Test Bank for Quantitative Analysis for Management, 14th Edition by Barry Render, Ralph Stair Jr, Michael Hanna
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Course
Quantitative Analysis For Management
Institution
Quantitative Analysis For Management
Test Bank for Quantitative Analysis for Management, 14th Edition by Barry Render, Ralph Stair Jr, Michael Hanna. Introduction to Quantitative Analysis Probability Concepts and Applications Decision Analysis Regression Models Forecasting Inventory Control Models Linear Programming Models: Graphical ...
Test Bank for
Quantitative Analysis for Management, 14th edition Render
Chapter 1-15
Chapter 1 Introduction to Quantitative Analysis
M
1.1 True/False
ED
1) Interviews, statistical sampling, and company reports provide input data for quantitative
analysis models.
Answer: TRUE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
C
AACSB: Analytical thinking
Classification: Concept
O
2) In the early 1900s, Frederick Winslow Taylor pioneered the principles of the scientific approach
to management.
Answer: TRUE
N
Diff: Moderate
Topic: WHAT IS QUANTITATIVE ANALYSIS?
LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a real
N
situation.
AACSB: Analytical thinking
Classification: Concept
O
3) 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.
IS
Answer: FALSE
Diff: Moderate
Topic: INTRODUCTION
LO: 1.6: Recognize possible problems in using quantitative analysis.
SE
AACSB: Analytical thinking
Classification: Concept
, 5) The study of Business Analytics involves the use of large datasets known as big data.
Answer: TRUE
Diff: Moderate
Topic: BUSINESS ANALYTICS
LO: 1.2: Describe the three categories of business analytics.
M
AACSB: Analytical thinking
Classification: Concept
6) Predictive Analytics is aimed at forecasting future outcomes based on patterns in the past data.
ED
Answer: TRUE
Diff: Moderate
Topic: BUSINESS ANALYTICS
LO: 1.2: Describe the three categories of business analytics.
AACSB: Analytical thinking
Classification: Concept
C
7) When a problem is difficult to quantify, it may be necessary to develop unspecific objectives.
O
Answer: FALSE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
N
AACSB: Analytical thinking
Classification: Concept
N
8) The Quantitative Analysis Approach consists of six steps.
Answer: FALSE
Diff: Moderate
O
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
IS
Classification: Concept
, 11) Model variables can be controllable or uncontrollable.
Answer: TRUE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
M
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept
ED
12) A series of steps or procedures that are repeated is known as an algorithm.
Answer: TRUE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
C
Classification: Concept
O
13) A model is a representation of a situation.
Answer: TRUE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
N
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept
N
14) A parameter is a measurable quantity that may vary or is subject to change.
Answer: FALSE
O
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
IS
AACSB: Analytical thinking
Classification: Concept
15) Trying various approaches and picking the one resulting in the best decision is called
SE
incomplete enumeration.
Answer: FALSE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
U
AACSB: Analytical thinking
Classification: Concept
R
, 16) All problems can be solved by considering only the quantitative issues.
Answer: FALSE
Diff: Easy
Topic: WHAT IS QUANTITATIVE ANALYSIS?
LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a real
M
situation.
AACSB: Analytical thinking
Classification: Concept
ED
17) A profit equation is an example of a schematic model.
Answer: FALSE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
C
Classification: Concept
O
18) Testing the data and model should be done before the results have been analyzed.
Answer: TRUE
Diff: Easy
Topic: THE QUANTITATIVE ANALYSIS APPROACH
N
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept
N
19) Sensitivity analysis helps us estimate the effect of known and unknown errors in our model.
Answer: TRUE
O
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
IS
AACSB: Analytical thinking
Classification: Concept
20) Models can help us analyze a problem and sell a decision to those who must implement it.
SE
Answer: TRUE
Diff: Easy
Topic: HOW TO DEVELOP A QUANTITATIVE ANALYSIS MODEL
LO: 1.4: Prepare a quantitative analysis model.
AACSB: Analytical thinking
U
Classification: Concept
R
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