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Management science is also referred to, except
a. Qualitative analysis
b. Operation research
c. Quantitative methods
d. Decision sciences
How does management science relate to accounting?
a. Management science is a qualitative discipline whose application to resolving business
problem is of great significance, while accounting provides financial information that are
useful in decision making.
b. Management science is a discipline whose application to resolving business problem is of
great significance, while accounting provides scientific information that are useful in
decision making.
c. Management science is a discipline whose application to resolving business
problem is of great significance, while accounting provides financial information
that are useful in decision making.
d. All of the above
Uses of quantitative analysis includes
a. To determine how much of our investment will be worth it in the future when deposited
in a bank at a given interest rate for a certain period of time.
b. In computing financial ratios from the balance sheets for several companies whose stock
we are considering.
c. To analyze cash flows and rates of return for investment property.
d. All of the above.
Which of the following is incorrect with respect to the use of models in decision making?
a. They improve the understanding of the problem.
b. They promote subjectivity in decision making.
c. They are generally easy to use.
d. They provide a systematic approach to problem solving.
The field of management science:
a. Approaches a decision making irrationally with techniques based on the scientific
method.
b. Is another name for management or human resource management.
c. Concentrates on the use of quantitative methods to assist managers in decision
making.
d. Is completely separate and distinct from all other disciplines.
Statement I: The most successful quantitative analysis separates the quantitative analyst from
the managerial team until after the problem is fully structured.
Statement II: Uncontrollable inputs are the decision variables for models.
a. Statement I is true, statement II is false.
b. Statement I is false, statement II is true.
c. Both statements are true.
d. Both statements are false.
The indicator that results in total revenues being equal to total cost is called
a. Zero-Profit solution
b. Optimal-profit solution
c. Fixed-cost solution
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d. Break-even point
The mathematical model can
a. Accurately represent reality.
b. Help a decision maker formulate problems.
c. Be used to communicate problems and solutions to others
d. All of the above.
In there are conflicting viewpoints in defining the problem, the quantitative analyst must
a. Consider the views of higher manager before stating the problem.
b. Consider the views of the most affected department before stating the problem.
c. Consider both points of view before stating the problem.
d. Consider both points of view after stating the problem.
Once the solution is already outdated, the mathematical model
a. Should be discarded and create new mathematical model.
b. Can be use over and over again when different problems arise.
c. Cannot be use over and over again when the same problem arise.
d. Can be used over and over again when the same problem arise.
Who is the father of scientific management?
a. Frederick Taylor
b. Roderick Winslow
c. Taylor Swift
d. Taylor Lautner
An input (such as fixed cost) of a model is an example of
a. A parameter
b. A decision variable
c. An algorithm
d. None of the above
The successful implementation of quantitative analysis project
a. Should be supported by the management only.
b. Must have involvement with the users only.
c. Should be supported by the management and must have users involvement.
d. None of the above
The following are possible problems that may encounter in defining the problem, except
a. Validity of data
b. Conflicting viewpoints
c. Impact on other departments
d. Beginning assumptions
Lack of commitment and resistance to change is an example of problems in quantitative analysis
approach during
a. Defining the problem
b. Developing the model
c. Developing a solution
d. Implementation
Lack of commitment by the quantitative analyst maybe because
a. The quantitative analyst is part of the department facing the problem.
b. The quantitative analyst is not an integral part of the department facing the
problem.
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c. The analyst care whether these results help the final decision and is concerned with the
proper implementation.
d. None of the above.
The question “Is the equation designed credible?” should be ask during
a. Developing the model
b. Developing a solution
c. Testing the solution
d. Analyzing the results
It determines how much of the solution will change if there were changes in the model or input
data.
a. Sensitivity analysis
b. Quantitative analysis
c. Decision variable
d. Fudging
If the price increases, but fixed and variable cost do not change, the break-even point
a. decreases
b. increase
c. remains the same.
d. may increase or decrease depending on sale.
A computer program that helps to solve many mathematical problems using spreadsheets by
providing custom menus and solution procedures is called
a. POM-QM for windows
b. Excel QM
c. Linear programming
d. Forecasting