INTEGRATED OPERATIONS MANAGEMENT FINAL EXAM
NEWEST 2024 ACTUAL EXAM 150 QUESTIONS AND
CORRECT ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A
A management science solution can be either a recommended decision or
information that helps a manager make a decision. - ANSWER: True
A management science technique usually applies to a specific model type. -
ANSWER: True
Business analytics brings together the disciples of information systems, management
science, statistics, and mathematical modeling. - ANSWER: True
Management science modeling techniques provide results that are known with
certainty. - ANSWER: False
The steps of the management science process are - ANSWER: Observation, problem
definition, model construction, model solution, and implementation
The field of management science: - ANSWER: Concentrates on the use of
quantitative methods to assist managers in decision making
Parameters are known, constant values that are usually coefficients of variables in
equations - ANSWER: True
A model is a mathematical representation of a problem situation including variables,
parameters, and equations - ANSWER: True
The term "sensitivity analysis" refers to testing how a problem solution reacts to
changes in one or more of the model parameter - ANSWER: True
Management science modeling techniques focus on model construction and
problem solution - ANSWER: True
__________ involves determining the functional relationship between variables,
parameters, and equations - ANSWER: Model construction
The break even point is the volume that equates total revenue with total cost -
ANSWER: True
In general, an increase in price increases the break even point if all costs are held
constant - ANSWER: False
Variable costs depend on the number of times produced - ANSWER: True
, If variable costs increase, but price and fixed costs are held constant, the break even
point will decrease - ANSWER: False
________ are generally independent of the volume of units produced and sold -
ANSWER: Fixed costs
Variable cost does not include: - ANSWER: Staff and management salaries
The purpose of break even analysis is to determine the number of units of a product
to sell that will: - ANSWER: Result in zero profit
If the price increases, but fixed and variable costs do not change, the break even
point: - ANSWER: Decreases
The term _________ refers to testing how a problem solution reacts to changes in or
more of the model parameters - ANSWER: Sensitivity analysis
Linear programming is a model consisting of linear relationships representing a firm's
decisions given an objective and resource constraints - ANSWER: True
A linear programming constraint is a linear relationship representing a restriction on
decision making - ANSWER: True
Proportionality means the slope of a constraint is proportional to the slope of the
objective function - ANSWER: False
The terms in the objective function or constraints are additive - ANSWER: True
Surplus variables are only associated with minimization problems - ANSWER: False
The optimal solution for a graphical linear programming problem is the corner point
that is the farthest from the origin - ANSWER: False
The feasible solution area contains infinite solutions to the linear program -
ANSWER: True
There is exactly one optimal solution point to a linear program - ANSWER: False
Multiple optimal solutions can occur when the objective function is _______ a
constraint line - ANSWER: Parallel to
Which of the following special cases does not require reformulation of the problem
in order to obtain a solution? - ANSWER: Alternate optimality
NEWEST 2024 ACTUAL EXAM 150 QUESTIONS AND
CORRECT ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A
A management science solution can be either a recommended decision or
information that helps a manager make a decision. - ANSWER: True
A management science technique usually applies to a specific model type. -
ANSWER: True
Business analytics brings together the disciples of information systems, management
science, statistics, and mathematical modeling. - ANSWER: True
Management science modeling techniques provide results that are known with
certainty. - ANSWER: False
The steps of the management science process are - ANSWER: Observation, problem
definition, model construction, model solution, and implementation
The field of management science: - ANSWER: Concentrates on the use of
quantitative methods to assist managers in decision making
Parameters are known, constant values that are usually coefficients of variables in
equations - ANSWER: True
A model is a mathematical representation of a problem situation including variables,
parameters, and equations - ANSWER: True
The term "sensitivity analysis" refers to testing how a problem solution reacts to
changes in one or more of the model parameter - ANSWER: True
Management science modeling techniques focus on model construction and
problem solution - ANSWER: True
__________ involves determining the functional relationship between variables,
parameters, and equations - ANSWER: Model construction
The break even point is the volume that equates total revenue with total cost -
ANSWER: True
In general, an increase in price increases the break even point if all costs are held
constant - ANSWER: False
Variable costs depend on the number of times produced - ANSWER: True
, If variable costs increase, but price and fixed costs are held constant, the break even
point will decrease - ANSWER: False
________ are generally independent of the volume of units produced and sold -
ANSWER: Fixed costs
Variable cost does not include: - ANSWER: Staff and management salaries
The purpose of break even analysis is to determine the number of units of a product
to sell that will: - ANSWER: Result in zero profit
If the price increases, but fixed and variable costs do not change, the break even
point: - ANSWER: Decreases
The term _________ refers to testing how a problem solution reacts to changes in or
more of the model parameters - ANSWER: Sensitivity analysis
Linear programming is a model consisting of linear relationships representing a firm's
decisions given an objective and resource constraints - ANSWER: True
A linear programming constraint is a linear relationship representing a restriction on
decision making - ANSWER: True
Proportionality means the slope of a constraint is proportional to the slope of the
objective function - ANSWER: False
The terms in the objective function or constraints are additive - ANSWER: True
Surplus variables are only associated with minimization problems - ANSWER: False
The optimal solution for a graphical linear programming problem is the corner point
that is the farthest from the origin - ANSWER: False
The feasible solution area contains infinite solutions to the linear program -
ANSWER: True
There is exactly one optimal solution point to a linear program - ANSWER: False
Multiple optimal solutions can occur when the objective function is _______ a
constraint line - ANSWER: Parallel to
Which of the following special cases does not require reformulation of the problem
in order to obtain a solution? - ANSWER: Alternate optimality
