Quantitative Analysis for Management 13th Edition Test Bank

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Quantitative Analysis for Management, 13e(Render et al.)Chapter 1 Introduction to Quantitative Analysis1) Interviews, statistical sampling, and company reports provide input data for quantitativeanalysis models.Answer: TRUEDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept2) In the early 1900s, Henry Ford pioneered the principles of the scientific approach tomanagement.Answer: FALSEDiff: ModerateTopic: WHAT IS QUANTITATIVE ANALYSIS?LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a realsituation.AACSB: Analytical thinkingClassification: Concept3) Managers do not need to be familiar with the limitations, assumptions, and/or specificapplicability of the quantitative analysis technique to use it for accurate decision making.Answer: FALSEDiff: ModerateTopic: INTRODUCTIONLO: 1.6: Recognize possible problems in using quantitative analysis.AACSB: Analytical thinkingClassification: Concept4) During World War II, many new scientific and quantitative techniques were developed toassist the military, and these developments were so successful that many companies started usingsimilar techniques in managerial decision making and planning after the war.Answer: TRUEDiff: ModerateTopic: WHAT IS QUANTITATIVE ANALYSIS?LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a realsituation.AACSB: Analytical thinkingClassification: Concept

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5) Business Analytics is a data-driven approach to decision making that allows companies tomake better decisions.Answer: TRUEDiff: ModerateTopic: BUSINESS ANALYTICSLO: 1.2: Describe the three categories of business analytics.AACSB: Analytical thinkingClassification: Concept6) Descriptive Analytics is aimed at forecasting future outcomes based on patterns in the pastdata.Answer: FALSEDiff: ModerateTopic: BUSINESS ANALYTICSLO: 1.2: Describe the three categories of business analytics.AACSB: Analytical thinkingClassification: Concept7) When a problem is difficult to quantify, it may be necessary to develop unspecific objectives.Answer: FALSEDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept8) The Quantitative Analysis Approach consists of six steps.Answer: FALSEDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept9) A mathematical model shows the relationship between quantifiable and non-quantifiableinformation.Answer: FALSEDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept

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10) Decision variables may also be called parameters.Answer: FALSEDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept11) Model variables can be controllable or uncontrollable.Answer: TRUEDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept12) A series of steps or procedures that are repeated is known as an algorithm.Answer: TRUEDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept13) A model is a representation of a situation.Answer: TRUEDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept14) A parameter is a measurable quantity that may vary or is subject to change.Answer: FALSEDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept

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15) Trying various approaches and picking the one resulting in the best decision is calledincomplete enumeration.Answer: FALSEDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept16) All problems can be solved by considering only the quantitative issues.Answer: FALSEDiff: EasyTopic: WHAT IS QUANTITATIVE ANALYSIS?LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a realsituation.AACSB: Analytical thinkingClassification: Concept17) A profit equation is an example of a schematic model.Answer: FALSEDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept18) Testing the data and model should be done before the results have been analyzed.Answer: TRUEDiff: EasyTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept19) Sensitivity analysis helps us estimate the effect of known and unknown errors in our model.Answer: TRUEDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept

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20) Models can help us analyze a problem and sell a decision to those who must implement it.Answer: TRUEDiff: EasyTopic: HOW TO DEVELOP A QUANTITATIVE ANALYSIS MODELLO: 1.4: Prepare a quantitative analysis model.AACSB: Analytical thinkingClassification: Concept21) A sensitivity analysis allows a manager to answer the "what if" questions.Answer: TRUEDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept22) One problem in using a quantitative model is that the necessary data may be unavailable.Answer: TRUEDiff: EasyTopic: POSSIBLE PROBLEMS IN THE QUANTITATIVE ANALYSIS APPROACHLO: 1.6: Recognize possible problems in using quantitative analysis.AACSB: Analytical thinkingClassification: Concept23) Management support and user involvement are not essential in the successful implementationof quantitative analysis projects.Answer: FALSEDiff: EasyTopic: IMPLEMENTATION—NOT JUST THE FINAL STEPLO: 1.7: Recognize implementation concerns of quantitative analysis.AACSB: Analytical thinkingClassification: Concept24) Revenue is calculated by subtracting expenses from profit.Answer: FALSEDiff: EasyTopic: HOW TO DEVELOP A QUANTITATIVE ANALYSIS MODELLO: 1.4: Prepare a quantitative analysis model.AACSB: Analytical thinkingClassification: Application

