Your Results for: "Multiple Choice" Print this page

Site Title: Quantitative Analysis for Management, 11/e

Book Title: Quantitative Analysis for Management, 11/e
Book Author: Render
Location on Site: Chapter 1: Introduction to Quantitative Analysis > Self-
Study Quizzes > Multiple Choice
Date/Time Submitted: June 23, 2014 at 3:49 PM (UTC/GMT)

Summary of Results
30% Correct of 10 Scored items:
3 Correct: 30%
7 Incorrect: 70%
More information about scoring


1.

Which of the following does NOT represent one of the advantages of mathematical modeling?
Your Answer: Models can provide insight and information.

Correct Answer: None of the above

Incorrect.

This is one of the advantages. Refer to list on page 9.

2.

Which of the following is a qualitative factor rather than a quantitative factor?
Your Answer: gross national product

Correct Answer: new legislation

Incorrect. Gross national product is quantifiable.

3.

Postoptimality analysis is most closely associated with
Your Answer: sensitivity analysis.
CORRECT. Sensitivity occurs towards the end of the project.

4.

Excel is an example of
Your Answer: a spreadsheet.
CORRECT.

5.

Which of the following would explain why some people would resist changes in operations based on quantitative
analysis?
Your Answer: It might reduce the power of decision makers.

Correct Answer: all of the above

INCORRECT. This is only one reason.

6.

All of the following are potential roadblocks that arise in the problem definition phase EXCEPT:
Your Answer: solution is outdated.

Correct Answer: validity of the data.

Incorrect.

7.

A controllable variable is also called a
Your Answer: mathematical model.

Correct Answer: decision variable.

Incorrect. Not all models are applicable to all problems - therefore the model is not controllable.

8.

Evaluating all possible values of a variable in a model is called
Your Answer: variablization.

Correct Answer: complete enumeration.

Incorrect. This is a nonsense word.

9.

Most of the models discussed in this book are
Your Answer: mathematical models.
CORRECT.

10.

Once a solution has been implemented, it is usually recommended to
Your Answer: impose it on all managers and departments.

Correct Answer: closely monitor it for any change in environmental factors and assumptions of the initial model.

Incorrect. Quite the contrary, ensure it will be accepted



























Your Results for: "True or False" Print this page
Site Title: Quantitative Analysis for Management, 11/e
Book Title: Quantitative Analysis for Management, 11/e
Book Author: Render
Location on Site: Chapter 1: Introduction to Quantitative Analysis > Self-
Study Quizzes > True or False
Date/Time Submitted: June 23, 2014 at 3:51 PM (UTC/GMT)

Summary of Results
55% Correct of 11 Scored items:
6 Correct: 55%
5 Incorrect: 45%
More information about scoring


1.

Sensitivity analysis helps us estimate the effect of known and unknown errors in our model.
Your Answer: False

Correct Answer: True

Incorrect. Sensitivity analysis helps estimate the impact of changes in parameter values.

2.

In solving a problem, only quantitative factors must be considered.
Your Answer: False
CORRECT.

3.

Unfortunately, quantitative models can be applied only to the solution of relatively simple problems.
Your Answer: True

Correct Answer: False

Incorrect. Models can help solve complex problems.

4.

Data used in the model is referred to as input data.
Your Answer: (blank)

5.

One problem in using a quantitative model is that it may be difficult to collect the appropriate input data.
Your Answer: True
CORRECT.

6.

The first step in the quantitative analysis approach is to develop a model.
Your Answer: False
CORRECT.

7.

The quantitative analysis approach is iterative; e.g., we may, after developing a model, have to return and redefine the
problem.
Your Answer: True
CORRECT.

8.

After analyzing the results of the model, we must test the data.
Your Answer: True

Correct Answer: False

Incorrect. Check the data, then the results.

9.

The quantitative analysis process ends once the solution is implemented.
Your Answer: False
CORRECT.

10.

A model can be used for communication as well as for analysis.
Your Answer: (blank)

11.

What distinguishes quantitative analysis from other techniques is the fact that the models that are used are
mathematical.
Your Answer: True
CORRECT.
































