Module 1: Introduction to Models Quiz
Quiz, 10 questions
Question 1
1
point
1. Question 1
Which of the following features is typically NOT associated with a quantitative model for a business
process?
Mathematical equations
A formal description of a business process
A 100% accurate representation of the business process
Assumptions
Question 2
1
point
2. Question 2
For which activity(ies) might you use a quantitative model?
(i) Forecasting
(ii) Targeting
(iii) Optimization
(i)
(i), (ii), and (iii)
(ii) and (iii)
Schlumberger-Private
,(i) and (ii)
Question 3
1
point
3. Question 3
Which of the following activities is typically NOT a part of the modeling process?
Model formulation
Sensitivity analysis
Validation
Creating a model, so that the output always agrees with our prior expectations
Question 4
1
point
4. Question 4
If a model gives a different output even when the inputs are the same, then what sort of
model must it be?
Deterministic
Probabilistic
Dynamic
Discrete
Question 5
1
point
Schlumberger-Private
,5. Question 5
From a modeling perspective, what is the key difference between a digital and an analog
thermometer?
The digital thermometer provides a discrete reading of the temperate, whereas the analog provides
a continuous one
The digital thermometer provides a continuous reading of temperature, whereas the analog provides
a discrete one
The digital thermometer always provides a more accurate reading of the temperature
There is no difference, because they will always provide identical readings of temperature
Question 6
1
point
6. Question 6
In the model y=3 e^(0.02 t) , where t is measured in months and y measures the number of
customers in thousands, what is the best interpretation of the coefficient 0.02?
The monthly customer growth rate is approximately 2%
Two-thousand extra customers are added every month
The annual customer growth rate is approximately 2%
For every 1% increase in months there will be a 2% increase in customers
Question 7
1
point
7. Question 7
Schlumberger-Private
, What is the defining characteristic of the linear model y =3+4 x, where x is the number of units
produced and y is the time in hours it takes to produce them?
When x goes from 4 to 5, the change in y is larger than when x goes from 40 to 41
The model has a set-up time of 3 hours
If x increases by 1% then y will increase by 4%.
The rate of change in y is constant at 4 hours per unit
Question 8
1
point
8. Question 8
For which of the following business processes is a log function particularly useful in modeling the
output?
A process that exhibits diminishing returns to scale
A process that exhibits seasonality
A process that is increasing at a constant rate
A process that exhibits a constant growth rate
Question 9
1
point
9. Question 9
If you wanted to model a business process that looked like the graph below, then which modeling
function would you suggest?
Schlumberger-Private
Quiz, 10 questions
Question 1
1
point
1. Question 1
Which of the following features is typically NOT associated with a quantitative model for a business
process?
Mathematical equations
A formal description of a business process
A 100% accurate representation of the business process
Assumptions
Question 2
1
point
2. Question 2
For which activity(ies) might you use a quantitative model?
(i) Forecasting
(ii) Targeting
(iii) Optimization
(i)
(i), (ii), and (iii)
(ii) and (iii)
Schlumberger-Private
,(i) and (ii)
Question 3
1
point
3. Question 3
Which of the following activities is typically NOT a part of the modeling process?
Model formulation
Sensitivity analysis
Validation
Creating a model, so that the output always agrees with our prior expectations
Question 4
1
point
4. Question 4
If a model gives a different output even when the inputs are the same, then what sort of
model must it be?
Deterministic
Probabilistic
Dynamic
Discrete
Question 5
1
point
Schlumberger-Private
,5. Question 5
From a modeling perspective, what is the key difference between a digital and an analog
thermometer?
The digital thermometer provides a discrete reading of the temperate, whereas the analog provides
a continuous one
The digital thermometer provides a continuous reading of temperature, whereas the analog provides
a discrete one
The digital thermometer always provides a more accurate reading of the temperature
There is no difference, because they will always provide identical readings of temperature
Question 6
1
point
6. Question 6
In the model y=3 e^(0.02 t) , where t is measured in months and y measures the number of
customers in thousands, what is the best interpretation of the coefficient 0.02?
The monthly customer growth rate is approximately 2%
Two-thousand extra customers are added every month
The annual customer growth rate is approximately 2%
For every 1% increase in months there will be a 2% increase in customers
Question 7
1
point
7. Question 7
Schlumberger-Private
, What is the defining characteristic of the linear model y =3+4 x, where x is the number of units
produced and y is the time in hours it takes to produce them?
When x goes from 4 to 5, the change in y is larger than when x goes from 40 to 41
The model has a set-up time of 3 hours
If x increases by 1% then y will increase by 4%.
The rate of change in y is constant at 4 hours per unit
Question 8
1
point
8. Question 8
For which of the following business processes is a log function particularly useful in modeling the
output?
A process that exhibits diminishing returns to scale
A process that exhibits seasonality
A process that is increasing at a constant rate
A process that exhibits a constant growth rate
Question 9
1
point
9. Question 9
If you wanted to model a business process that looked like the graph below, then which modeling
function would you suggest?
Schlumberger-Private
