Chapter 1 Introduction to Quantitative Analysis Exam Study Guide.

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Chapter 1 Introduction to Quantitative
Analysis Exam Study Guide.


Interviews, statistical sampling, and company reports provide input data for quantitative analysis
models T or F - Answers✔TRUE
In the Early 1900s, Henry Ford pioneered the principles of the scientific approach to
management T or F - Answers✔FALSE
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. T or F -
Answers✔FALSE
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. T or F -
Answers✔TRUE
When a problem is difficult to quantify, it may be necessary to develop unspecific objectives. T
or F - Answers✔FALSE

The Quantitative Analysis Approach consists of six steps. T or F - Answers✔FALSE
A mathematical model shows the relationship between quantifiable and non-quantifiable
information. T or F - Answers✔FALSE

Decision variables may also be called parameters. T or F - Answers✔FALSE

Model variables can be controllable or uncontrollable. T or F - Answers✔TRUE
A series of steps or procedures that are repeated is known as an algorithm. T or F -
Answers✔TRUE

A model is a representation of a situation. T or F - Answers✔TRUE
A parameter is a measurable quantity that may vary or is subject to change. T or F -
Answers✔FALSE



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, ©THEBRIGHT EXAM SOLUTIONS 2024/2025

ALL RIGHTS RESERVED.
Trying various approaches and picking the one resulting in the best decision is called incomplete
enumeration. T or F - Answers✔FALSE
All problems can be solved by considering only the quantitative issues. T or F -
Answers✔FALSE

A profit equation is an example of a schematic model. T or F - Answers✔FALSE
Testing the data and model should be done before the results have been analyzed. T or F -
Answers✔TRUE
Sensitivity analysis helps us estimate the effect of known and unknown errors in our model. T or
F - Answers✔TRUE
Models can help us analyze a problem and sell a decision to those who must implement it. T or F
- Answers✔TRUE
A sensitivity analysis allows a manager to answer the "what if" questions. T or F -
Answers✔TRUE
One problem in using a quantitative model is that the necessary data may be unavailable. T or F -
Answers✔TRUE

What term is interchangeable with quantitative analysis? - Answers✔management science

Operations Research is known as - Answers✔the science of better
Who is credited with pioneering the principles of the scientific approach to management? -
Answers✔Frederick W. Taylor

A(n) ________ is a representation of reality or a real-life situation. - Answers✔model
A measurable quantity that may vary, or is subject to change, and can be controlled is known as
a(n) - Answers✔decision variable
A set of logical and mathematical operations performed in a specific sequence is called a(n) -
Answers✔algorithm
The ability to examine the variability of a solution due to changes in the formulation of a
problem is an important part of the analysis of the results. This type of analysis is called
________ analysis. - Answers✔sensitivity
Which of the following is not one of the steps in the quantitative analysis approach?
A) Defining the Problem
B) Developing a Solution

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