An Introduction to Management Science Quantitative Approaches To Decision Making Test Bank

,CH 01 - Introduction
True / False

1. The process of decision making is more limited than that of problem solving.
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: 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
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,CH 01 - Introduction
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

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, CH 01 - Introduction
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
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