MGMT 501 QUIZZES - EXAM 1 UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. 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
Answer:
c) are the ways to evaluate the choices faced by the decision maker
Question:
2. 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
Answer:
b) the decision maker must evaluate each alternative with respect to each criterion
Question:
3. 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
Answer:
b) is the first step of decision making
Question:
4. 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
Answer:
b) are uncertain for a stochastic model
Question:
5. 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
,Answer:
d) each of the above is true
Question:
6. 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
Answer:
c) the identification of a difference between the actual and desired state of affairs
Question:
7. 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
Answer:
a) should be identified before decision criteria are established
Question:
8. 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
Answer:
c) mathematical expressions for the relationships
Question:
9. 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
Answer:
d) the irregular component
Question:
10. One measure of the accuracy of a forecasting model is the
a) smoothing constant
b) trend component
c) mean absolute deviation
d) seasonal index
, Answer:
c) mean absolute deviation
Question:
11. 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
Answer:
a) moving averages
Question:
12. 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
Answer:
c) 39.75
Question:
13. 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
Answer:
b) are regular repeated patterns
Question:
14. The trend component is easy to identify by using
a) moving averages
b) exponential smoothing
c) regression analysis
d) the Delphi approach
Answer:
c) regression analysis
Question:
15. A qualitative forecasting method that obtains forecasts through "group consensus" is known as the
a) mean absolute deviation
b) Autoregressive model
c) Delphi approach
d) None of these alternatives is correct
QUESTIONS AND CORRECT ANSWERS
Question:
1. 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
Answer:
c) are the ways to evaluate the choices faced by the decision maker
Question:
2. 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
Answer:
b) the decision maker must evaluate each alternative with respect to each criterion
Question:
3. 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
Answer:
b) is the first step of decision making
Question:
4. 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
Answer:
b) are uncertain for a stochastic model
Question:
5. 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
,Answer:
d) each of the above is true
Question:
6. 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
Answer:
c) the identification of a difference between the actual and desired state of affairs
Question:
7. 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
Answer:
a) should be identified before decision criteria are established
Question:
8. 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
Answer:
c) mathematical expressions for the relationships
Question:
9. 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
Answer:
d) the irregular component
Question:
10. One measure of the accuracy of a forecasting model is the
a) smoothing constant
b) trend component
c) mean absolute deviation
d) seasonal index
, Answer:
c) mean absolute deviation
Question:
11. 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
Answer:
a) moving averages
Question:
12. 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
Answer:
c) 39.75
Question:
13. 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
Answer:
b) are regular repeated patterns
Question:
14. The trend component is easy to identify by using
a) moving averages
b) exponential smoothing
c) regression analysis
d) the Delphi approach
Answer:
c) regression analysis
Question:
15. A qualitative forecasting method that obtains forecasts through "group consensus" is known as the
a) mean absolute deviation
b) Autoregressive model
c) Delphi approach
d) None of these alternatives is correct
