Bus312 assignment 1

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Homework 1a

Multiple Choice

Identify the choice that best completes the statement or answers the question.

____ 1. The essence of decision analysis is:

a.	breaking down complex situations into manageable elements.
b.	choosing the best course of action among alternatives.
c.	finding the root cause of why something has gone wrong.
d.	thinking ahead to avoid negative consequences.

____ 2. Why would someone wish to use a spreadsheet model?

a.	To implement a computer model.
b.	Because spreadsheets are convenient.
c.	To analyze decision alternatives.
d.	All the above.

____ 3. Which of the following fields of study is defined in Chapter One as the one that "uses computers, statistics, and mathematics to solve business problems"?

a.	Accounting
b.	Information systems
c.	Management science
d.	Scientific management

____ 4. Which of the following statements is true of using models in problem solving and decision analysis?

a.	It is a fairly new idea.
b.	It is required in order to find good solutions.
c.	It is something everyone has done before.
d.	It is tied to the use of computers.

____ 5. The textbook figure of the problem solving process is an example of a

a.	mental model.
b.	prescriptive model.
c.	graphical model.
d.	visual model.

____ 6. Which of the following is most likely to be used when faced with the decision of how to arrange furniture in a room?

a.	Mathematical model
b.	Mental model
c.	Physical model
d.	Visual model

____ 7. To illustrate how a complex system will be built, an engineer will likely use a

a.	Mathematical model
b.	Mental model
c.	Physical model
d.	Visual model

____ 8. Which of the following is the type of model used throughout this textbook?

a.	Mathematical model
b.	Mental model
c.	Physical model
d.	Visual model

____ 9. In this text we use the term "mathematics" to encompass

i.	familiar elements of math such as algebra.
ii.	logic.

a.	i only
b.	ii only
c.	Both i and ii
d.	Neither i nor ii

____ 10. Variables are termed independent when they satisfy which of the following?

a.	The function value depends upon their values.
b.	The decision maker has no control over them.
c.	The variables have no relationship to one another.
d.	The variable is described as an output of the spreadsheet model.

____ 11. Consider the spreadsheet model shown in the figure. This is a

	A	B	C
1
2
3	Purchase price	$32,500
4	less:
5	Down payment	$ 6,500
6	Trade-in	$ 4,000
7	Amount financed	$22,000
8
9	Term of loan	5 years
10
11	Annual interest rate	11.25%
12
13	Monthly payment	$481.08
14

a.	descriptive model.
b.	predictive model.
c.	prescriptive model.
d.	preventive model.

____ 12. Solutions to which of the following categories of modeling techniques indicate a course of action to the decision maker?

a.	Descriptive models
b.	Predictive models
c.	Prescriptive models
d.	Preventive models

____ 13. In which of the following categories of modeling techniques are the specifications of the relationships between dependent and independent variables unknown or ill-defined?

a.	Descriptive models
b.	Open models
c.	Predictive models
d.	Prescriptive models

____ 14. Which of the following categories of modeling techniques includes simulation?

a.	Descriptive models
b.	Predictive models
c.	Prescriptive models
d.	Scale models

____ 15. To be effective, a modeler must

a.	be an effective presenter of results.
b.	collect the proper input data for the model.
c.	understand how modeling fits into the problem-solving process.
d.	apply the correct modeling technique.

____ 16. There are a variety of problems a manager might face. While presenting and defending your approach, how would you complete this thought: Several different modeling techniques are available to solve managerial decision problems,

a.	the wrong choice of modeling technique is a common source of implementation difficulties.
b.	students should develop a strong preference and expertise in one technique so when faced with problems as managers they can formulate them as a model that can be solved by their favorite technique.
c.	fundamental characteristics of the problem guide the selection of an appropriate modeling technique.
d.	however, most problems faced by managers are fundamentally the same.

____ 17. Which of the following is true of "What if?" analysis?

a.	A well-designed spreadsheet facilitates "What if?" analysis.
b.	It is not very useful when working with non mathematical models.
c.	"What if?" analysis is an efficient optimization technique.
d.	"What if?" analysis is useful in creating a well-defined problem statement.

____ 18. Implementing solutions to problems involves people and change. Which of the following is a suggested approach to effectively implement solutions?

a.	Decision making authority centralized to those who have specialized training in decision making.
b.	Involve anyone affected by the decision in all steps of the problem-solving process.
c.	Making decisions according to majority vote.
d.	More skillful communication of management decisions.

____ 19. Chapter One discussed all of the following except:

a.	how models of decision problems differ in a number of important characteristics.
b.	how spreadsheet modeling and analysis fit into the problem-solving process.
c.	how spreadsheet models of decision problems can be used to analyze the consequences of possible courses of action.
d.	how to implement a problem formulation as a spreadsheet model.

____ 20. The Chapter One case reading discusses the relationship between OR/MS and IS professionals. Which of the following statements is NOT true?

a.	OR/MS analysts need IS professionals' data for their models.
b.	OR/MS analysts need to take many of the IS customers.
c.	The IS professional cannot use OR/MS tools in their applications.
d.	The IS tools can start to recommend solutions using OR/MS skills.

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