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QM Test Bank

The document discusses true and false statements about quantitative analysis techniques and business analytics. It addresses topics like the development of quantitative methods during World War II, the difference between descriptive and predictive analytics, components of quantitative analysis models, and definitions of key terms. Over half of the statements provided were marked as true, indicating an accurate understanding of many quantitative analysis and business analytics concepts.

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Phạm Phát
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203 views1 page

QM Test Bank

The document discusses true and false statements about quantitative analysis techniques and business analytics. It addresses topics like the development of quantitative methods during World War II, the difference between descriptive and predictive analytics, components of quantitative analysis models, and definitions of key terms. Over half of the statements provided were marked as true, indicating an accurate understanding of many quantitative analysis and business analytics concepts.

Uploaded by

Phạm Phát
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1) Interviews, statistical sampling, and company reports provide input data for quantitative analysis

models. TRUE

2) In the early 1900s, Henry Ford pioneered the principles of the scientific approach to management.
FALSE

3) Managers do not need to be familiar with the limitations, assumptions, and/or specific
applicability of the quantitative analysis technique to use it for accurate decision making. FALSE

4) During World War II, many new scientific and quantitative techniques were developed to assist
the military, and these developments were so successful that many companies started using similar
techniques in managerial decision making and planning after the war. TRUE

5) Business Analytics is a data-driven approach to decision making that allows companies to make better
decisions.TRUE

6) Descriptive Analytics is aimed at forecasting future outcomes based on patterns in the past data.
FALSE
7) When a problem is difficult to quantify, it may be necessary to develop unspecific objectives. FALSE

8) The Quantitative Analysis Approach consists of six steps. FALSE

9) A mathematical model shows the relationship between quantifiable and non-quantifiable information.
FALSE

10) Decision variables may also be called parameters. FALSE

11) Model variables can be controllable or uncontrollable.TRUE

12) A series of steps or procedures that are repeated is known as an algorithm. TRUE

13) A model is a representation of a situation. TRUE


14) A parameter is a measurable quantity that may vary or is subject to change. FALSE

15) Trying various approaches and picking the one resulting in the best decision is called incomplete
enumeration. FALSE

16) All problems can be solved by considering only the quantitative issues. FALSE

17) A profit equation is an example of a schematic model. FALSE

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