They provide a systematic approach to problem solving
Points Received: 5 of 5
Question 11. Question : ________ techniques assume that no uncertainty exists in model parameters.
Probability
Probabilistic
Deterministic
Distribution
Points Received: 5 of 5
Question 12. Question : Variable cost does not include:
raw materials and resources.
staff and management salaries.
material handling and freight.
direct labor and packaging.
Points Received: 5 of 5
Question 13. Question : A tabular presentation that shows the outcome for each decision alternative under the various possible states of nature is called a:
decision tree.
payoff table.
feasible region.
payback matrix.
Points Received: 5 of 5
Question 14. Question : The term ________ refers to testing how a problem solution reacts to changes in one or more of the model parameters.
graphical solution
decision analysis
sensitivity analysis
break-even analysis
Points Received: 5 of 5
Question 15. Question : In an EOQ model, as the carrying cost increases, the order quantity:
increases.
decreases.
remains the same.
cannot be determined.
Points Received: 5 of 5
Question 16. Question : ________ methods assume that what has occurred in the past will continue to occur in the future.
Time series
Regression
Quantitative
Qualitative
Points Received: 5 of 5
Question 17. Question : Mutually exclusive events are:
events with identical probabilities.
events that have no outcomes in common.
events that have no effect on each other.
events that are represented in a Venn diagram by two overlapping circles.
Points Received: 5 of 5
Question 18. Question : Which of the following is an equation or an inequality that expresses a resource restriction in a mathematical model?
Decision variable
Objective function
Constraint
Parameter
Points Received: 5 of 5
Question 19. Question : A difficult aspect of using spreadsheets to solve management science problems is:
obtaining the solution to standard management science problems.
data entry.
performing sensitivity analysis.
setting up a spreadsheet with complex models and formulas.
Points Received: 5 of 5
Question 20. Question : If the price decreases, but fixed and variable costs do not change, the break-even point:
decreases
increases
remains the same
may increase or decrease, depending on sales
Points Received: 5 of 5
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