Your Results for: "Fill In The Blanks" Print this page
Site Title: Quantitative Analysis for Management, 11/e
Book Title: Quantitative Analysis for Management, 11/e
Book Author: Render
Location on Site: Chapter 1: Introduction to Quantitative Analysis > Self-
Study Quizzes > Fill In The Blanks
Date/Time Submitted: June 23, 2014 at 3:52 PM (UTC/GMT)

Summary of Results
18% Correct of 11 Scored items:
2 Correct: 18%
9 Incorrect: 82%
More information about scoring


1.

Data used in the model is referred to as _____ data
Your Answer: output
Correct Answer: input
Incorrect.

2.

Quantitative analysis uses a(n) __________ approach to decision making.
Your Answer: qualitative
Correct Answer: scientific
Incorrect. Qualitative factors are included but do not form the basis for the approach.

3.

__________ is a powerful Excel add-in optimization technique that can maximize a quantity given a set of constraints.
Your Answer: Solver
CORRECT.

4.

In quantitative analysis, __________ can be the most important step.
Your Answer: (blank)

5.

Some types of models include: __________, __________, __________, and __________ models.
Your Answer: physiological, intuitive, qualitative, judgmental
Correct Answer: physical, scale, schematic, mathematical
Incorrect.

6.

That improper data can produce misleading results is implied by the statement: __________.
Your Answer: What goes around comes around
Correct Answer: Garbage in, garbage out
Incorrect.

7.

__________ determines how the solutions will change with a different model or different input data.
Your Answer: Sensitivity analysis
CORRECT.

8.

Accuracy of the output is determined by the accuracy of the __________ and the __________.
Your Answer: (blank)

9.

A model can be used to help the decision maker identify which variables and relationships are __________.
Your Answer: linear
Correct Answer: most critical
Incorrect

10.

A _________ model assumes all values in the model are known with complete certainty.
Your Answer: true
Correct Answer: deterministic
Incorrect.

11.

Models that involve chance or risk are called ___________ models.
Your Answer: risky
Correct Answer: probabilistic
Incorrect.

























Your Results for: "Matching" Print this page
Site Title: Quantitative Analysis for Management, 11/e
Book Title: Quantitative Analysis for Management, 11/e
Book Author: Render
Location on Site: Chapter 1: Introduction to Quantitative Analysis > Self-
Study Quizzes > Matching
Date/Time Submitted: June 23, 2014 at 3:53 PM (UTC/GMT)

Summary of Results
7% Correct of 15 Scored items:
1 Correct: 7%
14 Incorrect: 93%
3 total questions in quiz (with 3 questions containing
multiple pairs), for a total of 15 scored items More
information about scoring


1.

Match the following:

Option Your Answer: Correct Answer:
1.1

What is the purpose of sensitivity
analysis?
C. Mathematical A. To help determine how sensitive a
solution is to changes in the
formulation of a problem
1.2

What is a type of model? B. Algorithm C. Mathematical
1.3

Commitment to the status quo. D. Simulation problems E. Problem encountered when
implementing a model.
1.4

What is the name for a set of
logical operations performed in a
specific sequence?
A. To help determine how sensitive a
solution is to changes in the
formulation of a problem
B. Algorithm
1.5

Crystal Ball is used for what type of
model?
E. Problem encountered when
implementing a model.
D. Simulation problems


2.

Match the following:

Option Your Answer: Correct Answer:
2.1

What is the fourth step in
problem solving?
B. Trying various approaches and picking
the one that provides best results
C. Developing a solution
2.2

Schematic models A. Probabilistic models E. Picture, drawing, or chart of reality
2.3

Models that involve chance
or risk
D. Process of incorporating the solution
into the company
A. Probabilistic models
2.4

What is trial and error? E. Picture, drawing, or chart of reality B. Trying various approaches and picking
the one that provides best results
2.5

What is implementing
model results?
C. Developing a solution D. Process of incorporating the solution
into the company


3.

Match the following:

Option Your Answer: Correct Answer:
3.1

What is a model? C. Problem with data
definition/acquisition
A. An artificial representation of reality
3.2

What is quantitative
analysis?
A. An artificial representation of reality B. A logical approach to managerial
decision making
3.3

Conflicting viewpoints
provide what to decision
makers?
B. A logical approach to managerial
decision making
D. Challenge to model builders
3.4

Availability of accounting
data for decision making
D. Challenge to model builders C. Problem with data
definition/acquisition
3.5

Limited understanding of
models
E. Problem encountered when
attempting to secure buy-in for
implementation
E. Problem encountered when
attempting to secure buy-in for
implementation