Post-Test

Management Science

 

 

True or False (Please place your answer to the left of the number)

 

1. Decision making and problem solving both involve quantitative methods, but one really has 

nothing do with the other

2. For a manager, constraints are all a part of decision making

3. Uncontrollable factors have about 3 characteristics: 1) they cannot be known exactly; 

2) they can be uncertain; and 3) they often times deal with risk and loss

4. Linear Programming and Inventory Management both deal with prediction

5. Regression Analysis deals with optimization

6. Models are simple representations of real world problems, objects, or situations

7. C(x) = 7x + 0 is a cost function 

8. The first thing for the manager to do when faced with a problem is to first define the 

problem

9. The first thing for the manager to do when faced with a problem is to list all of the

     alternatve solutions 

10. The classic constraints in business and economics are costs and revenue

 

Fill in the Blank

 

11. The equation; (R (x) = 4,500,000－ 5,000,000 + 5 (x) (where x = 1)) represents________

12. The following; $120,000 x represents_________________

13. _____________________________asks two questions: 1) how much and 2) ________ to

     _________________________

14. _________________________ using quantitative_____________________ is what

     management science / quantitative methods is all about

 

Interpretations (very brief answers)

 

15. For the function in 7, how should the manager interpret it?

 

16. For the function C(x) = $70 + 0x, how should the manager interepret it?

 

17. Q* = 75 tons.  How should the inventory manager interpret Q*?

 

18. Interpret the following: ΔRent = $1200 + $300 Δsq. ft. (Δmeans change)

 

Multiple Choice (choose best answer)

 

19. Evaluating and implementing the best alternative is a part of the: 1) problem solving 

     process; 2) does not apply here; 3) the decision making process

 

20. Managers will utilize quantitative methods when: 1) the problem is complex; 2) the

     problem is expensive; 3) the manager is new to the job

 

21. When there are two crucial problems that should be addressed, the manager should:

1) deal with both problems at the same time; 2) deal with the most costly first; 3) deal

with the problem that is the most hazardous (the manager wants to keep people safe); 4) 

the manager will probably will have to create a solution in real time; 5) do nothing      

Answer rating: 100% (QA)

True or False 1 False Decision making and problem solving are interrelated processes Quantitative methods play a significant role in both helping to a... View the full answer