OBJECTIVES: IMS.ASWC.19.01.01 - 1.1

© Cengage. Testing Powered by Cognero. Page 1 CH 01 - Introduction True / False 1.The process of decision making is more limited than that of problem solving.

• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Easy

LEARNING

OBJECTIVES: IMS.ASWC.19.01.01 - 1.1

NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking

TOPICS: 1.1

Problem Solving and Decision Making KEYWORDS: Bloom's: Understand 2.The breakeven point is the point at which the volume of output produced is the result of total revenue equaling total cost.

• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Easy

LEARNING OBJECTIVES: IMS.ASWC.19.01.04 - 1.4

NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking

TOPICS: 1.4 Models of Cost, Revenue, and Profit

KEYWORDS: Bloom's: Understand 3.Problem solving encompasses both the identification of a problem and the action to resolve it.

• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Easy

LEARNING OBJECTIVES: IMS.ASWC.19.01.01 - 1.1

NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking

TOPICS: 1.1 Problem Solving and Decision Making

KEYWORDS: Bloom's: Remember 4.The decision-making process includes implementation and subsequent evaluation of the decision.

• True
• False

ANSWER: False

POINTS: 1

DIFFICULTY: Easy

LEARNING OBJECTIVES: IMS.ASWC.19.01.01 - 1.1

NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking

TOPICS: 1.1 Problem Solving and Decision Making

An Introduction to Management Science Quantitative Approaches to Decision Making, 15e Da vid Anderson, Dennis Sweeney, Thomas Williams et al (Test Bank All Chapters, 100% Original Verified, A+ Grade) 1 / 4

CH 01 - Introduction

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KEYWORDS: Bloom's: Understand

• Most successful quantitative analysis models will advise separating the management analyst from the managerial team

until after the problem has been fully structured.

• True
• False

ANSWER: False

POINTS: 1

DIFFICULTY: Moderate

LEARNING OBJECTIVES: IMS.ASWC.19.01.03 - 1.3

NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking

TOPICS: 1.3 Quantitative Analysis

KEYWORDS: Bloom's: Understand

• The value of making a decision based on models is dependent on how closely the model represents the real situation.
• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Easy

LEARNING OBJECTIVES: IMS.ASWC.19.01.03 - 1.3

NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking

TOPICS: 1.3 Quantitative Analysis

KEYWORDS: Bloom's: Understand

• Uncontrollable inputs are the decision variables for a model.
• True
• False

ANSWER: False

POINTS: 1

DIFFICULTY: Easy

LEARNING OBJECTIVES: IMS.ASWC.19.01.03 - 1.3

NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking

TOPICS: 1.3 Quantitative Analysis

KEYWORDS: Bloom's: Remember

• The feasible solution is the best solution possible for a mathematical model.
• True
• False

ANSWER: False

POINTS: 1

DIFFICULTY: Moderate

LEARNING OBJECTIVES: IMS.ASWC.19.01.03 - 1.3

NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking 2 / 4

CH 01 - Introduction

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TOPICS: 1.3 Quantitative Analysis

KEYWORDS: Bloom's: Understand

• Frederic W. Taylor is credited with providing the foundation for quantitative methodology in the early part of the 20th

century.

• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Easy

LEARNING OBJECTIVES: IMS.ASWC.19.01.01 - 1.1

NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking

TOPICS: 1.1 Problem Solving and Decision Making

KEYWORDS: Bloom's: Remember

• To identify the choice that provides the highest profit and also uses the fewest employees, we apply a single-criterion

decision process.

• True
• False

ANSWER: False

POINTS: 1

DIFFICULTY: Moderate

LEARNING OBJECTIVES: IMS.ASWC.19.01.01 - 1.1

NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking

TOPICS: 1.1 Problem Solving and Decision Making

KEYWORDS: Bloom's: Understand

• The most critical component in determining the success or failure of any quantitative approach to decision making is

problem definition.

• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Easy

LEARNING OBJECTIVES: IMS.ASWC.19.01.03 - 1.3

NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking

TOPICS: 1.3 Quantitative Analysis

KEYWORDS: Bloom's: Remember

• The first step in the decision-making process is to identify the problem.
• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Easy 3 / 4

CH 01 - Introduction

© Cengage. Testing Powered by Cognero. Page 4

LEARNING OBJECTIVES: IMS.ASWC.19.01.01 - 1.1

NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking

TOPICS: 1.1 Problem Solving and Decision Making

KEYWORDS: Bloom's: Remember

• All uncontrollable inputs or data must be specified before we can analyze the model and recommend a decision or

solution for the problem.

• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Moderate

LEARNING OBJECTIVES: IMS.ASWC.19.01.03 - 1.3

NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking

TOPICS: 1.3 Quantitative Analysis

KEYWORDS: Bloom's: Understand

• If you are deciding to buy either machine A, B, or C with the objective of minimizing the sum of labor, material and

utility costs, you are dealing with a single-criterion decision.

• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Moderate

LEARNING OBJECTIVES: IMS.ASWC.19.01.01 - 1.1

NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking

TOPICS: 1.1 Problem Solving and Decision Making

KEYWORDS: Bloom's: Understand

• Model development should be left to quantitative analysts; the model user's involvement should begin at the

implementation stage.

• True
• False

ANSWER: False

POINTS: 1

DIFFICULTY: Moderate

LEARNING OBJECTIVES: IMS.ASWC.19.01.01 - 1.1

NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking

TOPICS: 1.1 Problem Solving and Decision Making

KEYWORDS: Bloom's: Understand

• A feasible solution is one that satisfies at least one of the constraints in the problem.
• True
• False

ANSWER: False

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