Quantitative Decision-Making Exam 1
The body of knowledge involving quantitative approaches to
decision making - Correct Answers ✅Management
Science/Operations Research/Decision Science
The process of identifying a difference between the actual
and the desired state of affairs and then taking action to
resolve the difference - Correct Answers ✅Problem solving
The first 5 steps of problem solving are the process of
__________ - Correct Answers ✅decision making
What are the steps of problem solving? - Correct Answers
✅1. define the problem
2. determine the set of alternative solutions
3. determine the criteria for evaluating alternatives
4. evaluate the alternatives
5. choose an alternative (make a decision)
6. implement the selected alternative
7. evaluate the results
Problems in which the objective is to find the best solution
with respect to one criterion - Correct Answers ✅Single-
criterion decision problems
Problems that involve more than one criterion - Correct
Answers ✅Multicriteria decision problems
, Quantitative Decision-Making Exam 1
You decide to select alternative 3, alternative 3 is the -
Correct Answers ✅decision
What steps of the decision making process are involved with
structuring the problem? - Correct Answers ✅-define the
problem
-identify the alternatives
-determine the criteria
What steps of the decision making process are involved with
analyzing the problem? - Correct Answers ✅-evaluate the
alternatives
-choose an alternative
What type of analysis consists of:
-based largely on the manager's judgment and experience
-includes the manager's intuitive "feel" for the problem
-is more of an art than a science - Correct Answers
✅Qualitative
What type of analysis consists of:
-analyst will concentrate on the quantitative facts or data
associated with the problem
The body of knowledge involving quantitative approaches to
decision making - Correct Answers ✅Management
Science/Operations Research/Decision Science
The process of identifying a difference between the actual
and the desired state of affairs and then taking action to
resolve the difference - Correct Answers ✅Problem solving
The first 5 steps of problem solving are the process of
__________ - Correct Answers ✅decision making
What are the steps of problem solving? - Correct Answers
✅1. define the problem
2. determine the set of alternative solutions
3. determine the criteria for evaluating alternatives
4. evaluate the alternatives
5. choose an alternative (make a decision)
6. implement the selected alternative
7. evaluate the results
Problems in which the objective is to find the best solution
with respect to one criterion - Correct Answers ✅Single-
criterion decision problems
Problems that involve more than one criterion - Correct
Answers ✅Multicriteria decision problems
, Quantitative Decision-Making Exam 1
You decide to select alternative 3, alternative 3 is the -
Correct Answers ✅decision
What steps of the decision making process are involved with
structuring the problem? - Correct Answers ✅-define the
problem
-identify the alternatives
-determine the criteria
What steps of the decision making process are involved with
analyzing the problem? - Correct Answers ✅-evaluate the
alternatives
-choose an alternative
What type of analysis consists of:
-based largely on the manager's judgment and experience
-includes the manager's intuitive "feel" for the problem
-is more of an art than a science - Correct Answers
✅Qualitative
What type of analysis consists of:
-analyst will concentrate on the quantitative facts or data
associated with the problem
