Deck 1: Introduction to Quantitative Analysis

Question 1

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.

Answer 1

True

Question 2

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

Answer 2

False

Question 3

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

Answer 3

True

Question 4

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

Question 5

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

Question 6

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

Question 7

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

Question 8

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

Question 9

Model variables can be controllable or uncontrollable.

Question 10

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

Question 11

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.

Question 12

The Quantitative Analysis Approach consists of six steps.

Question 13

Business Analytics is a data-driven approach to decision making that allows companies to make better decisions.

Question 14

Descriptive Analytics is aimed at forecasting future outcomes based on patterns in the past data.

Question 15

Decision variables may also be called parameters.

Question 16

A model is a representation of a situation.

Question 17

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

Question 18

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

Question 19

A profit equation is an example of a schematic model.

Question 20

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

Question 21

Trying various approaches and picking the one that results in the best decision is called

A)the trial-and-error method.
B)incomplete enumeration.
C)complete enumeration.
D)algorithmic approximation.
E)sensitivity analysis.

Question 22

Who is credited with pioneering the principles of the scientific approach to management?

A)Adam Smith
B)Henri Fayol
C)John R.Locke
D)Frederick W.Taylor
E)Charles Babbage

Question 23

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

Question 24

A set of logical and mathematical operations performed in a specific sequence is called a(n)

A)complete enumeration.
B)diagnostic analysis.
C)algorithm.
D)objective.
E)None of the above

Question 25

The widespread applicability of operations research methods to business followed which war?

A)The U.S.Civil War
B)World War I
C)World War II
D)The Korean War
E)The Vietnam War

Question 26

Expressing profits through the relationship among unit price,fixed costs,and variable costs is an example of

A)a sensitivity analysis model.
B)a quantitative analysis model.
C)a postoptimality relationship.
D)a parameter specification model.
E)None of the above

Question 27

A measurable quantity that is inherent in the problem is called a(n)

A)decision variable.
B)uncontrollable variable.
C)algorithm.
D)parameter.
E)enumeration variable.

Question 28

Which of the following techniques involves the study and consolidation of historical data for a business and an industry?

A)descriptive analytics
B)prescriptive analytics
C)predictive analytics
D)management science
E)operations research

Question 29

The ability to examine the variability of a solution due to changes in the formulation of a problem is an important part of the analysis of the results.This type of analysis is called ________ analysis.

A)sensitivity
B)implicit
C)normal
D)scale
E)objective

Question 30

Models that do not involve risk or chance are

A)probabilistic models.
B)postoptimality models.
C)deterministic models.
D)MIS models.
E)None of the above

Question 31

Which of the following is not one of the steps in the quantitative analysis approach?

A)Defining the Problem
B)Developing a Solution
C)Observing a hypothesis
D)Testing a Solution
E)Implementing the Results

Question 32

The condition of improper data yielding misleading results is referred to as

A)garbage in,garbage out.
B)break-even point.
C)uncontrollable variable.
D)postoptimality.
E)None of the above

Question 33

Which of the following terms is interchangeable with quantitative analysis?

A)management science
B)economics
C)financial analysis
D)statistics
E)None of the above

Question 34

A(n)________ is a representation of reality or a real-life situation.

A)objective
B)model
C)analysis
D)algorithm
E)None of the above

Question 35

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

Question 36

Operations Research is known as

A)the science of numerical analysis.
B)the science of sensitivity analysis.
C)the science of better.
D)the science of modeling.
E)None of the above

Question 37

A measurable quantity that may vary,or is subject to change,and can be controlled is known as a(n)

A)decision variable.
B)algorithm.
C)parameter.
D)solution.
E)None of the above

Question 38

Management support and user involvement are not essential in the successful implementation of quantitative analysis projects.

Question 39

Which of the following techniques involves the use of optimization methods to provide new and better ways to operate based on specific business objectives?

A)descriptive analytics
B)prescriptive analytics
C)predictive analytics
D)quantitative analysis
E)qualitative analysis

Question 40

Which of the following statement(s)are true regarding the advantages of mathematical modeling?

