Homework 1a
Multiple Choice
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Identify the choice that best completes the statement or answers the question.
____ 1. The essence of decision analysis is:
| a. | breaking down complex situations into manageable elements. |
| b. | choosing the best course of action among alternatives. |
| c. | finding the root cause of why something has gone wrong. |
| d. | thinking ahead to avoid negative consequences. |
____ 2. Why would someone wish to use a spreadsheet model?
| a. | To implement a computer model. |
| b. | Because spreadsheets are convenient. |
| c. | To analyze decision alternatives. |
| d. | All the above. |
____ 3. Which of the following fields of study is defined in Chapter One as the one that “uses computers, statistics, and mathematics to solve business problems”?
| a. | Accounting |
| b. | Information systems |
| c. | Management science |
| d. | Scientific management |
____ 4. Which of the following statements is true of using models in problem solving and decision analysis?
| a. | It is a fairly new idea. |
| b. | It is required in order to find good solutions. |
| c. | It is something everyone has done before. |
| d. | It is tied to the use of computers. |
____ 5. The textbook figure of the problem solving process is an example of a
| a. | mental model. |
| b. | prescriptive model. |
| c. | graphical model. |
| d. | visual model. |
____ 6. Which of the following is most likely to be used when faced with the decision of how to arrange furniture in a room?
| a. | Mathematical model |
| b. | Mental model |
| c. | Physical model |
| d. | Visual model |
____ 7. To illustrate how a complex system will be built, an engineer will likely use a
| a. | Mathematical model |
| b. | Mental model |
| c. | Physical model |
| d. | Visual model |
____ 8. Which of the following is the type of model used throughout this textbook?
| a. | Mathematical model |
| b. | Mental model |
| c. | Physical model |
| d. | Visual model |
____ 9. In this text we use the term “mathematics” to encompass
| i. | familiar elements of math such as algebra. |
| ii. | logic. |
| a. | i only |
| b. | ii only |
| c. | Both i and ii |
| d. | Neither i nor ii |
____ 10. Variables are termed independent when they satisfy which of the following?
| a. | The function value depends upon their values. |
| b. | The decision maker has no control over them. |
| c. | The variables have no relationship to one another. |
| d. | The variable is described as an output of the spreadsheet model. |
____ 11. Consider the spreadsheet model shown in the figure. This is a
| A | B | C | |
| 1 | |||
| 2 | |||
| 3 | Purchase price | $32,500 | |
| 4 | less: | ||
| 5 | Down payment | $ 6,500 | |
| 6 | Trade-in | $ 4,000 | |
| 7 | Amount financed | $22,000 | |
| 8 | |||
| 9 | Term of loan | 5 years | |
| 10 | |||
| 11 | Annual interest rate | 11.25% | |
| 12 | |||
| 13 | Monthly payment | $481.08 | |
| 14 |
| a. | descriptive model. |
| b. | predictive model. |
| c. | prescriptive model. |
| d. | preventive model. |
____ 12. Solutions to which of the following categories of modeling techniques indicate a course of action to the decision maker?
| a. | Descriptive models |
| b. | Predictive models |
| c. | Prescriptive models |
| d. | Preventive models |
____ 13. In which of the following categories of modeling techniques are the specifications of the relationships between dependent and independent variables unknown or ill-defined?
| a. | Descriptive models |
| b. | Open models |
| c. | Predictive models |
| d. | Prescriptive models |
____ 14. Which of the following categories of modeling techniques includes simulation?
| a. | Descriptive models |
| b. | Predictive models |
| c. | Prescriptive models |
| d. | Scale models |
____ 15. To be effective, a modeler must
| a. | be an effective presenter of results. |
| b. | collect the proper input data for the model. |
| c. | understand how modeling fits into the problem-solving process. |
| d. | apply the correct modeling technique. |
____ 16. There are a variety of problems a manager might face. While presenting and defending your approach, how would you complete this thought: Several different modeling techniques are available to solve managerial decision problems,
| a. | the wrong choice of modeling technique is a common source of implementation difficulties. |
| b. | students should develop a strong preference and expertise in one technique so when faced with problems as managers they can formulate them as a model that can be solved by their favorite technique. |
| c. | fundamental characteristics of the problem guide the selection of an appropriate modeling technique. |
| d. | however, most problems faced by managers are fundamentally the same. |
____ 17. Which of the following is true of “What if?” analysis?
| a. | A well-designed spreadsheet facilitates “What if?” analysis. |
| b. | It is not very useful when working with non mathematical models. |
| c. | “What if?” analysis is an efficient optimization technique. |
| d. | “What if?” analysis is useful in creating a well-defined problem statement. |
____ 18. Implementing solutions to problems involves people and change. Which of the following is a suggested approach to effectively implement solutions?
| a. | Decision making authority centralized to those who have specialized training in decision making. |
| b. | Involve anyone affected by the decision in all steps of the problem-solving process. |
| c. | Making decisions according to majority vote. |
| d. | More skillful communication of management decisions. |
____ 19. Chapter One discussed all of the following except:
| a. | how models of decision problems differ in a number of important characteristics. |
| b. | how spreadsheet modeling and analysis fit into the problem-solving process. |
| c. | how spreadsheet models of decision problems can be used to analyze the consequences of possible courses of action. |
| d. | how to implement a problem formulation as a spreadsheet model. |
____ 20. The Chapter One case reading discusses the relationship between OR/MS and IS professionals. Which of the following statements is NOT true?
| a. | OR/MS analysts need IS professionals’ data for their models. |
| b. | OR/MS analysts need to take many of the IS customers. |
| c. | The IS professional cannot use OR/MS tools in their applications. |
| d. | The IS tools can start to recommend solutions using OR/MS skills. |
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