Week 1, Quiz 1Points Received 40/40 (100%)
1. Total cost equal the fixed cost plus the variable cost per unit divided by volume
2. Objective probabilities that can be stated prior to the occurrence of an event are
• A priori
• Classical or a priori
• None of the above
3. An experiment is an activity that results in one of several possible outcomes.
4. Variable costs are independent of volume and remain constant.
5. Which of the following is an equation or an inequality that expresses a resource restriction in a mathematical model?
• Decision variable
• An objective function
• A constraint
• A parameter
6. Which of the following is incorrect with respect to the use of models in decision making?
• they improve understanding of the problem
• they promote subjectivity in decision making
• they are generally easy to use
• they provide a systematic approach to problem solving
7. The steps of the scientific method are:
• Problem definition, model construction, observation, model solution implementation
• Observation, problem definition, model construction, model solution Implementation
• model construction, problem definition, observation, model solution implementation
• Observation, implementation, problem definition, model construction, model solution
8. A frequency distribution is an organization of numerical data about the events in an experiment.
9. The events in an experiment are mutually exclusive if only one can occur at a time
10. The probabilities of mutually exclusive events sum to zero.
11. Which of the following is not an alternative name for management science ?
• decision sciences
• quantitative methods
• quantitative analysis
• operations research
• decision support systems
12. In a given experiment the probabilities of mutually exclusive events sum to
• Non of the above
13.____________techniques includes uncertainty and assume that there can be more than one model solution
14. A set of events is collectively exhaustive when it includes_________ the events that can occur in an experiment.
• Some of
• One of
• Any of
15. A__________ probability is the probability that two or more events that are not mutually exclusive can occur simultaneously.
16. In a given experiment, the probabilities of all mutually exclusive events sum to one
17. Profit is the difference between total revenue and total cost.
18. Fixed costs depend on the number of items produced
19. A model is a functional and include
• All of the above
20. The term decision analysis refers to testing how a problem solution reacts to changes in one or more of the model parameters