30 terms

The field of management science

each of the above is true.

Identification and definition of a problem

is the first step of decision making

Decision alternatives

should be identified before decision criteria are established.

Decision criteria

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

known, the model is

stochastic.

The volume that results in total revenue being equal to total cost is the

break-even point.

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.

Problem definition

each of the above is true.

A model that uses a system of symbols to represent a problem is called

mathematical

The process of decision making is more limited than that of problem solving.

TRUE

The terms 'stochastic' and 'deterministic' have the same meaning in quantitative analysis

FALSE

The volume that results in marginal revenue equaling marginal cost is called the break-even point.

FALSE

Problem solving encompasses both the identification of a problem and the action to resolve it.

TRUE

The decision making process includes implementation and evaluation of the decision.

FALSE

The most successful quantitative analysis will separate the analyst from the managerial team until after

the problem is fully structured.

the problem is fully structured.

FALSE

The value of any model is that it enables the user to make inferences about the real situation.

TRUE

Uncontrollable inputs are the decision variables for a model.

FALSE

The feasible solution is the best solution possible for a mathematical model.

FALSE

A company seeks to maximize profit subject to limited availability of man-hours. Man-hours is a

controllable input.

controllable input.

FALSE

Frederick Taylor is credited with forming the first MS/OR interdisciplinary teams in the 1940's.

FALSE

To find the choice that provides the highest profit and the fewest employees, apply a single-criterion

decision process.

decision process.

FALSE

The most critical component in determining the success or failure of any quantitative approach to

decision making is problem definition.

decision making is problem definition.

TRUE

The first step in the decision making process is to identify the problem.

TRUE

All uncontrollable inputs or data must be specified before we can analyze the model and recommend a

decision or solution for the problem.

decision or solution for the problem.

TRUE