Introduction to Management Science: Quantitative Methods: 50 Multiple Choice Questions Question 1 In a balanced transportation model where supply equals demand‚ a. all constraints are equalities b. none of the constraints are equalities c. all constraints are inequalities d. none of the constraints are inequalities Question 2 In a transportation problem‚ items are allocated from sources to destinations a. at a maximum cost b. at a minimum cost c. at a minimum profit d. at
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what decison criterion should he use? Maximax c) what alternative is best He should choose Sub100‚ since it has the best possible outcome. 2) although Ken (above) is the principal owner‚ his bother bob is credit with making the company a sucess. Bob is vice president of fincance. Bob attributes his sucess to hsi pessimistic attitude about business and oil industry. Give the information from the previous problem is it likely bob will arive at a different decision? What deicison criterion should bob
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Which one of the following is false? d. An accounting firm does not need operations management. Which one of the following policies is stated in the syllabus or the student guideline power point slides for DS 412? D) All students are asked to provide a valid e-mail address on "iLearn". What are an organization’s goals based on? d. Its mission Operations Management includes all of these activities except: b. Assessing consumer wants and needs Which one of the following is one of the key differences
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QUANTITATIVE MODULE Decision-Making Tools Discussion Questions 1. The 6 steps of the decision process are: 1. Clearly define the problem and the factors that influence it. 2. Develop specific and measurable objectives. 3. Develop a model. 4. Evaluate each alternative solution. 5. Select the best alternative. 6. Implement the solution. 2. The purpose of this question is to make students use a personal experience to distinguish between good and bad decisions. A “good”
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rule optimistically assumes that nature will always be "on our side" regardless of what decision we make? a. | maximax decision rule. | b. | maximin decision rule. | c. | minimax regret decision rule. | d. | minimin decision rule. | __B__ 5. Which decision rule pessimistically assumes that nature will always be "against us" regardless of what decision we make? a. | maximax decision rule. | b. | maximin decision rule. | c. | minimax regret decision rule. | d. | minimin decision
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An operation increases its production level and observes that the cost of producing each unit decreases. This is an example of: Economies of scale. Organizations have: internal and external supply chains. The center of gravity method for location choice is often used to minimize: shipping costs. Which of the following are common reasons a firm might expand into new countries?: To operate under less restrictive regulations and to improve access to foreign markets. . Compared to service operations
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result from each investment: Gasoline Availability Investment Shortage Stable Supply Surplus Motel $8‚000 $15‚000 $20‚000 Restaurant 2‚000 8‚000 6‚000 Theater 6‚000 6‚000 5‚000 Determine the best investment‚ using the following decision criteria. a. Maximax 20‚000 motel b. Maximin 5‚000 theater c. Minimax regret 14‚000 motel or Restaurant d. Hurwicz(a=.4) theather 5‚400 e. Equal likelihood =Motel 9‚000 16. A concessions manager at the Tech versus A&M football game must decide whether to have the vendors
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Size of Gasoline Station Good Market ($) Fair Market ($) Poor Market ($) Small $70‚000.00 $30‚000.00 $(30‚000.00) Medium $110‚000.00 $50‚000.00 $(40‚000.00) Large $170‚000.00 $70‚000.00 $(50‚000.00) 2. What is the Maximax decision? Large Sizes Good Market Fair Market Poor Market Maximum Small $ 70‚000 $ 30‚000 $ (30‚000) $ 70‚000 Medium $ 110‚000 $
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Reviewer for MANSCIE 1. Introduction to Quantitative Analysis Approach Quantitative Analysis involves the use of mathematical equations or relationships in analyzing a particular problem. Steps in Quantitative Analysis Approach 1. Define the problem 2. Develop a model 3. Acquire input data 4. Develop a solution 5. Test the solution 6. Analyze the results 7. Implement the results 2. Decision Theory Six steps in decision making 1. Define the problem 2. List possible alternatives 3. Identify possible
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000 1. Develop a decision table for this decision. Alternative Favorable Market Unfavorable Market Small $70‚000 -$30‚000 Medium $110‚000 -$40‚000 Large $170‚000 -$50‚000 Do nothing 0 0 2. What is the Maximax decision? 170‚000 3. What is the Maximin decision? 50000 4. What is the criterion of realism decision? Use α = 0.6. to build a large station 72‚000 5. Develop an Opportunity Loss Table Scenario 1 Scenario 2 Expected Maximum Probability 0 0 Decision 1 100000 30000 0 100000
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