TEST BANK FOR ts ts
Quantitative Analysis for Management, 14th edition Render ts ts ts ts ts ts
Chapter 1-15 ts
Chapter 1 Introduction to Quantitative Analysis
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1.1 t s t s True/False
1) Interviews, statistical sampling, and company reports provide input data for quantitative
ts ts ts ts ts ts ts ts ts ts
analysis models.
ts ts
Answer: TRUE t s
Diff: Moderate
ts t s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
2) In the early 1900s, Frederick Winslow Taylor pioneered the principles of the scientific approach to
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management.
ts
Answer: TRUE t s
Diff: Moderate
ts t s t s
Topic: WHAT IS QUANTITATIVE ANALYSIS?
t s t s ts ts ts
LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a real
t s ts ts ts ts ts ts ts ts ts ts ts ts ts ts
situation.
ts
AACSB: Analytical thinking t s ts
Classification: Concept
ts t s
3) Managers do not need to be familiar with the limitations, assumptions, and/or specific
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applicability of the quantitative analysis technique to use it for accurate decision making.
ts ts ts ts ts ts ts ts ts ts ts ts ts
Answer: FALSE
ts t s
Diff: Moderate t s t s
Topic: INTRODUCTION t s t s
LO: 1.6: Recognize possible problems in using quantitative analysis.
t s ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
4) During World War II, many new scientific and quantitative techniques were developed to assist the
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military, and these developments were so successful that many companies started using similar
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techniques in managerial decision making and planning after the war.
ts ts ts ts ts ts ts ts ts ts
Answer: TRUE t s
Diff: Moderate
ts t s t s
Topic: WHAT IS QUANTITATIVE ANALYSIS?
t s t s ts ts ts
LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a real
t s ts ts ts ts ts ts ts ts ts ts ts ts ts ts
situation.
ts
AACSB: Analytical thinking t s ts
Classification: Concept
ts t s
1
Copyright © 2024 Pearson Education, Inc.
ts ts ts ts ts
,5) The study of Business Analytics involves the use of large datasets known as big data.
ts ts ts ts ts ts ts ts ts ts ts ts ts ts
Answer: TRUE
ts t s
Diff: Moderatet s t s
Topic: BUSINESS ANALYTICSt s t s ts
LO: 1.2: Describe the three categories of business analytics.
t s ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
6) Predictive Analytics is aimed at forecasting future outcomes based on patterns in the past data.
ts ts ts ts ts ts ts ts ts ts ts ts ts ts
Answer: TRUE
ts t s
Diff: Moderatet s t s
Topic: BUSINESS ANALYTICSt s t s ts
LO: 1.2: Describe the three categories of business analytics.
t s ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
7) When a problem is difficult to quantify, it may be necessary to develop unspecific objectives.
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Answer: FALSE
ts t s
Diff: Moderatet s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
8) The Quantitative Analysis Approach consists of six steps.
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Answer: FALSE
ts t s
Diff: Moderatet s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
9) A schematic model is a picture, drawing, or chart of reality.
ts ts ts ts ts ts ts ts ts ts
Answer: TRUE
ts t s
Diff: Moderatet s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
10) Decision variables may also be called parameters. ts ts ts ts ts ts
Answer: FALSE
ts t s
Diff: Moderatet s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
2
Copyright © 2024 Pearson Education, Inc.
ts ts ts ts ts
,11) Model variables can be controllable or uncontrollable.
ts ts ts ts ts ts
Answer: TRUE
ts t s
Diff: Moderate
t s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
12) A series of steps or procedures that are repeated is known as an algorithm.
ts ts ts ts ts ts ts ts ts ts ts ts ts
Answer: TRUE
ts t s
Diff: Moderate
t s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
13) A model is a representation of a situation.
ts ts ts ts ts ts ts
Answer: TRUE
ts t s
Diff: Moderate
t s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
14) A parameter is a measurable quantity that may vary or is subject to change.
