Introduction To Management Science A Modeling 6e T
Introduction to Management Science A Modeling 6e T
Exam (elaborations)
Introduction to Management Science A Modeling 6e TB
5 views 0 purchase
Course
Introduction to Management Science A Modeling 6e T
Institution
Introduction To Management Science A Modeling 6e T
Intro to Management Science: Modeling and Case Studies, 6e (Hillier)
Chapter 1 Introduction
1) Managers need to know the mathematical theory behind the techniques of management science
so that they can lead management science teams.
2) Management scientists use mathematical techniques to make ...
introduction to management science a modeling 6e t
Written for
Introduction to Management Science A Modeling 6e T
All documents for this subject (6)
Seller
Follow
Nursingsite
Content preview
,Intro to Management Science: Modeling and Case Studies, 6e (Hillier)
Chapter 1 Introduction
1) Managers need to know the mathematical theory behind the techniques of management science
so that they can lead management science teams.
2) Management scientists use mathematical techniques to make decisions, which are then
implemented by managers.
3) Spreadsheets allow many managers to conduct their own analyses in management science
studies.
4) Managers must rely on management science experts to create and understand managerial
problems.
5) Management science is a discipline that attempts to aid managerial decision making by applying
a scientific approach to managerial problems that involve quantitative factors.
6) The discovery of the simplex method in 1947 was the beginning of management science as a
discipline.
7) The rapid growth of computing capability and power has led to a corresponding rapid growth of
the management science discipline.
8) Managers make decisions based solely on the quantitative factors involved in the problem.
9) A management science team will try to conduct a systematic investigation of a problem that
includes careful data gathering, developing and testing hypotheses, and then applying sound logic
in the analysis.
10) The mathematical model of a business problem is the system of equations and related
mathematical expressions that describes the essence of the problem.
11) A mathematical model of a business problem allows a manager to evaluate both quantitative
and qualitative aspects of the problem.
12) Once management makes its decisions, the management science team typically is finished
with its involvement in the problem.
13) A cost that varies with the production volume would be a fixed cost.
14) A cost that varies with the production volume would be a variable cost.
15) A cost that does not vary with the production volume would be a fixed cost.
16) A cost that does not vary with the production volume would be a variable cost.
,17) At the break-even point, management is indifferent between producing a product and not
producing it.
18) The best way to solve a break-even problem with a spreadsheet model is to try different
production quantities until the quantity that leads to profits of zero is found.
19) A constraint is an algebraic variable that represents a quantifiable decision to be made.
20) A decision variable is an algebraic variable that represents a quantifiable decision to be made.
21) A parameter in a model is a variable that represents a decision to be made.
22) The objective function for a model is a mathematical expression of the measure of
performance for the problem in terms of the decision variables.
23) Sensitivity analysis is used to check the effect of changes in the model.
24) Investigating the potential outcomes when estimates turn out to be incorrect is known as
"what-if analysis."
25) "What-if analysis" is a process used to generate estimates for use in mathematical models.
26) Enlightened future managers should know which of the following?
A) The power and relevance of management science.
B) When management science can and cannot be applied.
C) How to apply the major techniques of management science.
D) How to interpret the results of a management science study.
E) All of the answer choices are correct.
27) The rapid development of the management science discipline can be credited in part to:
A) World War I.
B) George Dantzig.
C) the computer revolution.
D) George Dantzig and the computer revolution.
E) World War I, George Dantzig, and the computer revolution.
28) Managers may base their decisions on which of the following?
A) Quantitative factors.
B) Their best judgment.
C) Opinions from other managers.
D) Past experience.
E) All of the answer choices are correct.
, 29) Management science is based strongly on which of the following fields?
A) Mathematics.
B) Computer science.
C) Business administration.
D) Mathematics and computer science only.
E) All of the answer choices are correct.
30) Which of the following are components of a mathematical model for decision making?
A) Decision variables.
B) An objective function.
C) Constraints.
D) Parameters.
E) All of the answer choices are correct.
31) Which of the following are steps in a typical management science study?
A) Define the problem and gather data.
B) Formulate a model to represent the problem.
C) Test the model and refine it as needed.
D) Help to implement the recommendations.
E) All of the answer choices are correct.
32) Which of the following is a mathematical expression that gives the measure of performance for
the problem?
A) Decision variable.
B) Parameter.
C) Objective function.
D) Constraint.
E) None of the answer choices are correct.
33) Which of the following is a constant in a mathematical model?
A) Decision variable.
B) Parameter.
C) Objective function.
D) Constraint.
E) None of the answer choices are correct.
34) Which of the following is an inequality or equation that expresses a restriction in a
mathematical model?
A) Decision variable.
B) Parameter.
C) Objective function.
D) Constraint.
E) None of the answer choices are correct.
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 Nursingsite. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $35.49. You're not tied to anything after your purchase.
