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MAT 540 Quizzes

MAT 540 Quizzes

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Published by whisprer1
MAT 540 Quiz MAT/540 Quiz 1 MAT 540 Quiz 2 MAT 540 Quiz 3 MAT 540 Quiz 4 MAT 540 Quiz 5 MAT 540 Final Quiz MAT 540 MID Term Quiz
MAT 540 Quiz MAT/540 Quiz 1 MAT 540 Quiz 2 MAT 540 Quiz 3 MAT 540 Quiz 4 MAT 540 Quiz 5 MAT 540 Final Quiz MAT 540 MID Term Quiz

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Published by: whisprer1 on Apr 27, 2012
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MAT 540 Quiz bank (Test bank)
Solve your MAT/540 Quizzes with 100% Score
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 Solutions are categorize in 16 chapters, each chapter is a .doc fomrat.
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 Introduction to Management Science, 10e
Chapter 1 Management Science
 1) Management science involves the philosophy of approaching a problem in asubjective manner.2) Management science techniques can be applied only to business andmilitary organizations.3) Once management scientist makes his or her decision and recommendationto management, then typically, his or her involvement with the problem isfinished.4) A variable is a value that is usually a coefficient of a parameter in anequation.5) Parameters are known, constant values that are usually coefficients of  variables in equations.6) Data are pieces of information from the problem environment.7) A model is a mathematical representation of a problem situation including variables, parameters, and equations.
8) A management science technique usually applies to a specific model type.9) The first step of the management science process is to define the problem.10) Management science modeling techniques provide results that are known with certainty.11) The term sensitivity analysis refers to testing how a problem solutionreacts to changes in one or more of the model parameters.12) Fixed costs depend on the number of items produced.13) Variable costs depend on the number of items produced.14) Fixed cost is the difference between total cost and total variable cost.15) The break-even point is the volume that equates total revenue with totalcost.16) In general, an increase in price increases the break even point if all costsare held constant.17) If variable costs increase, but price and fixed costs are held constant, the break even point will decrease.18) Managers utilize spreadsheets to conduct their own analyses inmanagement science studies.19) Management science techniques focus primarily on observation, modelconstruction and implementation to find an appropriate solution to aproblem.20) Management science modeling techniques focus on model constructionand problem solution.21) Decision Support Systems (DSS) use computers to help decision makersaddress complex problems.22) Enterprise Resource Planning (ERP) system is a data oriented decisionsupport system that utilizes specific management science solution proceduresto solve individual problems such as cost-volume analysis.23) A __________ is a symbol used to represent an item that can take onany value.
24) __________ are known, constant values that are coefficients of  variables in equations.25) __________ are pieces of information from the problem environment.26) A __________ is a functional relationship including variables,parameters, and equations.27) Management science techniques include __________ techniques,models that are represented as diagrams, presenting a pictorial representationof the system being analyzed.28) __________ techniques provide results that contain uncertainty, unlikemathematical programming techniques which are deterministic.29) __________ costs are independent of the volume of goods producedand remain constant.30) __________ depend on the number of items produced.31) Total revenue minus total cost equals __________ .32) The __________ is the volume that equates total revenue with totalcost.33) A __________ represents a limitation to achieving maximum profitsdue to limited resources.34) A __________ programming technique refers to a predetermined set of mathematical steps used to solve a problem.35) A __________ is a computer-based system that helps decision-makersaddress complex problems that involve different parts of an organization andoperations.36) The relationship d = 5000 - 25p describes what happens to demand (d) asprice (p) varies. Price can vary between $10 and $50. How many units can besold when the price is $10?37) The supplier of cans for Coors Brewery, Valley Metal Container, uses a __________ to determine the weekly production schedule for cans in orderto meet brewery demand.38) A production process requires a fixed cost of $50,000. The variable costper unit is $25 and the revenue per unit is projected to be $45. Write amathematical expression for total cost.

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