Your Results for: "True or False"

Quantitative Analysis for

Site Title: Management, 11/e Global Edition

Print this page

Summary of Results
82% Correct of 11 Scored items:
82%

9 Correct:

Quantitative Analysis for

Book Title: Management, 11/e Global Edition

2 Incorrect:

18%

More information about scoring

Render
Book
Author:
Chapter 1: Introduction to
Location on Quantitative Analysis > SelfSite: Study Quizzes > True or False

Date/Time June 6, 2015 at 2:40 PM

Submitted: (UTC/GMT)

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.

In solving a problem, only quantitative factors must be considered.

2.
Your Answer: False

CORRECT.

3.

Unfortunately, quantitative models can be applied only to the solution of

relatively simple problems.

Your Answer: False

CORRECT.

Data used in the model is referred to as input data.

4.
Your Answer: True

CORRECT.

5.

One problem in using a quantitative model is that it may be difficult to

collect the appropriate input data.

Your Answer: True

CORRECT.

The first step in the quantitative analysis approach is to develop a model.

6.
Your Answer: False

CORRECT.

The quantitative analysis approach is iterative; e.g., we may, after

7.

developing a model, have to return and redefine the problem.

Your Answer: True

CORRECT.

After analyzing the results of the model, we must test the data.

8.
Your Answer: False

CORRECT.

The quantitative analysis process ends once the solution is implemented.

9.
Your Answer: True

Correct Answer: False

Incorrect. We need to know whether the solution worked or not.

A model can be used for communication as well as for analysis.

10
.

Your Answer: True

CORRECT.

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"

Quantitative Analysis for
Site Title: Management, 11/e Global Edition

Print this page

Summary of Results
55% Correct of 11 Scored items:
6 Correct:

Quantitative Analysis for

Book Title: Management, 11/e Global Edition

5 Incorrect:

55%
45%

More information about scoring

Render
Book
Author:
Chapter 1: Introduction to
Location on Quantitative Analysis > SelfSite: Study Quizzes > Fill In The
Blanks

Date/Time June 6, 2015 at 2:47 PM

Submitted: (UTC/GMT)

Data used in the model is referred to as _____ data

1.

input
Your Answer:

CORRECT.

Quantitative analysis uses a(n) __________ approach to decision making.

2.

scientific
Your Answer:

CORRECT.

3.

__________ is a powerful Excel add-in optimization technique that can

maximize a quantity given a set of constraints.
Macros
Your Answer:
Solver
Correct Answer:

Incorrect. Macros are used to automate tasks.

In quantitative analysis, __________ can be the most important step.

4.

defining the problem

Your Answer:

CORRECT.

5.

Some types of models include: __________, __________, __________,

and __________ models.
physical, scale, schematic, mathematical
Your Answer:

CORRECT

That improper data can produce misleading results is implied by the

6.

statement: __________.
Sensitivity analysis is necessary
Your Answer:
Garbage in, garbage out
Correct Answer:

Incorrect. Sensitivity analysis is necessary, but we should not use

improper data.

7.

__________ determines how the solutions will change with a different

model or different input data.
Sensitivity analysis
Your Answer:

CORRECT.

8.

Accuracy of the output is determined by the accuracy of the __________

and the __________.
model, input data
Your Answer:

CORRECT.

9.

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

Incorrect.

A _________ model assumes all values in the model are known with
complete certainty.

10
.

probabilistic
Your Answer:
deterministic
Correct Answer:

Incorrect.

Models that involve chance or risk are called ___________ models.

11
.

risky
Your Answer:
probabilistic
Correct Answer:

Incorrect.

Your Results for: "Multiple Choice"

Quantitative Analysis for
Site Title: Management, 11/e Global Edition

Print this page

Summary of Results
40% Correct of 10 Scored items:
4 Correct:

Quantitative Analysis for

Book Title: Management, 11/e Global Edition
Render
Book

6 Incorrect:

40%
60%

More information about scoring

Author:
Chapter 1: Introduction to
Location on Quantitative Analysis > SelfSite: Study Quizzes > Multiple Choice

Date/Time June 6, 2015 at 2:51 PM

Submitted: (UTC/GMT)

1.

