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BIT 3434 Chapter 1 Exam Questions And Correct Answers
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BIT 3434 Chapter 1 Exam Questions And Correct AnswersComputer model - A set of mathematical relationships and logical assumptions, solved
on a computer
Business analytics- Answer Same as management science
Physical model- Answer A physical representation of an object that has been reduced
in size, is used for testing and evaluation
What is a mathematical model? - Answer It is a model that uses mathematical
relationships to describe or represent an object or decision problem
What is the major benefit of modeling? - Answer Models allow us to gain insight and
understanding about the object or decision problem under investigation
Which is the dependent variable(s) in the following total cost (TC) equation, where "F" is
the fixed cost, "c" is the variable cost per unit and "Q" is the quantity produced?
TC=F+cQ - Answer TC
How many independent variables does the following functional relationship contain?
Y = f(X1, X2, ., Xk ) - Answer k
The following functional relationship is to be modeled in a spreadsheet. How many input
cells would you have?
Y = f(X1, X2, ., Xk ) - Answer k
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