A)Models accurately represent reality.
B)Models can help decision makers formulate problems.
C)Models can save time.
D)Models may be the only way to solve some large and complex problems in a timely manner.
E)All of the above

Question 41

Which of the following is not considered a possible problem in the quantitative analysis approach?

A)validity of the data
B)lack of commitment
C)resistance to change
D)subjective solutions
E)hard-to-understand mathematics

Question 42

If input data are accurate to three significant digits,then the solution results can be accurate to how many significant digits?

A)one
B)two
C)three
D)four
E)six

Question 43

A(n)________ model is one that is accurate and correctly represents the problem or system under investigation.

A)robust
B)valid
C)sensitive
D)optimal
E)feasible

Question 44

Which of the following is a picture,drawing,or chart of reality?

A)scale model
B)physical model
C)mathematical model
D)schematic model
E)abstract model

Question 45

All of the following are real computer applications that perform quantitative analysis except

A)Solver in Excel.
B)Goal Seek in Excel.
C)Excel QM.
D)POM-QM for Windows.
E)QA for Windows.

Question 46

Postoptimality analysis is most closely associated with

A)collecting input data.
B)developing a model.
C)sensitivity analysis.
D)writing a computer program.
E)None of the above

Question 47

The break-even point of a simple profit model represents a(n)

A)decision variable.
B)uncontrollable variable.
C)parameter.
D)constant.
E)None of the above

Question 48

As one attempts to develop a model,which of the following problems might she encounter?

A)The problem may not fit a textbook approach.
B)There will be no data available to test the model.
C)Not everyone will understand the problem in the same way.
D)All of the above
E)None of the above

Question 49

The study of the consolidation of historical data to describe how a company has performed in the past is called ________.

Question 50

Which Excel feature is an optimization technique that can maximize or minimize a quantity given a set of limitations or constraints?

A)Optimizer
B)Goal Seek
C)Analysis Tool-Pak
D)Algorithm Builder
E)Solver

Question 51

Quantitative analysis is ________.

Question 52

Identify the steps of the quantitative analysis approach.

Question 53

A controllable variable is also called a

A)parameter.
B)decision variable.
C)mathematical model.
D)measurable quantity.
E)None of the above

Question 54

Evaluating all possible values of a variable in a model is called

A)trial and error.
B)complete enumeration.
C)an algorithm.
D)variablization.
E)None of the above

Question 55

What is the formula for the break-even point of a simple profit model?

A)Fixed Cost / Variable Cost Per Unit
B)(Selling Price Per Unit - Variable Cost Per Unit)/ Fixed Cost
C)Fixed Cost / (Selling Price Per Unit - Variable Cost Per Unit)
D)Fixed Cost / (Variable Cost Per Unit - Selling Price Per Unit)
E)Selling Price Per Unit - (Fixed Cost / Variable Cost Per Unit)

Question 56

The use of techniques to forecast how things will be in the future based on past patterns of data is called ________.

Question 57

The break-even point is an example of a

A)postoptimality model.
B)quantitative analysis model.
C)schematic model.
D)sensitivity analysis model.
E)None of the above

Question 58

What are the three categories of business analytics?

Question 59

Which Excel feature allows the user to specify a target or goal and the variable that is desired to change in order to achieve that goal?

A)Solver
B)Goal Search
C)Target Search
D)Goal Seek
E)Target Seek

Question 60

The use of optimization methods to provide new and better ways to operate based on specific business objectives is called ________.

Question 61

A picture,drawing,or chart of reality is a ________ model

Question 62

The solution process of ________ implies that we look at all possible solutions.

Question 63

________ models do not involve risk or chance.

Question 64

Identify some possible problems in the quantitative analysis approach.

Question 65

A controllable variable is also called a ________ variable.

Question 66

Identify three potential problems with people (two with management and one with the quantitative analysts themselves)that may hinder successful implementation of a quantitative model.

Question 67

________ models are uncertain.

Question 68

In making a decision,both ________ and quantitative factors must be considered.

Question 69

How can an analyst overcome the threats to successful implementation of a quantitative model?

Question 70

Once we have a solution,we should then perform ________ analysis.

Question 71

Inaccurate model input data leads to inaccurate model solutions.This phenomenon is commonly referred to as ________.