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25) In order for a break-even quantity to exist in the presence of positive fixed costs, sales pricemust exceed variable cost per unit.Answer: TRUEDiff: ModerateTopic: HOW TO DEVELOP A QUANTITATIVE ANALYSIS MODELLO: 1.4: Prepare a quantitative analysis model.AACSB: Analytical thinkingClassification: Application26) Which of the following terms is interchangeable with quantitative analysis?A) management scienceB) economicsC) financial analysisD) statisticsAnswer: ADiff: EasyTopic: WHAT IS QUANTITATIVE ANALYSIS?LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a realsituation.AACSB: Analytical thinkingClassification: Concept27) Operations Research is known asA) the science of numerical analysis.B) the science of sensitivity analysis.C) the science of better.D) the science of modeling.Answer: CDiff: ModerateTopic: INTRODUCTIONLO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a realsituation.AACSB: Analytical thinkingClassification: Concept28) Who is credited with pioneering the principles of the scientific approach to management?A) Adam SmithB) Henri FayolC) John R. LockeD) Frederick W. TaylorAnswer: DDiff: ModerateTopic: WHAT IS QUANTITATIVE ANALYSIS?LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a realsituation.AACSB: Analytical thinkingClassification: Concept29) Which of the following techniques involves the study and consolidation of historical data for

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a business and an industry?A) descriptive analyticsB) prescriptive analyticsC) predictive analyticsD) management scienceAnswer: ADiff: ModerateTopic: BUSINESS ANALYTICSLO: 1.2: Describe the three categories of business analytics.AACSB: Analytical thinkingClassification: Concept30) Which of the following techniques involves the use of optimization methods to provide newand better ways to operate based on specific business objectives?A) descriptive analyticsB) prescriptive analyticsC) predictive analyticsD) quantitative analysisAnswer: BDiff: ModerateTopic: BUSINESS ANALYTICSLO: 1.2: Describe the three categories of business analytics.AACSB: Analytical thinkingClassification: Concept31) A(n) ________ is a representation of reality or a real-life situation.A) objectiveB) modelC) analysisD) algorithmAnswer: BDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept

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32) A measurable quantity that may vary, or is subject to change, and can be controlled is knownas a(n)A) decision variable.B) algorithm.C) parameter.D) solution.Answer: ADiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept33) A set of logical and mathematical operations performed in a specific sequence is called a(n)A) complete enumeration.B) diagnostic analysis.C) algorithm.D) objective.Answer: CDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept34) The ability to examine the variability of a solution due to changes in the formulation of aproblem is an important part of the analysis of the results. This type of analysis is called________ analysis.A) sensitivityB) implicitC) normalD) scaleAnswer: ADiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept

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35) Which of the following isnotone of the steps in the quantitative analysis approach?A) Defining the ProblemB) Developing a SolutionC) Observing a HypothesisD) Testing a SolutionAnswer: CDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept36) The condition of improper data yielding misleading results is referred to asA) garbage in, garbage out.B) break-even point.C) uncontrollable variable.D) postoptimality.Answer: ADiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept37) Expressing profits through the relationship among unit price, fixed costs, and variable costsis an example ofA) a sensitivity analysis model.B) a quantitative analysis model.C) a postoptimality relationship.D) a parameter specification model.Answer: BDiff: EasyTopic: HOW TO DEVELOP A QUANTITATIVE ANALYSIS MODELLO: 1.4: Prepare a quantitative analysis model.AACSB: Analytical thinkingClassification: Concept

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38) The widespread applicability of operations research methods to business followed whichwar?A) the U.S. Civil WarB) World War IC) World War IID) the Korean WarAnswer: CDiff: ModerateTopic: WHAT IS QUANTITATIVE ANALYSIS?LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a realsituation.AACSB: Analytical thinkingClassification: Concept39) A measurable quantity that is inherent in the problem is called a(n)A) decision variable.B) uncontrollable variable.C) algorithm.D) parameter.Answer: DDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept40) Trying various approaches and picking the one that results in the best decision is calledA) the trial-and-error method.B) incomplete enumeration.C) complete enumeration.D) algorithmic approximation.Answer: ADiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept

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41) Models that do not involve risk or chance areA) probabilistic models.B) postoptimality models.C) deterministic models.D) MIS models.Answer: CDiff: ModerateTopic: HOW TO DEVELOP A QUANTITATIVE ANALYSIS MODELLO: 1.4: Prepare a quantitative analysis model.AACSB: Analytical thinkingClassification: Concept42) If input data are accurate to three significant digits, then the solution results can be accurateto how many significant digits?A) oneB) twoC) threeD) fourAnswer: CDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept43) Postoptimality analysis is most closely associated withA) collecting input data.B) developing a model.C) sensitivity analysis.D) writing a computer program.Answer: CDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept

