Applied Business Research
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Course Introduction
Applied Business Research introduces students to the methodologies and techniques used to systematically investigate business problems and opportunities. The course emphasizes the practical application of research methods, including defining research problems, designing studies, collecting and analyzing data, and interpreting findings to make informed business decisions. Topics include quantitative and qualitative research, survey design, data analysis, ethical considerations, and the use of research findings in strategic planning. By the end of the course, students are equipped to conduct and evaluate research that supports evidence-based management within various business environments.
Recommended Textbook
Quantitative Methods for Business 12th Edition by David R. Anderson
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Page 2
Chapter 1: Introduction
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Q1) Identification and definition of a problem
A)cannot be done until alternatives are proposed.
B)is the first step of decision making.
C)is the final step of problem solving.
D)requires consideration of multiple criteria.
Answer: B
Q2) All uncontrollable inputs or data must be specified before we can analyze the model and recommend a decision or solution for the problem.
A)True
B)False
Answer: True
Q3) Decision alternatives
A)should be identified before decision criteria are established.
B)are limited to quantitative solutions
C)are evaluated as a part of the problem definition stage.
D)are best generated by brain-storming.
Answer: A
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Chapter 2: Introduction to Probability
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Q1) Revised probabilities of events based on additional information are
A)joint probabilities
B)posterior probabilities
C)marginal probabilities
D)complementary probabilities
Answer: B
Q2) Two events that are mutually exclusive cannot be independent.
A)True
B)False
Answer: True
Q3) The probability of an event
A)is the sum of the probabilities of the sample points in the event.
B)is the product of the probabilities of the sample points in the event.
C)is the maximum of the probabilities of the sample points in the event.
D)is the minimum of the probabilities of the sample points in the event.
Answer: A
Q4) If A and B are independent events,then P(A \(\cap\) B)= P(A)P(B).
A)True
B)False
Answer: True
Page 4
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Chapter 3: Probability Distributions
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Sample Questions
Q1) Water's Edge is a clothing retailer that promotes its products via catalog and accepts customer orders by all of the conventional ways including the Internet.The company has gained a competitive advantage by collecting data about its operations and the customer each time an order is processed.
Among the data collected with each order are: number of items ordered,total shipping weight of the order,whether or not all items ordered were available in inventory,time taken to process the order,customer's number of prior orders in the last 12 months,and method of payment.
For each of the six aforementioned variables,identify which of the variables are discrete and which are continuous.
Answer: Discrete: number of items ordered,whether or not all items ordered were available in inventory,customer's number of prior orders in the last 12 months,method of payment
Continuous: total shipping weight of the order,time taken to process the order
Q2) The Poisson probability distribution is used with a continuous random variable.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Decision Analysis
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Sample Questions
Q1) Sample information with an efficiency rating of 100% is perfect information.
A)True
B)False
Q2) If p is the probability of Event 1 and (1 F1F1F1S1 F1F1F10 p)is the probability of Event 2,for what values of p would you choose A? B? C? Values in the table are payoffs.
\[\begin{array} { c c c }
\text { Choice/Event } & \text { Event 1 } & \text { Event 2 } \\
\hline \text { A } & 0 & 20 \\
\text { B } & 4 & 16 \\
\text { C } & 8 & 0
\end{array}\]
Q3) Sensitivity analysis considers
A)how sensitive the decision maker is to risk.
B)changes in the number of states of nature.
C)changes in the values of the payoffs.
D)changes in the available alternatives.
Q4) The expected value approach is more appropriate for a one-time decision than a repetitive decision.
A)True
B)False
Page 6
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Chapter 5: Utility and Game Theory
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Q1) The risk premium is never negative for a conservative decision maker.
A)True
B)False
Q2) If it is optimal for both players in a two-person,zero-sum game to select one strategy and stay with that strategy regardless of what the other player does,the game
A)has more than one equilibrium point.
B)will have alternating winners.
C)will have no winner.
D)has a pure strategy solution.
Q3) Game theory models extend beyond two-person,zero-sum games.Discuss two extensions (or variations).
Q4) To select a strategy in a two-person,zero-sum game,Player A follows a ______ procedure and Player B follows a ______ procedure.
A)maximax, minimin
B)maximax, minimax
C)maximax, maximax
D)maximin, minimax
Q5) When and why should a utility approach be followed?
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Chapter 6: Times Series Analysis and Forecasting
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Q1) The trend pattern is easy to identify by using A)a moving average
B)exponential smoothing
C)regression analysis
D)a weighted moving average
Q2) In situations where you need to compare forecasting methods for different time periods,the most appropriate accuracy measure is
A)MSE
B)MAPE
C)MAE
D)ME
Q3) Time series methods base forecasts only on past values of the variables.
