FACULTY OF BUSINESS TYR CAMPUS GRADE:___ /100

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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. ( ! pts " 1) Decision situations are often classified on the basis of what the decision maker knows about the forecasted results. Which of the following is one of the categories? A) Indecision B) Firmness C) Ambiguit D) Certaint !) Which of the following is a ke element in most D"" and a necessit in a model#based D""? A) Anal tical model B) Database C) Business intelligence D) $odeling %) Decision making that in&ol&es too much information ma lead to a condition known as '''''''. A) information o&erload B) o&er assum(tion C) grou(think D) e)(erimentation *) Which of the following calculates the &alues of the in(uts necessar to achie&e a desired le&el of an out(ut? A) +rial#and#error B) Decision anal sis C) ,oal seeking anal sis D) "ensiti&it anal sis -) .#commerce has created an immense need for '''''''' and an abundance of a&ailable information for (erforming it. A) auction models B) /ueuing C) forecasting D) nonlinear (rogramming 0) +he four com(onents in a decision su((ort mathematical model are linked together b the '''''''' relationshi(s1 such as e/uations. A) data integration B) anal tical C) cause#and#effect D) mathematical 2) '''''''' is a t (e of model that is used to find a good enough solution1 or the best solution among alternati&es1 using e)(erimentation. A) 3euristics B) Deterministic C) 4redicti&e D) "imulation 5) +he identification of organi6ational goals and ob7ecti&es related to an issue of concern and determination of whether the are being met is the beginning of the '''''''' of decision making. A) initial (hase B) brainstorming (hase C) generation (hase D) intelligence (hase 8) Which of the following in&ol&es finding or de&elo(ing and anal 6ing (ossible courses of action in a decision making (hase?

A) Design (hase B) Communication (hase C) Intelligence (hase D) Consultation (hase 19) A model builder makes (redictions and assum(tions regarding the in(ut data1 man of which deal with the assessment of uncertain futures. Which of the following attem(ts to assess the im(act of a change in the in(ut data or (arameters on the (ro(osed solution? A) ,oal (rogramming B) "ensiti&it anal sis C) Decision anal sis D) $athematical relationshi(s

Answer the following Questions

1. Define efficiency1 define effectiveness1 and com(are and contrast the two b using e)am(les. (10 pts) 2. :ou are about to sell our car. (10 pts) a) What (rinci(les of choice are ou most likel to use in deciding whether to offer or re7ect offers? Wh ? b) ;sing four#(hase model1 describe our acti&ities at each ste(. 3. <ist some internal data and e)ternal data that could be found in a D"" for a uni&ersit =s admissions office. (5 pts) *. .agle Airlines has e)(ansion (lan. Currentl !#$ of flights are scheduled and !#$ are chartered. a) A new "eneca air(lane costs %!###&'####U(). b) It has seats for ! (assengers. >(erating cost is *+! (er hour. Annual fi)ed cost is *#### including insurances and finance charges. c) +he com(an needs to borrow +#$ of the mone with '.!$ interest rate. d) +he com(an ma be able to charge ,##&,!#- (er hour for charter or ##- (er (erson for scheduled flights. "cheduled flights on a&erage are half full. Com(an ho(es that the air(lane fl ### hour (er ear but %## is more realistic. Other options. In&est in Bank with %$ ?ent air(lane with *!##&+###-

Mo/elin0 the problem. We ha&e , alternati&es@ 4urchasing the air(lane ?enting the air(lane

 In&esting in a bank Draw decision tree for this s stem and calculate .)(ected $onetar Aalue. (25 pts )

8. "elect one of the district=s elementar 1 middle1 or high schools and describe the data a&ailable on that (articular school. What kinds of decisions do these data su((ort? 3ow do these data hel( school officials im(ro&e educational (erformance? (15 pts )

Part B: Case (tu/1.

Consider a factor which (roduces cars. +he manager of the factor 1 (robabl a business or I.B>? graduate1 ma need to make some large#scale decisions about ordering (arts1 hiringBfiring em(lo ees1 finding new su((liers1 or making changes to the (roduction (rocess. <et us focus on a (roduction (rocess D"" a((lication. +he manager ma be deciding where to (lace a new (iece of e/ui(ment or how to add a new (roduct (art to the (roduction se/uence. With the use of some basic simulation and anal sis tools1 one could de&elo( a D"" which allows the manager to enter the (arameters to describe a (ossible scenario and see how it would affect (roduction. +he manager ma not want to know the details of the models used1 but rather what would be the affect on cost and (roduction time and /uantit if a s(ecific change was made. Discuss how a D"" could be used to aid in the car (roduction industr . (20 pts)