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Answer: FALSE
ts t s
Diff: Moderate
t s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
15) Trying various approaches and picking the one resulting in the best decision is called
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incomplete enumeration.
ts ts
Answer: FALSE t s
Diff: Moderate
ts t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
3
Copyright © 2024 Pearson Education, Inc.
ts ts ts ts ts
, 16) All problems can be solved by considering only the quantitative issues.
ts ts ts ts ts ts ts ts ts ts
Answer: FALSE
ts t s
Diff: Easy
t s t s
Topic: WHAT IS QUANTITATIVE ANALYSIS?
t s t s ts ts ts
LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a real
t s ts ts ts ts ts ts ts ts ts ts ts ts ts ts
situation.
ts
AACSB: Analytical thinking t s ts
Classification: Concept
ts t s
17) A profit equation is an example of a schematic model.
ts ts ts ts ts ts ts ts ts
Answer: FALSE
ts t s
Diff: Moderate
t s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
18) Testing the data and model should be done before the results have been analyzed.
ts ts ts ts ts ts ts ts ts ts ts ts ts
Answer: TRUE
ts t s
Diff: Easy
t s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
19) Sensitivity analysis helps us estimate the effect of known and unknown errors in our model.
ts ts ts ts ts ts ts ts ts ts ts ts ts ts
Answer: TRUE
ts t s
Diff: Moderate
t s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
20) Models can help us analyze a problem and sell a decision to those who must implement it.
ts ts ts ts ts ts ts ts ts ts ts ts ts ts ts ts
Answer: TRUE
ts t s
Diff: Easy
t s t s
Topic: HOW TO DEVELOP A QUANTITATIVE ANALYSIS MODEL
t s t s ts ts ts ts ts ts
LO: 1.4: Prepare a quantitative analysis model.
t s ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
4
Copyright © 2024 Pearson Education, Inc. ts ts ts ts ts
Quantitative Analysis for Management, 14th edition Render ts ts ts ts ts ts
Chapter 1-15 ts
Chapter 1 Introduction to Quantitative Analysis
ts ts ts ts
1.1 t s t s True/False
1) Interviews, statistical sampling, and company reports provide input data for quantitative
ts ts ts ts ts ts ts ts ts ts
analysis models.
ts ts
Answer: TRUE t s
Diff: Moderate
ts t s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
2) In the early 1900s, Frederick Winslow Taylor pioneered the principles of the scientific approach to
ts ts ts ts ts ts ts ts ts ts ts ts ts ts
management.
ts
Answer: TRUE t s
Diff: Moderate
ts t s t s
Topic: WHAT IS QUANTITATIVE ANALYSIS?
t s t s ts ts ts
LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a real
t s ts ts ts ts ts ts ts ts ts ts ts ts ts ts
situation.
ts
AACSB: Analytical thinking t s ts
Classification: Concept
ts t s
3) Managers do not need to be familiar with the limitations, assumptions, and/or specific
ts ts ts ts ts ts ts ts ts ts ts ts
applicability of the quantitative analysis technique to use it for accurate decision making.
ts ts ts ts ts ts ts ts ts ts ts ts ts
Answer: FALSE
ts t s
Diff: Moderate t s t s
Topic: INTRODUCTION t s t s
LO: 1.6: Recognize possible problems in using quantitative analysis.
t s ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
4) During World War II, many new scientific and quantitative techniques were developed to assist the
ts ts ts ts ts ts ts ts ts ts ts ts ts ts
military, and these developments were so successful that many companies started using similar
ts ts ts ts ts ts ts ts ts ts ts ts ts
techniques in managerial decision making and planning after the war.
ts ts ts ts ts ts ts ts ts ts
Answer: TRUE t s
Diff: Moderate
ts t s t s
Topic: WHAT IS QUANTITATIVE ANALYSIS?
t s t s ts ts ts
LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a real
t s ts ts ts ts ts ts ts ts ts ts ts ts ts ts
situation.
ts
AACSB: Analytical thinking t s ts
Classification: Concept
ts t s
1
Copyright © 2024 Pearson Education, Inc.
ts ts ts ts ts
,5) The study of Business Analytics involves the use of large datasets known as big data.
ts ts ts ts ts ts ts ts ts ts ts ts ts ts
Answer: TRUE
ts t s
Diff: Moderatet s t s
Topic: BUSINESS ANALYTICSt s t s ts
LO: 1.2: Describe the three categories of business analytics.