A)True
B)False
Q4) The exponential smoothing forecast for any period is a weighted average of all the previous actual values for the time series.
A)True
B)False
Q5) Explain and contrast three measures of forecast accuracy.
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Chapter 7: Introduction to Linear Programming
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Sample Questions
Q1) An infeasible problem is one in which the objective function can be increased to infinity.
A)True
B)False
Q2) Explain what to look for in problems that are infeasible or unbounded.
Q3) The maximization or minimization of a quantity is the
A)goal of management science.
B)decision for decision analysis.
C)constraint of operations research.
D)objective of linear programming.
Q4) Explain the concepts of proportionality,additivity,and divisibility.
Q5) All of the following statements about a redundant constraint are correct except
A)A redundant constraint does not affect the optimal solution.
B)A redundant constraint does not affect the feasible region.
C)Recognizing a redundant constraint is easy with the graphical solution method.
D)At the optimal solution, a redundant constraint will have zero slack.
Q6) Solve the following system of simultaneous equations.
6x + 2y = 50
2x + 4y = 20
Page 9
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Chapter 8: Linear Programming: Sensitivity Analysis and Interpretation of Solution
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Q1) The dual price measures,per unit increase in the right hand side, A)the increase in the value of the optimal solution.
B)the decrease in the value of the optimal solution.
C)the improvement in the value of the optimal solution. D)the change in the value of the optimal solution.
Q2) If the range of feasibility for b<sub>1</sub> is between 16 and 37,then if b<sub>1</sub> = 22 the optimal solution will not change from the original optimal solution.
A)True
B)False
Q3) If the range of feasibility indicates that the original amount of a resource,which was 20,can increase by 5,then the amount of the resource can increase to 25.
A)True
B)False
Q4) The dual price for a < constraint
A)will always be < 0
B)will always be > 0
C)will be < 0 in a minimization problem and > 0 in a maximization problem
D)will always equal 0
Page 10
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Chapter 9: Linear Programming Applications in Marketing, Finance, and
Operations
Management
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Sample Questions
Q1) It is improper to combine manufacturing costs and overtime costs in the same objective function.
A)True
B)False
Q2) In a production scheduling LP,the demand requirement constraint for a time period takes the form
A)beginning inventory + production + ending inventory > demand
B)beginning inventory F1F1F1S1 F1F1F10 production F1F1F1S1 F1F1F10 ending inventory = demand
C)beginning inventory + production F1F1F1S1 F1F1F10 ending inventory = demand
D)beginning inventory F1F1F1S1 F1F1F10 production F1F1F1S1 F1F1F10 ending inventory > demand
Q3) Which of the operations management applications modeled in the text has an objective function that minimizes the sum of manufacturing costs,purchasing costs,and overtime costs?
A)make-or-buy decision
B)blending
C)production scheduling
D)workforce assignment
Q4) Describe some common feature of multiperiod financial planning models.
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Chapter 10: Distribution and Network Models
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Q1) Transshipment problem allows shipments both in and out of some nodes while transportation problems do not.
A)True
B)False
Q2) If a transportation problem has four origins and five destinations,the LP formulation of the problem will have
A)5 constraints
B)9 constraints
C)18 constraints
D)20 constraints
Q3) Define the variables and constraints necessary in the LP formulation of the transshipment problem.
Q4) A dummy origin in a transportation problem is used when supply exceeds demand.
A)True
B)False
Q5) In the LP formulation of a maximal flow problem,a conservation-of-flow constraint ensures that an arc's flow capacity is not exceeded.
A)True
B)False
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Chapter 11: Integer Linear Programming
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Q1) In a model involving fixed costs,the 0 - 1 variable guarantees that the capacity is not available unless the cost has been incurred.
A)True
B)False
Q2) In an all-integer linear program,
A)all objective function coefficients must be integer.
B)all right-hand side values must be integer.
C)all variables must be integer.
D)all objective function coefficients and right-hand side values must be integer.
Q3) Which of the following applications modeled in the textbook does not involve only 0 - 1 integer variables?
A)supply chain design
B)bank location
C)capital budgeting
D)product design and market share optimization
Q4) Multiple choice constraints involve binary variables.
A)True
B)False
Q5) Why are 0 - 1 variables sometimes called logical variables?
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Chapter 12: Advanced Optimization Applications
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Sample Questions
Q1) A DEA linear programming model involving 4 input measures and 3 output measures will have
A)7 constraints.
B)8 constraints.
C)12 constraints.
