True / False
1. Models that suggest a desirable course of action are called descriptive models
a.
True
b.
False
ANSWER:
POINTS:
1
DIFFICULTY:
EasyEasy |Bloom's KnowledgeEasy |Bloom's Comprehension
QUESTION TYPE:
HAS VARIABLES:
TOPICS:
1.1 Introduction
OTHER:
BUSPROG-Communication DISC- Mathematical Modeling
DATE CREATED:
5/17/2017 3:39 PM
DATE MODIFIED:
10/21/2017 8:35 PM
2. In modeling situations where it is not possible to write an equation for an output in terms of the inputs, there may still be a mathematical procedure for calculating outputs from inputs.
3. In a descriptive model, the manager first wants to build a model that reflects the current situation.
ModerateModerate |Bloom's KnowledgeModerate |Bloom's Comprehension
1.4 A Seven Step Modeling Process - Step 4 Model Verification
BUSPROG-Analytic DISC- Mathematical Modeling
4. One of the advantages of spreadsheet models is that they allow managers to ask what-if questions.
1.2 A Capital Budgeting Example - An Optimization Model
5. One of the arguments that management science practitioners have used to criticize the emphasis on specific models is that they do not provide the correct answer.
1.3 Modeling Versus Models
6. The overall modeling process typically done in practice always requires seven steps: define the problem, collect and summarize data, develop a model, verify the model, select one or more suitable decisions, present the results to the organization, and finally implement the model and update it through time.
7. Modeling is a process where the essence of a theoretical problem is extracted into a model, spreadsheet or otherwise.
1.4 A Seven Step Modeling Process - Step 1 Problem Definition
8. In some applications, an analyst might present several alternative solutions from a model, and let the organization choose the best one.
1.4 A Seven Step Modeling Process - Step 3 Model Development
9. A management science model is typically initiated when an organization believes it has a problem.
10. Data are often not in the required form, in which case it is the analysts' job to gather the right data and put it into an appropriate format.
11. A good model should achieve the right balance between being too simple and too complex.
12. Verification is typically the most difficult phase of the modeling process, from a mathematical perspective.
1.4 A Seven Step Modeling Process - Step 5 Optimization and Decision Making
13. As models become larger and more complex, heuristic solutions are often adequate, even though they are not necessarily optimal solutions.
1.4 A Seven Step Modeling Process - Step 7 Model Implementation
14. The best strategy for implementation of a model is to involve key people in the organization in the project when the model is ready for testing and verification.
15. A completed model typically marks the end of the modeling process.
1.6 Why Study Management Science?
Multiple Choice
16. Which of the following is a type of model that is key to virtually every management science application?
Heuristic model
Queuing model
c.
Mathematical model
d.
Regression model
c
1.2 A Capital Budgeting Example - A Descriptive Model
17. Which of the following is not one of advantages of mathematical models?
Mathematical models enable managers to understand the problem better
Mathematical models allow analysts to employ a variety of mathematical solution procedures
The mathematical modeling process itself, if done correctly, often helps "sell" the solution
Mathematical models help reduce the cost of obtaining a solution
d
18. Before trusting the answers to what-if scenarios from a spreadsheet model, a manager should attempt to:
validate the model
make sure all possible scenarios have been investigated
check the mathematics in the model
sense-check the model
a
19. Optimization models are useful for determining:
sensitivity to inputs
whether the inputs are valid or not
what the manager should do
the value of the output under the current conditions
1.4 A Seven Step Modeling Process - The Model as a Beginning, Not an End
20. Management science has often been taught as a collection of:
theories
problems
models
topics
21. The primary difference between management science and business analytics is
management science is quantitative and business analytics is qualitative.
business analytics uses more current quantitative methods.
business analytics uses big data to solve business problems and provide insights.
business analytics is a subset of management science.
1.4 A Seven Step Modeling Process
22. Defining an organization's problem includes:
specifying the organization's objectives
collecting the organization's historical data
defining the model of the problem
sensitivity analysis
23. Which of the following type of model is used when inputs are modeled with probability distributions?
Simulation model
Deterministic model
Spreadsheet model
24. A first step in determining how well a model fits reality is to:
check whether the inputs are correct
see if the sensitivity analysis is correct
check whether the model is valid for the current situation
try some what-if scenarios to see if the model is able to obtain solutions
25. Which of the following is not necessarily a property of a good model?
The model represents the client's real problem accurately
The model is as simple as possible
The model is based on a well-known algorithm
The model is one the client can understand
1.4 A Seven Step Modeling Process - Step 2 Data Collection
26. Which of the following is a possible cause if a model's outputs for certain inputs are not as expected?
The certain inputs may not be correct
The model could be too detailed of an approximation of the actual situation
The mathematics in the model are inadequate
The analyst's expectations are not correct
27. Which of the following is not one of the guiding principles for a heuristic?
Common sense
Intuition
Trial and error
Optimality
28. Which of the following is not one of the desired conditions for a successful model implementation?
The people who will run the model understand how to enter appropriate inputs
The people who will run the model are able to run what-if analysis
The people who will run the model are able to modify it
The people who will run the model are able to interpret the model's outputs correctly
29. The most frequent cause of a failed implementation of a model is:
the model is incorrect
the analyst fails to communicate how to use the model
the data for the model is unavailable
the model is too complex
b
1.4 A Seven Step Modeling Process - Step 6 Model Communication to Management
30. Which of the following is not one of the reasons for the new-found relevance of management science models?
Modeling is an important way to think about problems in general
Modeling is often now a legal requirement
The business world is increasingly driven by numbers
Modeling helps develop intuition for problems
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