Chapter 1

Question 1

Management Science

Answer 1

application of scientific approach to solve management problems and make decisions

Question 2

Management science provides executives with (2)

Answer 2

analytical and objective basis for decisions

Question 3

Algoirthm

Answer 3

series of repeated mathematical steps or procedures

Question 4

mathematical model

Answer 4

set of mathematical relationships with equations and inequalities

Question 5

math Models include (3)

Answer 5

variables, parameters, equations

Question 6

Variable (unknown qualities)

Answer 6

measurable quality representing distribution and subject to change, controllable and uncontrollable

Question 7

Parameter (known qualities)

Answer 7

measurable quantity inherent in problem

Question 8

Sensitivity Analysis

Answer 8

how sensitive a management model is to changes

Question 9

in general increase in sale price ____ break even analysis with all other held constant

Answer 9

lowers

Question 10

in general increase in fixed cost ____ break even analysis with all other held constant

Answer 10

increases

Question 11

in general decrease in fixed cost ____ break even analysis with all other held constant

Answer 11

decreases

Question 12

in general increase in variable cost ____ break even analysis with all other held constant

Answer 12

increase