t s ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
6) Predictive Analytics is aimed at forecasting future outcomes based on patterns in the past data.
ts ts ts ts ts ts ts ts ts ts ts ts ts ts
Answer: TRUE
ts t s
Diff: Moderatet s t s
Topic: BUSINESS ANALYTICSt s t s ts
LO: 1.2: Describe the three categories of business analytics.
t s ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
7) When a problem is difficult to quantify, it may be necessary to develop unspecific objectives.
ts ts ts ts ts ts ts ts ts ts ts ts ts ts
Answer: FALSE
ts t s
Diff: Moderatet s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
8) The Quantitative Analysis Approach consists of six steps.
ts ts ts ts ts ts ts
Answer: FALSE
ts t s
Diff: Moderatet s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
9) A schematic model is a picture, drawing, or chart of reality.
ts ts ts ts ts ts ts ts ts ts
Answer: TRUE
ts t s
Diff: Moderatet s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
10) Decision variables may also be called parameters. ts ts ts ts ts ts
Answer: FALSE
ts t s
Diff: Moderatet s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
2
Copyright © 2024 Pearson Education, Inc.
ts ts ts ts ts
,11) Model variables can be controllable or uncontrollable.
ts ts ts ts ts ts
Answer: TRUE
ts t s
Diff: Moderate
t s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
12) A series of steps or procedures that are repeated is known as an algorithm.
ts ts ts ts ts ts ts ts ts ts ts ts ts
Answer: TRUE
ts t s
Diff: Moderate
t s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
13) A model is a representation of a situation.
ts ts ts ts ts ts ts
Answer: TRUE
ts t s
Diff: Moderate
t s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
14) A parameter is a measurable quantity that may vary or is subject to change.
ts ts ts ts ts ts ts ts ts ts ts ts ts
Answer: FALSE
ts t s
Diff: Moderate
t s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
15) Trying various approaches and picking the one resulting in the best decision is called
ts ts ts ts ts ts ts ts ts ts ts ts ts
incomplete enumeration.
ts ts
Answer: FALSE t s
Diff: Moderate
ts t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
3
Copyright © 2024 Pearson Education, Inc.
ts ts ts ts ts
, 16) All problems can be solved by considering only the quantitative issues.
ts ts ts ts ts ts ts ts ts ts
Answer: FALSE
ts t s
Diff: Easy
t s t s
Topic: WHAT IS QUANTITATIVE ANALYSIS?
t s t s ts ts ts
LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a real
t s ts ts ts ts ts ts ts ts ts ts ts ts ts ts
situation.
ts
AACSB: Analytical thinking t s ts
Classification: Concept
ts t s
17) A profit equation is an example of a schematic model.
ts ts ts ts ts ts ts ts ts
Answer: FALSE
ts t s
Diff: Moderate
t s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
18) Testing the data and model should be done before the results have been analyzed.
ts ts ts ts ts ts ts ts ts ts ts ts ts
Answer: TRUE
ts t s
Diff: Easy
t s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
19) Sensitivity analysis helps us estimate the effect of known and unknown errors in our model.
ts ts ts ts ts ts ts ts ts ts ts ts ts ts
Answer: TRUE
ts t s
Diff: Moderate
t s t s
Topic: THE QUANTITATIVE ANALYSIS APPROACH
t s t s ts ts ts
LO: 1.3: Describe the use of modeling in quantitative analysis.
t s ts ts ts ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
20) Models can help us analyze a problem and sell a decision to those who must implement it.
ts ts ts ts ts ts ts ts ts ts ts ts ts ts ts ts
Answer: TRUE
ts t s
Diff: Easy
t s t s
Topic: HOW TO DEVELOP A QUANTITATIVE ANALYSIS MODEL
t s t s ts ts ts ts ts ts
LO: 1.4: Prepare a quantitative analysis model.
t s ts ts ts ts ts
AACSB: Analytical thinking
ts t s ts
Classification: Concept t s t s
4
Copyright © 2024 Pearson Education, Inc. ts ts ts ts ts
