Deck 1: Introduction to Management Science Models

Question 1

Constrained mathematical models do not contain:

A)functional constraints.
B)non-negativity requirements.
C)management preferences.
D)boundary restrictions.

Answer 1

C

Question 2

Heuristic solution procedures always yield an optimal solution if one exists.

Answer 2

False

Question 3

Constrained mathematical models are sometimes used to find merely "good" or "better" solutions, not always "optimal" ones.

Answer 3

True

Question 4

Sensitivity analysis means "what if".

Question 5

Management science does not:

A)use the scientific approach
B)provide a tool to aid in executive decision making.
C)involve mathematical modeling
D)guarantee improvement

Question 6

The developer of the simplex method in linear programming is generally regarded to be:

A)Gene Woolsey.
B)N.Karmarkar.
C)A.A.Markov.
D)George Dantzig

Question 7

Constrained mathematical models may be characterized as:

A)optimization vs.prediction.
B)linear vs.quadratic.
C)probabilistic vs.stochastic.
D)heuristic vs.deterministic.

Question 8

If "necessity is the mother of invention," management science's mother was probably:

A)World War II.
B)the electronic computer.
C)the Great Depression
D)linear programming

Question 9

Management science replaces common sense with scientific analysis.

Question 10

Both management and operating personnel should be involved throughout the management science process, even before the implementation phase.

Question 11

In defining decision variables, it is important to specify the time frame involved as well as the units of measure.

Question 12

The linear constraints in a management science model need not be in the same units of measure.

Question 13

In management science problems, algorithms are rarely used since they tend to be very complex and costly.

Question 14

Other than for the military, the application of management science is inappropriate for non-profit organizations.

Question 15

Once a mathematical model is complete, you cannot change the problem definition.

Question 16

Computer programs exist for all standard management science solution procedures.

Question 17

Frederick Taylor applied the scientific approach to improving operations in a production setting more than 100 years ago.

Question 18

The management science team should make certain that management is sure of its objective before developing and solving a model.

Question 19

Mathematical modeling is a process that translates observed or desired phenomena into mathematical expression.

Question 20

Constrained mathematical models contain variable constraints as well as functional constraints.

Question 21

Which Excel data analysis tool returns the p-value for the F-test?

A)Descriptive Statistics.
B)Regression.
C)Exponential Smoothing.
D)ANOVA.

Question 22

At what state in the management science process should the operating personnel, who are responsible for solution implementation, first be consulted?

A)Problem definition.
B)Mathematical modeling.
C)Solution of the model.
D)Communication/marketing of results.

Question 23

Profit maximization will yield the same result as cost minimization when:

A)costs and revenues are both variable.
B)costs are constant.
C)per unit profits are constant.
D)revenues are constant.

Question 24

Constraints in the mathematical model do not include:

A)amount of resources (decision variables) required.
B)relational operators.
C)availability of resources.
D)shadow prices.

Question 25

Which step is not part of the mathematical modeling process?

A)Problem definition.
B)Data gathering.
C)Constructing a model shell.
D)Quantifying the objective and constraints.

Question 26

Erlang's pioneering work in queuing theory emerged shortly after the start of the twentieth century.The next truly significant work in the field (by Little, et al) came roughly fifty years later.Why the long delay?

Question 27

Management science applications do not include:

A)simulation.
B)queuing.
C)decision analysis.
D)internet programming.

Question 28

Which executive reaction to your management science solution would suggest the model is invalid?

A)"We never tried this before."
B)"This doesn't make sense to me."
C)"We may not have as much money for this as we thought."
D)"We're profitable and have always done things our way."

Question 29

How should a management science analyst proceed when it is obvious that the "front line" people and their immediate management do not agree as to the definition of the problem to be addressed?

Question 30

Variable constraints may not include:

A)non-negativity constraints.
B)boundary (upper or lower) constraints.
C)integer constraints.
D)resource constraints.

