Quantitative Analysis for Management – 14th Edition (Render, Stair, Hanna, Hale) – Complete Test Bank with Answers

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TEST BANK FOR
Quantitative Analysis for Management, 14th edition Render A+ latest edition


Chapter 1-15
Chapter 1 Introduction to Quantitative Analysis

1.1 True /False

1) Interviews, statistical sampling, and company reports provide input data for
quantitative analysis models.

Answer: TRUE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept

2) In the early 1900s, Frederick Winslow Taylor pioneered the principles of the scientific approach
to management.

Answer: TRUE
Diff: Moderate
Topic: WHAT IS QUANTITATIVE ANALYSIS?
LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a real
situation.
AACSB: Analytical thinking
Classification: Concept

3) Managers do not need to be familiar with the limitations, assumptions, and/or specific
applicability of the quantitative analysis technique to use it for accurate decision making.
Answer: FALSE

Diff: Moderate
Topic: INTRODUCTION
LO: 1.6: Recognize possible problems in using quantitative analysis.
AACSB: Analytical thinking
Classification: Concept

4) During World War II, many new scientific and quantitative techniques were developed to assist
the military, and these developments were so successful that many companies started using
similar techniques in managerial decision making and planning after the war.

Answer: TRUE
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Diff: Moderate
Topic: WHAT IS QUANTITATIVE ANALYSIS?
LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a real
situation.
AACSB: Analytical thinking
Classification: Concept




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5) The study of Business Analytics involves the use of large datasets known as big data.
Answer: TRUE

Diff: Moderate
Topic: BUSINESS ANALYTICS
LO: 1.2: Describe the three categories of business analytics.
AACSB: Analytical thinking
Classification: Concept

6) Predictive Analytics is aimed at forecasting future outcomes based on patterns in the past
data. Answer: TRUE

Diff: Moderate
Topic: BUSINESS ANALYTICS
LO: 1.2: Describe the three categories of business analytics.
AACSB: Analytical thinking
Classification: Concept

7) When a problem is difficult to quantify, it may be necessary to develop unspecific
objectives. Answer: FALSE

Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept

8) The Quantitative Analysis Approach consists of six steps.
Answer: FALSE

Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept

9) A schematic model is a picture, drawing, or chart of reality.
Answer: TRUE

Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept

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10) Decision variables may also be called
parameters. Answer: FALSE

Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept

1) A series of steps or procedures that are repeated is known as an
algorithm. Answer: TRUE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept

2) A model is a representation of a
situation. Answer: TRUE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept

3) A parameter is a measurable quantity that may vary or is subject to
change. Answer: FALSE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept

4) Trying various approaches and picking the one resulting in the best decision is called
incomplete enumeration.
Answer: FALSE
Diff: Moderate
Topic: THE QUANTITATIVE ANALYSIS APPROACH
LO: 1.3: Describe the use of modeling in quantitative analysis.
AACSB: Analytical thinking
Classification: Concept




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