D)13 constraints.
Q2) Revenue management methodology can be applied in the case of nonperishable assets.
A)True
B)False
Q3) The function f (x,y)= x <sup>2</sup> + y <sup>2</sup> has a single global minimum and is relatively easy to minimize.
A)True
B)False
Q4) Many linear programming algorithms such as the simplex method optimize by examining only the extreme points of the feasible region.
A)True
B)False
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Page 14
Chapter 13: Project Scheduling: Pertcpm
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Q1) Crashing refers to an unanticipated delay in a critical path activity that causes the total time to exceed its limit.
A)True
B)False
Q2) Why should projects be monitored after the critical path is found?
Q3) In PERT,the activity duration time is equal to:
A)pessimistic time
B)optimistic time
C)most likely time
D)mean duration
Q4) Which of the following is always true about a critical activity?
A)LS = EF.
B)LF = LS.
C)ES = LS.
D)EF = ES.
Q5) The linear programming model for crashing presented in the textbook assumes that any portion of the activity crash time can be achieved for a corresponding portion of the activity crashing cost.
A)True
B)False
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Chapter 14: Inventory Models
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Q1) Periodic review inventory systems
A)are less subject to stockouts than corresponding continuous review systems.
B)require larger safety stock levels than corresponding continuous review systems.
C)have constant order quantities.
D)make the coordination of orders for multiple products more difficult.
Q2) Which of the following inventory models does not assume that the inventory position is monitored continuously?
A)quantity discounts for the EOQ model
B)economic production quantity model
C)periodic review with probabilistic demand model
D)inventory model with planned shortages
Q3) Explain the difference between a periodic and a continuous review system.
Q4) The time between placing orders is the lead time.
A)True
B)False
Q5) When quantity discounts are available,order an amount from the highest discount category.
A)True
B)False
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Chapter 15: Waiting Line Models
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Sample Questions
Q1) With no waiting allowed,operating characteristics L<sub>q</sub> and W<sub>q</sub> are automatically zero regardless of the number of servers.
A)True B)False
Q2) Before waiting lines can be analyzed economically,the arrivals' cost of waiting must be estimated.
A)True B)False
Q3) For many waiting line situations,the arrivals occur randomly and independently of other arrivals and it has been found that a good description of the arrival pattern is provided by
A)a normal probability distribution.
B)an exponential probability distribution.
C)a uniform probability distribution.
D)a Poisson probability distribution.
Q4) In a multiple-channel system it is more efficient to have a separate waiting line for each server.
A)True B)False
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Chapter 16: Simulation
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Q1) Seventy-five percent of calls arriving at a help line can be handled by the person who answers the phone,but the remaining 25% of them will need to be referred to someone else.Assume that every call requires one minute of attention by the person who answers the phone (either to answer the question or to figure out how the referral should be handled).Calls that are referred need an additional amount of time,as given in the table below. \[\begin{array} { c c }
\text { Time Required } & \text { Probability } \\ \hline 3 \text { minutes } & .25 \\ 5 \text { minutes } & .35 \\ 10 \text { minutes } & .40
\end{array}\] Callers are served on a first come,first served basis,and are put on hold until the line is free.Use the random numbers to simulate what happens to 10 callers.(Use the random numbers in order - from left to right,first row first - as you need them.)What percentage of your callers needs to be referred? Of those who had to be referred,what is the average referral time? \(\begin{array}{llllllllll} .82 & .39 & .16 & .79 & .56 & .62 & .13 & .04 & .42 & .81 \\ .85 & .32 & .64 & .90 & .73 & .02 & .76 & .03 & .86 & .67 \end{array}\)
Q2) Why is a flowchart useful in simulation?
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Chapter 17: Markov Processes
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Q1) A state,i,is an absorbing state if,when i = j,p<sub>ij</sub> = 1.
A)True
B)False
Q2) On any particular day an individual can take one of two routes to work.Route A has a 25% chance of being congested,whereas route B has a 40% chance of being congested. The probability of the individual taking a particular route depends on his previous day's experience.If one day he takes route A and it is not congested,he will take route A again the next day with probability .8.If it is congested,he will take route B the next day with probability .7.
On the other hand,if on a day he takes route B and it is not congested,he will take route B again the next day with probability .9.Similarly if route B is congested,he will take route A the next day with probability .6.
a.Construct the transition matrix for this problem. (HINT: There are 4 states corresponding to the route taken and the congestion. The transition probabilities are products of the independent probabilities of congestion and next day choice.)
b.What is the long-run proportion of time that route A is taken?
Q3) Why is a computer necessary for some Markov analyses?
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