MAT 540 Quiz bank Test bank Introduction to Management Science, 10e (Taylor) Solve your MAT540 Quizzes with 100% Score-converted-
5 views 0 purchase
Course
MAT 540
Institution
University Of Dhaka
MAT 540 Quiz bank (Test bank)
Solve your MAT/540 Quizzes with 100% Score
All the questions are answered and tested for 100% Accuracy.
If you want to purchase (for $150) follow the link:
540-All
Solution will be downloaded immediately after payment.
Solutions are categorize in 16 chapters, ea...
mat 540 quiz bank test bank solve your mat540 quizzes with 100 score all the questions are answered and tested for 100 accuracy if you want to purchase for 150 follow the link httpstudent
Written for
University Of Dhaka
MAT 540
All documents for this subject (1)
Seller
Follow
essaymaster
Content preview
MAT 540 Quiz bank (Test bank)
Solve your MAT/540 Quizzes with 100% Score
All the questions are answered and tested for 100% Accuracy.
If you want to purchase (for $150) follow the link:
Solution will be downloaded immediately after payment.
Solutions are categorize in 16 chapters, each chapter is a .doc
fomrat.
Email me to get $20 discount by paying direct to my paypal.
ACE your class
Introduction to Management Science, 10e (Taylor)
Chapter 1 Management Science
1) Management science involves the philosophy of approaching a
problem in a subjective manner.
2) Management science techniques can be applied only to business
and military organizations.
3) Once management scientist makes his or her decision and
recommendation to management, then typically, his or her
involvement with the problem is finished.
4) A variable is a value that is usually a coefficient of a parameter
in an equation.
5) Parameters are known, constant values that are usually
coefficients of variables in equations.
6) Data are pieces of information from the problem environment.
,7) A model is a mathematical representation of a problem situation
including variables, parameters, and equations.
8) A management science technique usually applies to a specific
model type.
9) The first step of the management science process is to define the
problem.
10) Management science modeling techniques provide results that
are known with certainty.
11) The term sensitivity analysis refers to testing how a problem
solution reacts to changes in one or more of the model parameters.
12) Fixed costs depend on the number of items produced.
13) Variable costs depend on the number of items produced.
14) Fixed cost is the difference between total cost and total
variable cost.
15) The break-even point is the volume that equates total revenue
with total cost.
16) In general, an increase in price increases the break even point
if all costs are held constant.
17) If variable costs increase, but price and fixed costs are held
constant, the break even point will decrease.
18) Managers utilize spreadsheets to conduct their own analyses in
management science studies.
19) Management science techniques focus primarily on
observation, model construction and implementation to find an
appropriate solution to a problem.
20) Management science modeling techniques focus on model
construction and problem solution.
21) Decision Support Systems (DSS) use computers to help
decision makers address complex problems.
,22) Enterprise Resource Planning (ERP) system is a data oriented
decision support system that utilizes specific management science
solution procedures to solve individual problems such as cost-
volume analysis.
23) A __________ is a symbol used to represent an item that can take
on any value.
24) __________ are known, constant values that are coefficients of
variables in equations.
25) __________ are pieces of information from the problem
environment.
26) A __________ is a functional relationship including variables,
parameters, and equations.
27) Management science techniques include __________ techniques,
models that are represented as diagrams, presenting a pictorial
representation of the system being analyzed.
28) __________ techniques provide results that contain uncertainty,
unlike mathematical programming techniques which are
deterministic.
29) __________ costs are independent of the volume of goods
produced and remain constant.
30) __________ depend on the number of items produced.
31) Total revenue minus total cost equals __________ .
32) The __________ is the volume that equates total revenue with
total cost.
33) A __________ represents a limitation to achieving maximum
profits due to limited resources.
34) A __________ programming technique refers to a predetermined
set of mathematical steps used to solve a problem.
35) A __________ is a computer-based system that helps decision-
makers address complex problems that involve different parts of an
organization and operations.
, 36) The relationship d = 5000 - 25p describes what happens to
demand (d) as price (p) varies. Price can vary between $10 and
$50. How many units can be sold when the price is $10?
37) The supplier of cans for Coors Brewery, Valley Metal Container,
uses a __________ to determine the weekly production schedule for
cans in order to meet brewery demand.
38) A production process requires a fixed cost of $50,000. The
variable cost per unit is $25 and the revenue per unit is projected
to be $45. Write a mathematical expression for total cost.
39) A production process requires a fixed cost of $50,000. The
variable cost per unit is $25 and the revenue per unit is projected
to be $45. Write a mathematical expression for total revenue.
40) A production process requires a fixed cost of $50,000. The
variable cost per unit is $25 and the revenue per unit is projected
to be $45. Write a mathematical expression for total profit.
41) A production process requires a fixed cost of $50,000. The
variable cost per unit is $25 and the revenue per unit is projected
to be $45. Find the break-even point.
42) A production process requires a fixed cost of $50,000 and the
variable cost per unit is $25. The revenue per unit was projected
to be $45 but a recent marketing study shows that because of an
emerging competitor, the revenue will be about 12% lower. How
does this affect the break even point?
43) Administrators at a university will charge students $150 to
attend a seminar. It costs $3000 to reserve a room, hire an
instructor, and bring in the equipment. Assume it costs $25 per
student for the administrators to provide the course materials. How
many students would have to register for the seminar for the
university to break even?
44) Administrators at a university are planning to offer a summer
seminar. It costs $3000 to reserve a room, hire an instructor, and
bring in the equipment. Assume it costs $25 per student for the
administrators to provide the course materials. If we know that 20
people will attend, what price should be charged per person to
break even?
45) Administrators at a university are planning to offer a summer
seminar. It costs $3000 to reserve a room, hire an instructor, and
bring in the equipment. Assume it costs $25 per student for the
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller essaymaster. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $21.49. You're not tied to anything after your purchase.
