Quantitative Decision Making exaM 1
2025/2026
The body of knowledge involving quantitative approaches to decision making -
Answer-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 - Answer-Problem solving
The first 5 steps of problem solving are the process of __________ - Answer-
decision making
What are the steps of problem solving? - Answer-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
What steps of the decision making process are involved with structuring the
problem? - Answer--define the problem
-identify the alternatives
-determine the criteria
, What steps of the decision making process are involved with analyzing the
problem? - Answer--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 - Answer-Qualitative
Problems in which the objective is to find the best solution with respect to one
criterion - Answer-Single-criterion decision problems
Problems that involve more than one criterion - Answer-Multicriteria decision
problems
You decide to select alternative 3, alternative 3 is the - Answer-decision
What type of analysis consists of:
-analyst will concentrate on the quantitative facts or data associated with the
problem
-analyst will develop mathematical expressions that describe the objectives,
constraints, and other relations that exist in the problem
2025/2026
The body of knowledge involving quantitative approaches to decision making -
Answer-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 - Answer-Problem solving
The first 5 steps of problem solving are the process of __________ - Answer-
decision making
What are the steps of problem solving? - Answer-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
What steps of the decision making process are involved with structuring the
problem? - Answer--define the problem
-identify the alternatives
-determine the criteria
, What steps of the decision making process are involved with analyzing the
problem? - Answer--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 - Answer-Qualitative
Problems in which the objective is to find the best solution with respect to one
criterion - Answer-Single-criterion decision problems
Problems that involve more than one criterion - Answer-Multicriteria decision
problems
You decide to select alternative 3, alternative 3 is the - Answer-decision
What type of analysis consists of:
-analyst will concentrate on the quantitative facts or data associated with the
problem
-analyst will develop mathematical expressions that describe the objectives,
constraints, and other relations that exist in the problem
