CH 01 - Introduction
© Cengage. Testing Powered by Cognero. Page 1
True / False
1. The process of decision making is more limited than that of problem
... [Show More] solving.
a. True
b. 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.
a. True
b. 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.
a. True
b. 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.
a. True
b. 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 MakingCH 01 - Introduction
© Cengage. Testing Powered by Cognero. Page 2
KEYWORDS: Bloom's: Understand
5. Most successful quantitative analysis models will advise separating the management analyst from the managerial team
until after the problem has been fully structured.
a. True
b. 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
6. The value of making a decision based on models is dependent on how closely the model represents the real situation.
a. True
b. 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
7. Uncontrollable inputs are the decision variables for a model.
a. True
b. 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
8. The feasible solution is the best solution possible for a mathematical model.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIVES: IMS.ASWC.19.01.03 - 1.3
NATIONAL STANDARDS: United States - BUSPROG: Reflective ThinkingCH 01 - Introduction
© Cengage. Testing Powered by Cognero. Page 3
TOPICS: 1.3 Quantitative Analysis
KEYWORDS: Bloom's: Understand
9. Frederic W. Taylor is credited with providing the foundation for quantitative methodology in the early part of the 20th
century.
a. True
b. 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
10. To identify the choice that provides the highest profit and also uses the fewest employees, we apply a single-criterion
decision process.
a. True
b. 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
11. The most critical component in determining the success or failure of any quantitative approach to decision making is
problem definition.
a. True
b. 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
12. The first step in the decision-making process is to identify the problem.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: EasyCH 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
13. All uncontrollable inputs or data must be specified before we can analyze the model and recommend a decision or
solution for the problem.
a. True
b. 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
14. 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.
a. True
b. 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
15. Model development should be left to quantitative analysts; the model user's involvement should begin at the
implementation stage.
a. True
b. 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 [Show Less]