Module 1

Question 1

The body of knowledge involving quantitative approaches to decision making is referred to as…

Answer 1

1. Management Science
2. Operations research
3. Decision science

Question 2

7 Steps of problem solving + 5 processed of decision making

Answer 2

1. Define the problem.
2. Identify the set of alternative solutions.
3. Determine the criteria for evaluating alternatives.
4. Evaluate the alternatives.
5. ## Choose an alternative (make a decision).
6. Implement the chosen alternative.
7. Evaluate the results.

Question 3

Potential Reasons for a Quantitative Analysis Approach to Decision Making

Answer 3

The problem is complex.
The problem is very important.
The problem is new.
The problem is repetitive.

Question 4

Quantitative Analysis Process

Answer 4

Model Development
Data Preparation
Model Solution
Report Generation

Question 5

Representations of real objects or situations

Answer 5

Models

Question 6

Physical replicas (scalar representations) of real objects

Answer 6

Iconic Models

Question 7

Physical in form, but do not physically resemble the object being modeled

Answer 7

Analog Models

Question 8

Represent real world problems through a system of mathematical formulas and expressions
based on key assumptions, estimates, or statistical analyses

Answer 8

Mathematical Models

Question 9

Advantage/s of model creation over experimenting with the real life situation

Answer 9

Requires less time
Is less expensive
Involves less risk

Question 10

must be made in selecting an appropriate mathematical model

Answer 10

Cost/Benefit considerations

Question 11

controllable inputs

Answer 11

decision variables

Question 12

fixed or variable parameters

Answer 12

uncontrollable inputs

Question 13

Relate decision variables with fixed or variable parameters
Seeks to maximize or minimize some objective function subject to constraints

Answer 13

Mathematical Models

Question 14

If any of the uncontrollable inputs is subject to variation, the mathematical model is…

Answer 14

Stochastic

Question 15

If its outcomes are entirely predictable and determined by the initial conditions and parameters without any randomness involved, the mathematical model is…

Answer 15

Deterministic

Question 16

The values of the decision variables that provide the mathematically-best output are called…

Answer 16

Optimal Solutions

Question 17

What kind of report, based on the results of the model, should be prepared?

Answer 17

Managerial Report

Question 18

An algebraic equation in which each term is either a constant or the product of a constant and (the first power of) a single variable

Answer 18

Linear Equations

Question 19

The common point (ordered pair) of any two given linear equation

Answer 19

System of Linear Equation

Question 20

Standard Equation of Linear Equations

Answer 20

ax+by=c

Question 21

It has a solution of empty set and the graphs consist of two parallel lines.

Answer 21

Inconsistent Equations

Question 22

It contains an infinite number of solutions and the graphs are two coincident lines.

Answer 22

Dependent Equations

Question 23

It only has one solution, and the graphs are two lines, which intersect at one point.

Answer 23

consistent Equations

Question 24

A statement that one quantity or expression is greater or less
than another quantity or expression.

Answer 24

Inequality