Question 1

Which Excel data analysis tool returns the p-value for the F-test?
A)Descriptive Statistics.
B)Regression.
C)Exponential Smoothing.
D)ANOVA.

Accepted Answer

The answer of Which Excel data analysis tool returns the...

Question 2

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.

Accepted Answer

Operating personnel should be consulted during the problem definition stage so that they can provide insight into the feasibility and practicality of potential solutions. This allows for a more realistic and effective approach to solving the problem.

Question 3

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.

Accepted Answer

The answer of Profit maximization will yield the same result...

Question 4

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.

Accepted Answer

Shadow prices are not constraints in the mathematical model, but rather a result of solving the model with linear programming techniques. The constraints in the model are the equations and inequalities that define the relationships among the decision variables and the available resources. Relational operators are used to express these constraints, and the amount and availability of resources are fundamental considerations in setting up the model.

Question 5

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.

Accepted Answer

The answer of Which step is not part of the...

Question 6

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?

Accepted Answer

The answer of Erlang's pioneering work in queuing theory emerged...

Question 7

Management science applications do not include:
A)simulation.
B)queuing.
C)decision analysis.
D)internet programming.

Accepted Answer

Management science applications deal with mathematical and quantitative methods to improve decision-making, planning, and operations in various fields. Internet programming is not a part of management science applications as it involves the development of software applications and web technologies.

Question 8

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."

Accepted Answer

If an executive says "this doesn't make sense to me," it suggests that they do not understand or agree with the management science solution. This could be an indication that the model is invalid or needs further explanation to be accepted. The other options may not necessarily suggest that the model is invalid.

Question 9

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?

Accepted Answer

The answer of How should a management science analyst proceed...

Question 10

Variable constraints may not include: A)non-negativity constraints. B)boundary (upper or lower) constraints. C)integer constraints. D)resource constraints.

Accepted Answer

Resource constraints are typically not included as variable constraints, as they pertain to external limitations on the problem rather than the variables themselves. Non-negativity, boundary, and integer constraints are all common types of variable constraints.

Question 11

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.

Accepted Answer

Algorithms are used in both heuristics and optimization in management science problems. They provide a structured approach to problem-solving and can help in finding an optimal or near-optimal solution. While they can be complex, they are still commonly used in various fields of management science.

Question 12

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

Accepted Answer

The answer of What is the purpose of model shells...

Question 13

"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.

Accepted Answer

The answer of "Let X = the number of 750...

Question 14

A "model shell" contains:
A)actual data.
B)generic symbols.
C)both actual data and generic symbols.
D)neither actual data nor generic symbols.

Accepted Answer

A model shell contains generic symbols that represent the data, not the actual data itself. This allows for the creation and testing of models without revealing confidential data.

Question 15

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."

Accepted Answer

The answer of In a business organization, the "80/20" rule...

Question 16

Decision variable definition need not include:
A)specific units of measure.
B)the time frame involved.
C)variable names.
D)integer requirements, if any.

Accepted Answer

The answer of Decision variable definition need not include:
A)specific units...

Question 17

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)

Accepted Answer

NORMINV function in Excel is used to find the value of X such that a given percentage of the probability lies below that value from a normal distribution with a known mean and standard deviation. In this case, the function would be =NORMINV(0.55, 20, 3), which gives the value of X as 21.26 (rounded to two decimal places).

Question 18

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.

Accepted Answer

Giving the right answer to the wrong question is the worst mistake a management science analyst can make. This is because solving the wrong problem can result in wasted time, resources, and ultimately, negative outcomes for the organization. It is important for the analyst to fully understand the problem and ensure that they are addressing the correct issue before proceeding with any analysis or recommendations.

Question 19

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?

Accepted Answer

The answer of Why should the management science analyst anticipate...

Question 20

Which name is most commonly associated with Game Theory?
A)Andrey A.Markov
B)E.K.Erlang
C)Jon von Neuman
D)N.Karmarkar

Accepted Answer

Jon von Neuman is the most commonly associated name with game theory. He is often referred to as the "father of game theory" and made significant contributions to the field with his work on the minimax theorem and the theory of games and economic behavior.

Quiz 1: Introduction to Management Science Models

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

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

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

Constraints in the mathematical model do not include:

Which step is not part of the mathematical modeling process?

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?

Management science applications do not include:

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

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?

Variable constraints may not include:

In management science problems, algorithms are:

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

"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.

A "model shell" contains:

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

Decision variable definition need not include:

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?

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

Which name is most commonly associated with Game Theory?

Quiz 1: Introduction to Management Science Models

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

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

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

Constraints in the mathematical model do not include:

Which step is not part of the mathematical modeling process?

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?

Management science applications do not include:

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

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?

Variable constraints may not include:

In management science problems, algorithms are:

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

"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.

A "model shell" contains:

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

Decision variable definition need not include:

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

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

Which name is most commonly associated with Game Theory?

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?