Quantative Analysis

Topics: Decision making, Decision theory, Risk Pages: 4 (1032 words) Published: November 4, 2012
MULTIPLE CHOICE
1. The field of management science
a. concentrates on the use of quantitative methods to assist in decision making. b. approaches decision making rationally, with techniques based on the scientific method. c. is another name for decision science and for operations research. d. each of the above is true.

ANS: D PTS: 1 TOP: Introduction
2. Identification and definition of a problem
a. cannot be done until alternatives are proposed.
b. is the first step of decision making.
c. is the final step of problem solving.
d. requires consideration of multiple criteria.
ANS: B PTS: 1 TOP: Problem solving and decision making
3. Decision alternatives
a. should be identified before decision criteria are established. b. are limited to quantitative solutions
c. are evaluated as a part of the problem definition stage.
d. are best generated by brain-storming.
ANS: A PTS: 1 TOP: Problem solving and decision making
4. Decision criteria
a. are the choices faced by the decision maker.
b. are the problems faced by the decision maker.
c. are the ways to evaluate the choices faced by the decision maker. d. must be unique for a problem.
ANS: C PTS: 1 TOP: Problem solving and decision making
5. In a multicriteria decision problem
a. it is impossible to select a single decision alternative. b. the decision maker must evaluate each alternative with respect to each criterion. c. successive decisions must be made over time.
d. each of the above is true.
ANS: B PTS: 1 TOP: Problem solving and decision making
6. The quantitative analysis approach requires
a. the manager's prior experience with a similar problem.
b. a relatively uncomplicated problem.
c. mathematical expressions for the relationships.
d. each of the above is true.
ANS: C PTS: 1 TOP: Quantitative analysis and decision making 7. A physical model that does not have the same physical appearance as the object being modeled is a. an analog model.
b. an iconic model.
c. a mathematical model....
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