COB 291 UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
COMPREHENSIVE STUDY GUIDE
●● What did George Dantzing create?
Answer: Simplex Method of Linear Programming in 1947
●● Decision Analysis
Answer: Identifying and evaluating the different possible courses of
action that might be chosen to address a decision problem.
●● Computer Model
Answer: A set of mathematical relationships an logical assumptions
implemented in a computer as a representation of some real world object
or phenomenon
●● What is a spreadsheet model?
Answer: type of a computer model where a spreadsheet is used to
implement the model
●● Management Science
Answer: A field of study that uses computers, statistics, and mathematics
to solve business problems
,●● What is management science also known as?
Answer: Operations research
Decision Science
Business Analytics
●● New buzz word for management science
Answer: Business Analytics
●● A good model accurately displays the...
Answer: key properties of the entity it represents
●● Mental Model
Answer: Picture what it looks like in your mind's eye (arranging
furniture)
●● Visual Model
Answer: drawings that illustrate how various parts of a structure fit
together when it is completed (blueprints, road maps)
●● Physical/Scale Models
Answer: Physical representation that actually looks like the object it
represent (areodynamics, buildings)
, ●● Analog Model
Answer: Measures or weighs (speedometer)
●● Symbolic or mathematical model
Answer: Represents the real situation by a system of symbols and
mathematical relationships or expressions (what we'll be studying)
●● Benefits of Modeling
Answer: Economy
Timeliness
Feasibility
Good dec,Bad dec
●● Most mathematical models have
Answer: Decision Variables
Objective Function
Constraints
●● Decision Variables
Answer: Variables over which the decision maker has control
AND CORRECT ANSWERS
COMPREHENSIVE STUDY GUIDE
●● What did George Dantzing create?
Answer: Simplex Method of Linear Programming in 1947
●● Decision Analysis
Answer: Identifying and evaluating the different possible courses of
action that might be chosen to address a decision problem.
●● Computer Model
Answer: A set of mathematical relationships an logical assumptions
implemented in a computer as a representation of some real world object
or phenomenon
●● What is a spreadsheet model?
Answer: type of a computer model where a spreadsheet is used to
implement the model
●● Management Science
Answer: A field of study that uses computers, statistics, and mathematics
to solve business problems
,●● What is management science also known as?
Answer: Operations research
Decision Science
Business Analytics
●● New buzz word for management science
Answer: Business Analytics
●● A good model accurately displays the...
Answer: key properties of the entity it represents
●● Mental Model
Answer: Picture what it looks like in your mind's eye (arranging
furniture)
●● Visual Model
Answer: drawings that illustrate how various parts of a structure fit
together when it is completed (blueprints, road maps)
●● Physical/Scale Models
Answer: Physical representation that actually looks like the object it
represent (areodynamics, buildings)
, ●● Analog Model
Answer: Measures or weighs (speedometer)
●● Symbolic or mathematical model
Answer: Represents the real situation by a system of symbols and
mathematical relationships or expressions (what we'll be studying)
●● Benefits of Modeling
Answer: Economy
Timeliness
Feasibility
Good dec,Bad dec
●● Most mathematical models have
Answer: Decision Variables
Objective Function
Constraints
●● Decision Variables
Answer: Variables over which the decision maker has control
