Management > TEST BANK > Practical Management Science ED.6 by Wayne L. Winston, S. Christian Albright-Test bank| Reviewed/Upd (All)

Practical Management Science ED.6 by Wayne L. Winston, S. Christian Albright-Test bank| Reviewed/Updated for 2021

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The Test bank borrows from the elaborated text book fielding questions specially tailored to the text book topics to equip the student with what questions to expect in the quiz’s tests and exams ... Learn to take full advantage of the power of spreadsheet modeling with PRACTICAL MANAGEMENT SCIENCE, 6E, geared entirely to Excel 2016. This edition uses an active-learning approach and realistic problems with the right amount of theory to ensure you establish a strong foundation. Exercises offer practical, hands-on experience with the methodologies. Examples and problems from finance, marketing, and operations management, and other areas of business illustrate how management science applies to your chosen profession -- and how you can use these skills on the job. . Models that suggest a desirable course of action are called descriptive models a. True b. FalseIn modeling situations where it is not possible to write an equation for an output in terms of the inputs, there may still be a mathematical procedure for calculating outputs from inputs. a. True b. False. In a descriptive model, the manager first wants to build a model that reflects the current situation. a. True b. FalseOne of the advantages of spreadsheet models is that they allow managers to ask what-if questions. a. True b. FalseOne of the arguments that management science practitioners have used to criticize the emphasis on specific models is that they do not provide the correct answer. a. True b. FalseWhich of the following is a type of model that is key to virtually every management science application? a. Heuristic model b. Queuing model c. Mathematical model d. Regression modeWhich of the following is not one of advantages of mathematical models? a. Mathematical models enable managers to understand the problem better b. Mathematical models allow analysts to employ a variety of mathematical solution procedures c. The mathematical modeling process itself, if done correctly, often helps "sell" the solution d. Mathematical models help reduce the cost of obtaining a solution8. Before trusting the answers to what-if scenarios from a spreadsheet model, a manager should attempt to: a. validate the model b. make sure all possible scenarios have been investigated c. check the mathematics in the model d. sense-check the modelOptimization models are useful for determining: a. sensitivity to inputs b. whether the inputs are valid or not c. what the manager should do d. the value of the output under the current conditions. [Show More]

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