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44) The break-even point is an example of aA) postoptimality model.B) quantitative analysis model.C) schematic model.D) sensitivity analysis model.Answer: BDiff: EasyTopic: HOW TO DEVELOP A QUANTITATIVE ANALYSIS MODELLO: 1.4: Prepare a quantitative analysis model.AACSB: Analytical thinkingClassification: Concept45) A controllable variable is also called aA) parameter.B) decision variable.C) mathematical model.D) measurable quantity.Answer: BDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept46) Evaluating all possible values of a variable in a model is calledA) trial and error.B) complete enumeration.C) an algorithm.D) variablization.Answer: BDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept47) What is the formula for the break-even point of a simple profit model?A) Fixed Cost / Variable Cost Per UnitB) (Selling Price Per Unit-Variable Cost Per Unit) / Fixed CostC) Fixed Cost / (Selling Price Per Unit-Variable Cost Per Unit)D) Fixed Cost / (Variable Cost Per Unit-Selling Price Per Unit)Answer: CDiff: ModerateTopic: HOW TO DEVELOP A QUANTITATIVE ANALYSIS MODELLO: 1.4: Prepare a quantitative analysis model.AACSB: Analytical thinkingClassification: Concept48) The break-even point of a simple profit model represents a(n)

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A) decision variable.B) uncontrollable variable.C) parameter.D) constant.Answer: ADiff: DifficultTopic: HOW TO DEVELOP A QUANTITATIVE ANALYSIS MODELLO: 1.4: Prepare a quantitative analysis model.AACSB: Analytical thinkingClassification: Concept49) Which Excel feature is an optimization technique that can maximize or minimize a quantitygiven a set of limitations or constraints?A) OptimizerB) Goal SeekC) Analysis Tool-PakD) SolverAnswer: DDiff: DifficultTopic: THE ROLE OF COMPUTERS AND SPREADSHEET MODELS IN THEQUANTITATIVE ANALYSIS APPROACHLO: 1.5: Use computers and spreadsheet models to perform quantitative analysis.AACSB: Information technologyClassification: Concept50) Which Excel feature allows the user to specify a target or goal and the variable that is desiredto change in order to achieve that goal?A) SolverB) Goal SearchC) Target SearchD) Goal SeekAnswer: DDiff: DifficultTopic: THE ROLE OF COMPUTERS AND SPREADSHEET MODELS IN THEQUANTITATIVE ANALYSIS APPROACHLO: 1.5: Use computers and spreadsheet models to perform quantitative analysis.AACSB: Information technologyClassification: Concept

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51) All of the following are real computer applications that perform quantitative analysisexceptA) Solver in Excel.B) Goal Seek in Excel.C) Excel QM.D) QA for Windows.Answer: DDiff: ModerateTopic: THE ROLE OF COMPUTERS AND SPREADSHEET MODELS IN THEQUANTITATIVE ANALYSIS APPROACHLO: 1.5: Use computers and spreadsheet models to perform quantitative analysis.AACSB: Information technologyClassification: Concept52) As one attempts to develop a model, which of the following problems might she encounter?A) The assumptions made in order to apply the model will not be violated.B) The model will provide an array of possible answers to the question the analyst poses.C) Everyone will understand the problem in the same way.D) Accurate data will not be available for the model.Answer: DDiff: EasyTopic: POSSIBLE PROBLEMS IN THE QUANTITATIVE ANALYSIS APPROACHLO: 1.6: Recognize possible problems in using quantitative analysis.AACSB: Analytical thinkingClassification: Concept53) Which of the following is a picture, drawing, or chart of reality?A) scale modelB) physical modelC) mathematical modelD) schematic modelAnswer: DDiff: ModerateTopic: THE QUANTITATIVE ANALYSIS APPROACHLO: 1.3: Describe the use of modeling in quantitative analysis.AACSB: Analytical thinkingClassification: Concept

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54) Which of the following isnotconsidered a possible problem in the quantitative analysisapproach?A) validity of the dataB) lack of commitmentC) resistance to changeD) subjective solutionsAnswer: DDiff: ModerateTopic: POSSIBLE PROBLEMS IN THE QUANTITATIVE ANALYSIS APPROACHLO: 1.6: Recognize possible problems in using quantitative analysis.AACSB: Analytical thinkingClassification: Concept55) The quantitative analysis approach begins withA) data.B) analysis.C) models.D) statistics.Answer: ADiff: EasyTopic: WHAT IS QUANTITATIVE ANALYSIS?LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a realsituation.AACSB: Analytical thinkingClassification: Concept56) The popularity of the quantitative analysis approach is largely attributed toA) big data.B) computers.C) the deep web.D) the worldwide web.Answer: BDiff: ModerateTopic: WHAT IS QUANTITATIVE ANALYSIS?LO: 1.1: Describe the quantitative analysis approach and understand how to apply it to a realsituation.AACSB: Analytical thinkingClassification: Concept

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