MAT 540 Quiz 1
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1. The term decision analysis refers to testing how a problem solution reacts to changes in one or more of the model parameters. True False 2. Fixed costs depend on the number of items produced. True False 3. Total cost equal the fixed cost plus the variable cost per unit divided by volume. True False Total cost= fixed cost+(variable cost per unit multiplied by volume) 4. Profit is the difference between total revenue and total cost. True False Profit = Revenue - Cost. 5. An experiment is an activity that results in one of several possible outcomes. True False 6. Variable costs are independent of volume and remain constant. True False 7. The events in an experiment are mutually exclusive if only one can occur at a time. True False 8. The probabilities of mutually exclusive events sum to zero. True False 9. A model is a functional relationship and include: variables parameters equations all of the above 10. Which of the following is an equation or an inequality that expresses a resource restriction in a mathematical model? decision variable. data an objective function. a constraint. a parameter. 11. In a given experiment, the probabilities of all mutually exclusive events sum to one. True False 12. Which of the following is not an alternative name for management science? decision sciences quantitative methods quantitative analysis operations research decision support systems
13. The steps of the scientific method are: problem definition, model construction, observation, model solution, implementation. observation, problem definition, model construction, model solution, implementation. model construction, problem definition, observation, model solution, implementation. observation, implementation, problem definition, model construction, model solution. 14. A frequency distribution is an organization of numerical data about the events in an experiment. True False 15. A set of events is collectively exhaustive when it includes __ the events that can occur in an experiment. some of one of all any of 16. Objective probabilities that can be stated prior to the occurrence of an event are subjective a priori classical or a priori none of the above 17. Which of the following is incorrect with respect to the use of models in decision making? they improve understanding of the problem they promote subjectivity in decision making they are generally easy to use they provide a systematic approach to problem solving 18. In a given experiment the probabilities of mutually exclusive events sum to 0 0.5 1 none of the above 19. A __ probability is the probability that two or more events that are not mutually exclusive can occur simultaneously. joint marginal subjective binomial 20. __ techniques include uncertainty and assume that there can be more than one model solution. Deterministic Probabilistic
Distribution Probability