Question 1

Which of these pairs of terms is in the order of greater scope to smaller scope?

Accepted Answer

A)  business analytics - predictive analytics
B)  predictive analytics - prescriptive analytics
C)  prescriptive analytics - descriptive analytics
D)  descriptive analytics - business analytics

Question 2

If the quantitative analyst is not an integral element of the department facing the problem

Accepted Answer

A)  the solution is usually not accepted and implemented.
B)  analyst morale is usually higher.
C)  departmental morale is improved.
D)  sometimes the modeling activity becomes an end to itself.

Question 3

Models that do not involve risk or chance are

Accepted Answer

A)  probabilistic models.
B)  postoptimality models.
C)  deterministic models.
D)  MIS models.

Question 4

What is his break-even point in dozens?

Accepted Answer

580/(5-1.7...

Question 5

In the early 1900s, Henry Ford pioneered the principles of the scientific approach to management.

Accepted Answer

A) True 
 B)False

Question 6

Expressing profits through the relationship among unit price, fixed costs, and variable costs is an example of

Accepted Answer

A)  a sensitivity analysis model.
B)  a quantitative analysis model.
C)  a postoptimality relationship.
D)  a parameter specification model.

Question 7

What is the formula for the break-even point of a simple profit model?

Accepted Answer

A)  Fixed Cost / Variable Cost Per Unit
B)  (Selling Price Per Unit - Variable Cost Per Unit) / Fixed Cost
C)  Fixed Cost / (Selling Price Per Unit - Variable Cost Per Unit) 
D)  Fixed Cost / (Variable Cost Per Unit - Selling Price Per Unit)

Question 8

A(n) ________ is a representation of reality or a real-life situation.

Accepted Answer

A)  objective
B)  model
C)  analysis
D)  algorithm

Question 9

Most data generated in a firm come from

Accepted Answer

A)  customer comment/feedback cards.
B)  accounting reports.
C)  information technology.
D)  the worldwide web.

Question 10

The break-even point is an example of a

Accepted Answer

A)  postoptimality model.
B)  quantitative analysis model.
C)  schematic model.
D)  sensitivity analysis model.

Question 11

A measurable quantity that is inherent in the problem is called a(n)

Accepted Answer

A)  decision variable.
B)  uncontrollable variable.
C)  algorithm.
D)  parameter.

Question 12

A controllable variable is also called a

Accepted Answer

A)  parameter.
B)  decision variable.
C)  mathematical model.
D)  measurable quantity.

Question 13

A series of steps or procedures that are repeated is known as an algorithm.

Accepted Answer

A) True 
 B)False

Question 14

The analyst waited anxiously at his computer and finally the answer appeared - he would need 57 chickens to fund his retirement plan.Still, he had some nagging doubts about some assumptions he had made and he wondered how much faith he should put into the answer of 57.In order to test how reliable the figure 57 is, the analyst should conduct

Accepted Answer

A)  simulation.
B)  shock tests.
C)  sensitivity analysis.
D)  focus groups.

Question 15

During World War II, many new scientific and quantitative techniques were developed to assist the military, and these developments were so successful that many companies started using similar techniques in managerial decision making and planning after the war.

Accepted Answer

A) True 
 B)False

Question 16

Identify the steps of the quantitative analysis approach.

Accepted Answer

(1)Defining the Problem, (2)De...

Exam 1: Introduction to Quantitative Analysis

A controllable variable is also called a

Correct Answer
verified

Which of these pairs of terms is in the order of greater scope to smaller scope?

Correct Answer
verified

During World War II, many new scientific and quantitative techniques were developed to assist the military, and these developments were so successful that many companies started using similar techniques in managerial decision making and planning after the war.

Correct Answer
verified

Most data generated in a firm come from

Correct Answer
verified

Correct Answer
verified

The break-even point is an example of a

Correct Answer
verified

Identify the steps of the quantitative analysis approach.

Correct Answer
verified
(1)Defining the Problem, (2)De...
View Answer

Expressing profits through the relationship among unit price, fixed costs, and variable costs is an example of

Correct Answer
verified

A series of steps or procedures that are repeated is known as an algorithm.

Correct Answer
verified

A measurable quantity that is inherent in the problem is called a(n)

Correct Answer
verified

What is the formula for the break-even point of a simple profit model?

Correct Answer
verified

In the early 1900s, Henry Ford pioneered the principles of the scientific approach to management.

Correct Answer
verified

Models that do not involve risk or chance are

Correct Answer
verified

If the quantitative analyst is not an integral element of the department facing the problem

Correct Answer
verified

A(n) ________ is a representation of reality or a real-life situation.

Correct Answer
verified

What is his break-even point in dozens?

Correct Answer
verified
580/(5-1.7...
View Answer

Exam 1: Introduction to Quantitative Analysis

A controllable variable is also called a

Correct AnswerverifiedShow Answer

Which of these pairs of terms is in the order of greater scope to smaller scope?

Correct AnswerverifiedShow Answer

During World War II, many new scientific and quantitative techniques were developed to assist the military, and these developments were so successful that many companies started using similar techniques in managerial decision making and planning after the war.

Correct AnswerverifiedShow Answer

Most data generated in a firm come from

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The break-even point is an example of a

Correct AnswerverifiedShow Answer

Identify the steps of the quantitative analysis approach.

Correct Answerverified(1)Defining the Problem, (2)De...View AnswerShow Answer

Expressing profits through the relationship among unit price, fixed costs, and variable costs is an example of

Correct AnswerverifiedShow Answer

A series of steps or procedures that are repeated is known as an algorithm.

Correct AnswerverifiedShow Answer

A measurable quantity that is inherent in the problem is called a(n)

Correct AnswerverifiedShow Answer

What is the formula for the break-even point of a simple profit model?

Correct AnswerverifiedShow Answer

In the early 1900s, Henry Ford pioneered the principles of the scientific approach to management.

Correct AnswerverifiedShow Answer

Models that do not involve risk or chance are

Correct AnswerverifiedShow Answer

If the quantitative analyst is not an integral element of the department facing the problem

Correct AnswerverifiedShow Answer

A(n) ________ is a representation of reality or a real-life situation.

Correct AnswerverifiedShow Answer

What is his break-even point in dozens?

Correct Answerverified580/(5-1.7...View AnswerShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
(1)Defining the Problem, (2)De...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
580/(5-1.7...
View Answer