Question 31

In management science problems, algorithms are:

A)very complex, thus rarely used.
B)used in optimization but not in heuristics.
C)employed in heuristics as well as optimization.
D)substitutes for computer-based solution techniques.

Question 32

What is the purpose of model shells in the management science process?

Question 33

"Let X = the number of 750 ml bottles of Federini Chablis to be produced and shipped next calendar month." Critically evaluate this as the definition of a decision variable in a management science problem.

Question 34

A "model shell" contains:

A)actual data.
B)generic symbols.
C)both actual data and generic symbols.
D)neither actual data nor generic symbols.

Question 35

In a business organization, the "80/20" rule relates to:

A)work accomplished vs.people who perform it.
B)the average input/output ratio of production processes.
C)the value of a "good" problem solution vs.its cost.
D)"key" products vs.product line "fillers."

Question 36

Decision variable definition need not include:

A)specific units of measure.
B)the time frame involved.
C)variable names.
D)integer requirements, if any.

Question 37

Which Excel function finds the value X such that 55% of the probability lies below X from a normal distribution with mean $\mu$ = 20 and standard deviation $\sigma$ = 3?

A)NORMDIST(.55,20,3,TRUE)
B)NORMSDIST(.55,20,3)
C)NORMINV(.55,20,3)
D)NORMSINV(.55,20,3)

Question 38

The worst mistake a management science analyst can make in addressing the organization's problem is probably:

A)giving the wrong answer to the right question.
B)giving the right answer to the wrong question.
C)including extraneous data in the model.
D)failing to anticipate "what if" questions.

Question 39

Why should the management science analyst anticipate resistance from operating personnel responsible for implementation of the study's results, most especially when the study's recommendations are substantially different from current practices? What should be done to eliminate or reduce such resistance?

Question 40

Which name is most commonly associated with Game Theory?

A)Andrey A.Markov
B)E.K.Erlang
C)Jon von Neuman
D)N.Karmarkar

Question 41

Name one thing you should do if the results of your model validation are unacceptable to management.

Question 42

What is the difference between "deterministic" and "stochastic"?

Question 43

Globe Spanners, a local travel agency, is facing a financial "crunch." In September, 1997, most airlines reduced the commissions they pay travel agencies to book airline tickets from ten percent to eight percent.Having initially capped commissions at $25 for a one way ticket and $50 for a round trip in February of 1995, the combination of both changes had reduced Globe Spanners' compensation to less than six percent, below their operating costs for booking air travel.Is this a problem amenable to management science analysis?

Question 44

The Dennis Advertising Company wants you to model their business.Create a model shell for the following.For each client, Dennis estimates per person costs for each type of media:

Question 45

What does a dollar sign ("$") in an Excel address signify?

Question 46

The Deepsea Sponge Company wishes to maximize profit.Real sponges cost C₁ dollars and sell for P₁.Synthetic sponges cost C₂ and sell for P₂.Deepsea wants at least M% of their sales to be real sponges.Create a mathematical model shell (objective function and constraints).

Question 47

Dr.Zuck wants to study the effectiveness of a particular type of back brace on patients suffering from scoliosis (curvature of the spine).He wants to locate and test the largest possible number of patients.He has obtained a grant for one million dollars and estimates the cost of locating and recruiting a patient to be $5,000.Half of the patients drop out of the study.There are two types of patients.Type A must constitute at least 50% of the study.

Question 48

Harold Shein, the accordion teacher, charges $A per hour lesson for a novice and $B (greater than $A) for an advanced student.P percent of novice students become advanced, and R percent of advanced students cease taking lessons.Shein has H hours available each week and prefers that at least half his students are advanced.Create a mathematical model shell (objective function and constraints) of his business.

Question 49

Boragon Middle School wishes to minimize the cost of audio-visual equipment.The school has R classrooms, each of which must have at least one piece of AV equipment.The school as a whole must have at least one TV/VCR combination, one computer projector, one laptop, and one overhead slide projector.Create a model shell.

Question 50

What are three time and cost considerations for data gathering?