Taylor Introduction to Management Science 11 Test Bank Complete Guide A+

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Introduction to Management Science, 11e (Taylor)
Chapter 1 Management Science

1) Management science involves the philosophy of approaching a problem in a subjective manner.
Answer: FALSE
Diff: 1 Page Ref: 2
Section Heading: The Management Science Approach to Problem Solving
Keywords: scientific approach
AACSB: Analytic skills

2) Management science techniques can be applied only to business and military organizations.
Answer: FALSE
Diff: 1 Page Ref: 2
Section Heading: The Management Science Approach to Problem Solving
Keywords: scientific approach, problem solving
AACSB: Analytic skills

3) Management scientists use the terms "data" and "information" interchangeably--that is, the two terms
mean the same thing
Answer: FALSE
Diff: 2 Page Ref: 4
Section Heading: The Management Science Approach to Problem Solving
Keywords: data
AACSB: Analytic skills

4) A management science solution can be either a recommended decision or information that helps a
manager make a decision
Answer: TRUE
Diff: 2 Page Ref: 5
Section Heading: The Management Science Approach to Problem Solving
Keywords: model, management science techniques
AACSB: Analytic skills

5) A variable is a value that is usually a coefficient of a parameter in an equation.
Answer: FALSE
Diff: 1 Page Ref: 3
Section Heading: The Management Science Approach to Problem Solving
Keywords: variable
AACSB: Analytic skills

6) Parameters are known, constant values that are usually coefficients of variables in equations.
Answer: TRUE
Diff: 1 Page Ref: 3
Section Heading: The Management Science Approach to Problem Solving
Keywords: parameter
AACSB: Analytic skills




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7) Data are pieces of information from the problem environment.
Answer: TRUE
Diff: 1 Page Ref: 4
Section Heading: The Management Science Approach to Problem Solving
Keywords: data
AACSB: Analytic skills

8) A model is a mathematical representation of a problem situation including variables, parameters, and
equations.
Answer: TRUE
Diff: 1 Page Ref: 3
Section Heading: The Management Science Approach to Problem Solving
Keywords: model, management science techniques
AACSB: Analytic skills

9) A management science technique usually applies to a specific model type.
Answer: TRUE
Diff: 1 Page Ref: 3
Section Heading: The Management Science Approach to Problem Solving
Keywords: models, management science techniques
AACSB: Analytic skills

10) The first step of the management science process is to define the problem.
Answer: FALSE
Diff: 2 Page Ref: 2
Section Heading: The Management Science Approach to Problem Solving
Keywords: management science process
AACSB: Analytic skills

11) Management science modeling techniques provide results that are known with certainty.
Answer: FALSE
Diff: 2 Page Ref: 17
Section Heading: Management Science Modeling Techniques
Keywords: management science modeling techniques, certainty
AACSB: Analytic skills

12) The term "sensitivity analysis" refers to testing how a problem solution reacts to changes in one or
more of the model parameters.
Answer: TRUE
Diff: 1 Page Ref: 10
Section Heading: Model Building: Break-Even Analysis
Keywords: sensitivity analysis, parameter changes

13) Fixed costs depend on the number of items produced.
Answer: FALSE
Diff: 1 Page Ref: 7
Section Heading: Model Building: Break-Even Analysis
Keywords: fixed cost, break-even analysis
AACSB: Analytic skills

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14) Variable costs depend on the number of items produced.
Answer: TRUE
Diff: 1 Page Ref: 7
Section Heading: Model Building: Break-Even Analysis
Keywords: variable cost, break-even analysis

15) Fixed cost is the difference between total cost and total variable cost.
Answer: TRUE
Diff: 1 Page Ref: 8
Section Heading: Model Building: Break-Even Analysis
Keywords: total cost, break-even analysis

16) The break-even point is the volume that equates total revenue with total cost.
Answer: TRUE
Diff: 1 Page Ref: 9
Section Heading: Model Building: Break-Even Analysis
Keywords: break-even analysis
AACSB: Analytic skills

17) In general, an increase in price increases the break-even point if all costs are held constant.
Answer: FALSE
Diff: 1 Page Ref: 10
Section Heading: Model Building: Break-Even Analysis
Keywords: break-even analysis
AACSB: Analytic skills

18) If variable costs increase, but price and fixed costs are held constant, the break-even point will
decrease.
Answer: FALSE
Diff: 2 Page Ref: 11
Section Heading: Model Building: Break-Even Analysis
Keywords: break-even analysis
AACSB: Analytic skills

19) Managers utilize spreadsheets to conduct their own analyses in management science studies.
Answer: TRUE
Diff: 2 Page Ref: 12
Section Heading: Computer Solution
Keywords: spreadsheets
AACSB: Analytic skills

20) Management science techniques focus primarily on observation, model construction, and
implementation to find an appropriate solution to a problem.
Answer: FALSE
Diff: 2 Page Ref: 15
Section Heading: Management Science Modeling Techniques
Keywords: mgt science modeling techniques, steps of the scientific method
AACSB: Analytic skills


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