MGMT 501 Exam UPDATED
QUESTIONS AND CORRECT ANSWERS
Decision criteria
a) are the choices faced by the decision maker
b) are the problems faced by the decision maker
c) are the ways to evaluate the choices faced by the decision maker
d) must be unique for a problem - CORRECT ANSWER c) are the ways to evaluate the
choices faced by the decision maker
In a multicriteria decision problem
a) it is impossible to select a single decision alternative
b) the decision maker must evaluate each alternative with respect to each criterion
c) successive decisions must be made over time
d) each of the above is true - CORRECT ANSWER b) the decision maker must evaluate each
alternative with respect to each criterion
Identification and definition of a problem
a) cannot be done until alternatives are proposed
b) is the first step of decision making
c) is the final step of problem solving
d) requires consideration of multiple criteria - CORRECT ANSWER b) is the first step of
decision making
Inputs to a quantitative model
a) are a trivial part of the problem solving process
b) are uncertain for a stochastic model
c) are uncontrollable for the decision variables
d) must all be deterministic if the problem is to have a solution - CORRECT ANSWER b) are
uncertain for a stochastic model
Problem definition
,a) includes specific objectives and operating constraints
b) must occur prior to the quantitative analysis process
c) must involve the analyst and the user of the results
d) each of the above is true - CORRECT ANSWER d) each of the above is true
The first step in problem solving is
a) determination of the correct analytical solution procedure
b) definition of decision variables
c) the identification of a difference between the actual and desired state of affairs
d) implementation - CORRECT ANSWER c) the identification of a difference between the
actual and desired state of affairs
Decision alternatives
a) should be identified before decision criteria are established
b) are limited to quantitative solutions
c) are evaluated as a part of the problem definition stage
d) are best generated by brain-storming - CORRECT ANSWER a) should be identified before
decision criteria are established
The quantitative analysis approach requires
a) the manager's prior experience with a similar problem
b) a relatively uncomplicated problem
c) mathematical expressions for the relationships
d) each of the above is true - CORRECT ANSWER c) mathematical expressions for the
relationships
Short-term, unanticipated, and nonrecurring factors in a time series provide the random variability
known as
a) uncertainty
b) the forecast error
c) the residuals
d) the irregular component - CORRECT ANSWER d) the irregular component
, One measure of the accuracy of a forecasting model is the
a) smoothing constant
b) trend component
c) mean absolute deviation
d) seasonal index - CORRECT ANSWER c) mean absolute deviation
The forecasting method that is appropriate when the time series has no significant trend, cyclical, or
seasonal effect is
a) moving averages
b) mean squared error
c) mean average deviation
d) qualitative forecasting methods - CORRECT ANSWER a) moving averages
Linear trend (regression) is calculated as Ft = 28.5 + .75t. The trend projection for period 15 is
a) 11.25
b) 28.5
c) 39.75
d) 44.25 - CORRECT ANSWER c) 39.75
Seasonal components
a) cannot be predicted
b) are regular repeated patterns
c) are long runs of observations above or below the trend line
d) reflect a shift in the series over time - CORRECT ANSWER b) are regular repeated patterns
The trend component is easy to identify by using
a) moving averages
b) exponential smoothing
c) regression analysis
d) the Delphi approach - CORRECT ANSWER c) regression analysis
QUESTIONS AND CORRECT ANSWERS
Decision criteria
a) are the choices faced by the decision maker
b) are the problems faced by the decision maker
c) are the ways to evaluate the choices faced by the decision maker
d) must be unique for a problem - CORRECT ANSWER c) are the ways to evaluate the
choices faced by the decision maker
In a multicriteria decision problem
a) it is impossible to select a single decision alternative
b) the decision maker must evaluate each alternative with respect to each criterion
c) successive decisions must be made over time
d) each of the above is true - CORRECT ANSWER b) the decision maker must evaluate each
alternative with respect to each criterion
Identification and definition of a problem
a) cannot be done until alternatives are proposed
b) is the first step of decision making
c) is the final step of problem solving
d) requires consideration of multiple criteria - CORRECT ANSWER b) is the first step of
decision making
Inputs to a quantitative model
a) are a trivial part of the problem solving process
b) are uncertain for a stochastic model
c) are uncontrollable for the decision variables
d) must all be deterministic if the problem is to have a solution - CORRECT ANSWER b) are
uncertain for a stochastic model
Problem definition
,a) includes specific objectives and operating constraints
b) must occur prior to the quantitative analysis process
c) must involve the analyst and the user of the results
d) each of the above is true - CORRECT ANSWER d) each of the above is true
The first step in problem solving is
a) determination of the correct analytical solution procedure
b) definition of decision variables
c) the identification of a difference between the actual and desired state of affairs
d) implementation - CORRECT ANSWER c) the identification of a difference between the
actual and desired state of affairs
Decision alternatives
a) should be identified before decision criteria are established
b) are limited to quantitative solutions
c) are evaluated as a part of the problem definition stage
d) are best generated by brain-storming - CORRECT ANSWER a) should be identified before
decision criteria are established
The quantitative analysis approach requires
a) the manager's prior experience with a similar problem
b) a relatively uncomplicated problem
c) mathematical expressions for the relationships
d) each of the above is true - CORRECT ANSWER c) mathematical expressions for the
relationships
Short-term, unanticipated, and nonrecurring factors in a time series provide the random variability
known as
a) uncertainty
b) the forecast error
c) the residuals
d) the irregular component - CORRECT ANSWER d) the irregular component
, One measure of the accuracy of a forecasting model is the
a) smoothing constant
b) trend component
c) mean absolute deviation
d) seasonal index - CORRECT ANSWER c) mean absolute deviation
The forecasting method that is appropriate when the time series has no significant trend, cyclical, or
seasonal effect is
a) moving averages
b) mean squared error
c) mean average deviation
d) qualitative forecasting methods - CORRECT ANSWER a) moving averages
Linear trend (regression) is calculated as Ft = 28.5 + .75t. The trend projection for period 15 is
a) 11.25
b) 28.5
c) 39.75
d) 44.25 - CORRECT ANSWER c) 39.75
Seasonal components
a) cannot be predicted
b) are regular repeated patterns
c) are long runs of observations above or below the trend line
d) reflect a shift in the series over time - CORRECT ANSWER b) are regular repeated patterns
The trend component is easy to identify by using
a) moving averages
b) exponential smoothing
c) regression analysis
d) the Delphi approach - CORRECT ANSWER c) regression analysis
