Information Science Chapter 1
Terms in this set (...)
The field of management science
each of the above is true.
Identification and definition of a problem
is the first step of decision making
should be identified before decision criteria are established.
are the ways to evaluate the choices faced by the decision maker
In a multicriteria decision problem
the decision maker must evaluate each alternative with respect to each criterion.
The quantitative analysis approach requires
mathematical expressions for the relationships
A physical model that does not have the same physical appearance as the object being modeled is
an analog model.
Inputs to a quantitative model
are uncertain for a stochastic model.
When the value of the output cannot be determined even if the value of the controllable input is
known, the model is
The volume that results in total revenue being equal to total cost is the
Management science and operations research both involve
quantitative approaches to decision making.
George Dantzig is important in the history of management science because he developed
the simplex method for linear programming
The first step in problem solving is
the identification of a difference between the actual and desired state of affairs.
each of the above is true.
A model that uses a system of symbols to represent a problem is called
The process of decision making is more limited than that of problem solving.
The terms 'stochastic' and 'deterministic' have the same meaning in quantitative analysis
The volume that results in marginal revenue equaling marginal cost is called the break-even point.
Problem solving encompasses both the identification of a problem and the action to resolve it.
The decision making process includes implementation and evaluation of the decision.
The most successful quantitative analysis will separate the analyst from the managerial team until after
the problem is fully structured.
The value of any model is that it enables the user to make inferences about the real situation.
Uncontrollable inputs are the decision variables for a model.
The feasible solution is the best solution possible for a mathematical model.
A company seeks to maximize profit subject to limited availability of man-hours. Man-hours is a
Frederick Taylor is credited with forming the first MS/OR interdisciplinary teams in the 1940's.
To find the choice that provides the highest profit and the fewest employees, apply a single-criterion
The most critical component in determining the success or failure of any quantitative approach to
decision making is problem definition.
The first step in the decision making process is to identify the problem.
All uncontrollable inputs or data must be specified before we can analyze the model and recommend a
decision or solution for the problem.
Quantitative Chapter 1 (Questions)
Quantitative Methods Chapter 1
Management Science Test One
Equity Valuation: Chapter 7
Chapter 8 Lecture