Test Bank for An Introduction to Management Science- Quantitative Approach 15th edition by Anderson

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CH 01 - Introduction © Cengage. Testing Powered by Cognero. Page 1 True / False 1. The process of decision making is more limited than that of problem solving. a. True b. False ANSWER: True PO... INTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: IMS.ASWC.19.01.01 - 1.1 NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking TOPICS: 1.1 Problem Solving and Decision Making KEYWORDS: Bloom's: Understand 2. The breakeven point is the point at which the volume of output produced is the result of total revenue equaling total cost. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: IMS.ASWC.19.01.04 - 1.4 NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking TOPICS: 1.4 Models of Cost, Revenue, and Profit KEYWORDS: Bloom's: Understand 3. Problem solving encompasses both the identification of a problem and the action to resolve it. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: IMS.ASWC.19.01.01 - 1.1 NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking TOPICS: 1.1 Problem Solving and Decision Making KEYWORDS: Bloom's: Remember 4. The decision-making process includes implementation and subsequent evaluation of the decision. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: IMS.ASWC.19.01.01 - 1.1 NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking TOPICS: 1.1 Problem Solving and Decision Making CH 01 - Introduction © Cengage. Testing Powered by Cognero. Page 2 KEYWORDS: Bloom's: Understand 5. Most successful quantitative analysis models will advise separating the management analyst from the managerial team until after the problem has been fully structured. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: IMS.ASWC.19.01.03 - 1.3 NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking TOPICS: 1.3 Quantitative Analysis KEYWORDS: Bloom's: Understand 6. The value of making a decision based on models is dependent on how closely the model represents the real situation. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: IMS.ASWC.19.01.03 - 1.3 NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking TOPICS: 1.3 Quantitative Analysis KEYWORDS: Bloom's: Understand 7. Uncontrollable inputs are the decision variables for a model. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: IMS.ASWC.19.01.03 - 1.3 NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking TOPICS: 1.3 Quantitative Analysis KEYWORDS: Bloom's: Remember 8. The feasible solution is the best solution possible for a mathematical model. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: IMS.ASWC.19.01.03 - 1.3 NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking CH 01 - Introduction © Cengage. Testing Powered by Cognero. Page 3 TOPICS: 1.3 Quantitative Analysis KEYWORDS: Bloom's: Understand 9. Frederic W. Taylor is credited with providing the foundation for quantitative methodology in the early part of the 20th century. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: IMS.ASWC.19.01.01 - 1.1 NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking TOPICS: 1.1 Problem Solving and Decision Making KEYWORDS: Bloom's: Remember 10. To identify the choice that provides the highest profit and also uses the fewest employees, we apply a single-criterion decision process. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: IMS.ASWC.19.01.01 - 1.1 NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking TOPICS: 1.1 Problem Solving and Decision Making KEYWORDS: Bloom's: Understand 11. The most critical component in determining the success or failure of any quantitative approach to decision making is problem definition. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: IMS.ASWC.19.01.03 - 1.3 NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking TOPICS: 1.3 Quantitative Analysis KEYWORDS: Bloom's: Remember 12. The first step in the decision-making process is to identify the problem. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy CH 01 - Introduction © Cengage. Testing Powered by Cognero. Page 4 LEARNING OBJECTIVES: IMS.ASWC.19.01.01 - 1.1 NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking TOPICS: 1.1 Problem Solving and Decision Making KEYWORDS: Bloom's: Remember 13. All uncontrollable inputs or data must be specified before we can analyze the model and recommend a decision or solution for the problem. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: IMS.ASWC.19.01.03 - 1.3 NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking TOPICS: 1.3 Quantitative Analysis KEYWORDS: Bloom's: Understand 14. If you are deciding to buy either machine A, B, or C with the objective of minimizing the sum of labor, material and utility costs, you are dealing with a single-criterion decision. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: IMS.ASWC.19.01.01 - 1.1 NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking TOPICS: 1.1 Problem Solving and Decision Making KEYWORDS: Bloom's: Understand 15. Model development should be left to quantitative analysts; the model user's involvement should begin at the implementation stage. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: IMS.ASWC.19.01.01 - 1.1 NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking TOPICS: 1.1 Problem Solving and Decision Making KEYWORDS: Bloom's: Understand [Show More]

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