Which of the following does NOT represent one of the advantages of

mathematical modeling?
A model can solve complex problems in a timely
Your Answer: fashion.
None of the above
Correct Answer:

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?
new legislation
Your Answer:

CORRECT. Legislation is not quantifiable.

Postoptimality analysis is most closely associated with

3.

developing a model.
Your Answer:

sensitivity analysis.
Correct Answer:

Incorrect. Development of the model occurs in the middle of the process.

Excel is an example of

4.

a spreadsheet.
Your Answer:

CORRECT.

5.

Which of the following would explain why some people would resist
changes in operations based on quantitative analysis?
It might expose previous decisions as being
Your Answer: inadequate.
all of the above
Correct Answer:

INCORRECT. This is only one reason.

6.

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

Incorrect.

A controllable variable is also called a

7.

parameter.
Your Answer:
decision variable.
Correct Answer:

Incorrect. Parameters depend on problem conditions.

Evaluating all possible values of a variable in a model is called

8.

trial and error.

Your Answer:
complete enumeration.
Correct Answer:

Incorrect. "Trial and error" implies nothing about "all possible."

Most of the models discussed in this book are

9.

mathematical models.
Your Answer:

CORRECT.

Once a solution has been implemented, it is usually recommended to

10
.

closely monitor it for any change in environmental factors

Your Answer: and assumptions of the initial model.

CORRECT.

Your Results for: "Matching"

Quantitative Analysis for
Site Title: Management, 11/e Global Edition

Print this page

Summary of Results
47% Correct of 15 Scored items:
7 Correct:

Quantitative Analysis for

Book Title: Management, 11/e Global Edition

8 Incorrect:

47%
53%

3 total questions in quiz (with 3 questions containing

Render

multiple pairs), for a total of 15 scored items More

information about scoring

Book
Author:
Chapter 1: Introduction to
Location on Quantitative Analysis > SelfSite: Study Quizzes > Matching

Date/Time June 6, 2015 at 2:56 PM

Submitted: (UTC/GMT)

Match the following:

1
.

Option

1.1

1.2

1.3

Your Answer:

Correct Answer:

What is the purpose

of sensitivity
analysis?

A. To help determine
how sensitive a solution
is to changes in the
formulation of a
problem

A. To help determine
how sensitive a solution
is to changes in the
formulation of a
problem

What is a type of
model?

D. Simulation problems

C. Mathematical

Commitment to the
status quo.

E. Problem encountered E. Problem encountered

when implementing a
when implementing a
model.
model.

1.4

1.5

What is the name for B. Algorithm

a set of logical
operations
performed in a
specific sequence?

B. Algorithm

Crystal Ball is used

for what type of
model?

D. Simulation problems

C. Mathematical

Match the following:

2
.

Option

2.1

Your Answer:

Correct Answer:

What is the fourth

step in problem
solving?

C. Developing a solution

C. Developing a solution

Schematic models

B. Trying various
approaches and picking
the one that provides
best results

E. Picture, drawing, or
chart of reality

2.2

2.3

2.4

2.5

Models that involve A. Probabilistic models

chance or risk

A. Probabilistic models

What is trial and

error?

D. Process of
incorporating the
solution into the
company

B. Trying various
approaches and picking
the one that provides
best results

What is
implementing
model results?

E. Picture, drawing, or
chart of reality

D. Process of
incorporating the
solution into the
company

Match the following:

3
.

Option

3.1

3.2

3.3

3.4

3.5

Your Answer:

Correct Answer:

What is a
model?

A. An artificial
representation of reality

A. An artificial
representation of reality

What is
quantitative
analysis?

B. A logical approach to
managerial decision
making

B. A logical approach to
managerial decision
making

Conflicting
viewpoints
provide what to
decision
makers?

E. Problem encountered
when attempting to
secure buy-in for
implementation

D. Challenge to model
builders

Availability of
accounting data
for decision
making

D. Challenge to model
builders

C. Problem with data

definition/acquisition

Limited
understanding of
models

C. Problem with data

definition/acquisition

E. Problem encountered
when attempting to
secure buy-in for
implementation