ISM 3541 FSU Exam 2 Questions with Verified Solutions Graded A+
Quantitive - Answers Relating to, measuring, or measured by the quantity of something rather
than its quality.
Problem - Answers A matter or situation regarded as unwelcome or harmful and needing to be
dealt with and overcome; an inquiry starting from given conditions to investigate or demonstrate
a fact, result, or law
Solving - Answers Find an answer to, explanation for, or means of effectively dealing with a
problem, mystery, or puzzle
Quantitive Provlem Solving - Answers The act of incorporating structured steps to gather
context and to evolve the context in order to answer a question (e.g. problem).
Solve problems faster and provide goods and services cheaper and better - Answers What have
algorithms allowed businesses to do?
Algorithms - Answers Step by step solution process or methods for solving a problem that we
use on a daily basis. It can be defined as a process or set of rules to be followed in calculations
or other problem-solving operations, especially by a computer. For example, ordering a burger at
a fast food restaurant or booking an airline reservation
Quantitative Methods (business decision modeling), management science (MS), or operations
research (OR) - Answers The study of these algorithms for problem solving is called
Quantitative Business Decision Modeling - Answers The application of a scientific approach to
solving management problems in order to help managers make better decisions
-The idea of decision making
-Managers are those in charge of the decision making
-Managers are making decision on the basis of a scientific approach or set of rules - Answers
List the similarities in the definitions for business decision modeling.
-Management science
-Quantitive analysis
-Operations research
-Operations management - Answers The terms _______, _______, _______, _______ are at times
used interchangeably to describe the discipline for business decision modeling
1. Identification of the problem
2. Definition of the problem
, 3. Modeling of the problem
4. Initial model solutions and feedback
5. Review and iteration
6. Implementation - Answers What are the steps that the business decision modeling process
that is resembling the scientific method for solving problems follows?
Problem Identification - Answers First and most critical step in the business decision modeling
process. A statement of purpose, thesis, or set of goals is generated here.
Problem Defintion - Answers The second step defines the pertinent variables, those variables'
parameters or limits, and any assumptions regarding the real world that apply to the situation at
hand.
Problem Modeling - Answers The third step's models can take on two common forms: either be
a high-level/abstract nature or a more numeric/concrete nature.
Abstract, or High-Level, Models - Answers Examples are flow diagrams and charts or graphs
that physically describe a system or set of components or put structure to the definitions
created in the problem definition section.
Numeric, or Concrete, Models - Answers Used primarily in the early stages of the business
decision modeling process but many times are carried forward, added to, or modified and also
used in the specific modeling stage. Most often the specific models are mathematical in nature.
These models consist of mathematical relationships that integrate the variables, parameters,
and assumptions from the problem definition step into a set of mathematical numbers and
symbols.
Financial Profit - Answers Defined as revenues less costs and is considered a basic financial
model
Initial Model Results - Answers The fourth step that is used to generate an initial solution.
Review and Iteration - Answers The fifth step is where managers must review model situations,
or "do a reality check," on the output. This step is a time for what some call a reality check and it
encompasses the concept of critical thinking.
Implementation - Answers The sixth and last step in the business modeling process which is
often ignored.
-Profits
-Revenues
-Costs
Quantitive - Answers Relating to, measuring, or measured by the quantity of something rather
than its quality.
Problem - Answers A matter or situation regarded as unwelcome or harmful and needing to be
dealt with and overcome; an inquiry starting from given conditions to investigate or demonstrate
a fact, result, or law
Solving - Answers Find an answer to, explanation for, or means of effectively dealing with a
problem, mystery, or puzzle
Quantitive Provlem Solving - Answers The act of incorporating structured steps to gather
context and to evolve the context in order to answer a question (e.g. problem).
Solve problems faster and provide goods and services cheaper and better - Answers What have
algorithms allowed businesses to do?
Algorithms - Answers Step by step solution process or methods for solving a problem that we
use on a daily basis. It can be defined as a process or set of rules to be followed in calculations
or other problem-solving operations, especially by a computer. For example, ordering a burger at
a fast food restaurant or booking an airline reservation
Quantitative Methods (business decision modeling), management science (MS), or operations
research (OR) - Answers The study of these algorithms for problem solving is called
Quantitative Business Decision Modeling - Answers The application of a scientific approach to
solving management problems in order to help managers make better decisions
-The idea of decision making
-Managers are those in charge of the decision making
-Managers are making decision on the basis of a scientific approach or set of rules - Answers
List the similarities in the definitions for business decision modeling.
-Management science
-Quantitive analysis
-Operations research
-Operations management - Answers The terms _______, _______, _______, _______ are at times
used interchangeably to describe the discipline for business decision modeling
1. Identification of the problem
2. Definition of the problem
, 3. Modeling of the problem
4. Initial model solutions and feedback
5. Review and iteration
6. Implementation - Answers What are the steps that the business decision modeling process
that is resembling the scientific method for solving problems follows?
Problem Identification - Answers First and most critical step in the business decision modeling
process. A statement of purpose, thesis, or set of goals is generated here.
Problem Defintion - Answers The second step defines the pertinent variables, those variables'
parameters or limits, and any assumptions regarding the real world that apply to the situation at
hand.
Problem Modeling - Answers The third step's models can take on two common forms: either be
a high-level/abstract nature or a more numeric/concrete nature.
Abstract, or High-Level, Models - Answers Examples are flow diagrams and charts or graphs
that physically describe a system or set of components or put structure to the definitions
created in the problem definition section.
Numeric, or Concrete, Models - Answers Used primarily in the early stages of the business
decision modeling process but many times are carried forward, added to, or modified and also
used in the specific modeling stage. Most often the specific models are mathematical in nature.
These models consist of mathematical relationships that integrate the variables, parameters,
and assumptions from the problem definition step into a set of mathematical numbers and
symbols.
Financial Profit - Answers Defined as revenues less costs and is considered a basic financial
model
Initial Model Results - Answers The fourth step that is used to generate an initial solution.
Review and Iteration - Answers The fifth step is where managers must review model situations,
or "do a reality check," on the output. This step is a time for what some call a reality check and it
encompasses the concept of critical thinking.
Implementation - Answers The sixth and last step in the business modeling process which is
often ignored.
-Profits
-Revenues
-Costs
