Quiz

• Question 1. Which of the following is incorrect with respect to the use of models in decision making?
Answer
Selected Answer:

they are generally easy to use

• Question 2. The probabilities of mutually exclusive events sum to zero.

Answer
Selected Answer: False

• Question 3. The term decision analysis refers to testing how a problem solution reacts to changes in one or more of the model parameters.

Answer

Selected Answer: True

• Question 4. Variable costs are independent of volume and remain constant.

Answer

Selected Answer: False

• Question 5. A frequency distribution is an organization of numerical data about the events in an experiment.

Answer

Selected Answer: True

• Question 6. Objective probabilities that can be stated prior to the occurrence of an event are
Answer
Selected Answer:

classical or a priori

• Question 7. A set of events is collectively exhaustive when it includes _______ the events that can occur in an experiment.

Answer

• Question 8. Which of the following is not an alternative name for management science?
Answer
Selected Answer:

quantitative analysis

• Question 9. Which of the following is an equation or an inequality that expresses a resource restriction in a mathematical model?

Answer

• Question 10. ____________ techniques include uncertainty and assume that there can be more than one model solution.
Answer

• Question 11. A ___________ probability is the probability that two or more events that are not mutually exclusive can occur simultaneously.

Answer

• Question 12. Total cost equal the fixed cost plus the variable cost per unit divided by volume.

• Question 13. Profit is the difference between total revenue and total cost.

• Question 14. The events in an experiment are mutually exclusive if only one can occur at a time.

• Question 15. In a given experiment, the probabilities of all mutually exclusive events sum to one.

• Question 16. An experiment is an activity that results in one of several possible outcomes.

• Question 17. Fixed costs depend on the number of items produced.

• Question 18. The steps of the scientific method are:
Answer
Selected Answer:

observation, problem definition, model construction, model solution, implementation.

• Question 19. A model is a functional relationship and include

• Question 20. In a given experiment the probabilities of mutually exclusive events sum to