Introduction to Management Science Question
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Course Introduction
Introduction to Management Science provides students with an analytical approach to decision-making in organizations by integrating mathematical modeling, statistics, and computational tools. The course covers fundamental concepts such as linear programming, decision analysis, network models, inventory management, and simulation techniques. Emphasis is placed on solving real-world business problems, formulating models, interpreting solutions, and implementing decision-support systems. Through case studies and practical applications, students learn to leverage quantitative methods to optimize processes and improve organizational effectiveness.
Recommended Textbook
Spreadsheet Modeling and Decision Analysis 7th Edition by Cliff Ragsdale
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Page 2
Chapter 1: Introduction to Modeling and Decision Analysis
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Sample Questions
Q1) Which of the following is most likely to be used when faced with the decision of how to arrange furniture in a room?
A)Mathematical model
B)Mental model
C)Physical model
D)Visual model
Answer: B
Q2) Which of the following categories of modeling techniques includes simulation?
A)Descriptive models
B)Predictive models
C)Prescriptive models
D)Scale models
Answer: A
Q3) In a model Y=fx<sub>1</sub>,x<sub>2</sub>),Y is called:
A)a dependent variable.
B)an independent variable.
C)a confounded variable.
D)a convoluted variable.
Answer: A
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Page 3
Chapter 2: Introduction to Optimization and Linear Programming
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Sample Questions
Q1) The following linear programming problem has been written to plan the production of two products.The company wants to maximize its profits. X<sub>1 </sub>= number of product 1 produced in each batch X<sub>2 </sub>= number of product 2 produced in each batch MAX: <sup>150 X</sup><sub>1 </sub><sup>+ 250 X</sup><sub>2</sub>
Subject to: <sup>2 X</sup><sub>1 </sub><sup>+ 5 X</sup><sub>2 </sub><sup> 200</sup>
3 X<sub>1 </sub>+ 7 X<sub>2 </sub> 175 X<sub>1</sub>,X<sub>2 </sub> 0
How many units of resource one the first constraint)are used if the company produces 10 units of product 1 and 5 units of product 2?
A)45
B)15
C)55
D)50
Answer: A
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Page 4
Chapter 3: Modeling and Solving Lp Problems in a Spreadsheet
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Sample Questions
Q1) What does the Excel "=SUMPRODUCTA1:A5,C6;C10)" function do?
A)Sums each range and multiplies the sums.
B)Sum each pair of cells and multiples each sum.
C)Multiplies the contents of cells containing the =SUM)command.
D)Multiplies each pair of cells in two arrays matched by position and sums the products.
Answer: D
Q2) Refer to Exhibit 3.2.What formula should be entered in cell D8 in the accompanying Excel spreadsheet to compute the amount of wiring used?
A)=B4*B5+C4*C5
B)=SUMPRODUCTB8:C8,$B$4:$C$4)
C)=SUMB5:C5)
D)=SUME8:E10)
Answer: B
Q3) Refer to Exhibit 3.1.Which cells should be the constraint cells in this problem?
A)B4:C4
B)E5
C)D8:D10
D)E8:E10
Answer: C
Page 5
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Chapter 4: Sensitivity Analysis and the Simplex Method
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Sample Questions
Q1) When a manager considers the effect of changes in an LP model's coefficients
he/she is performing
A)a random analysis.
B)a coefficient analysis.
C)a sensitivity analysis.
D)a qualitative analysis.
Q2) The simplex method of linear programming LP):
A)moves to better and better corner point solution of the feasible region until no further objective function improvement can be achieved
B)explicitly enumerates all corner points of the feasible region and selects the best objective function value
C)evaluates all constraints for feasibility
D)does not cover all constraints to equalities
Q3) Solve this problem graphically.What is the optimal solution and what constraints are binding at the optimal solution?
MAX: <sup>8 X</sup><sub>1 </sub><sup>+ 4 X</sup><sub>2</sub>
Subject to: <sup>5 X</sup><sub>1 </sub><sup>+ 5 X</sup><sub>2 </sub><sup> 20</sup>
6 X<sub>1 </sub>+ 2 X<sub>2 </sub> 18 X<sub>1</sub>,X<sub>2 </sub> 0
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Page 6
Chapter 5: Network Modeling
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Sample Questions
Q1) A company wants to determine the optimal replacement policy for its delivery truck.New trucks cost $30,000.The company does not keep trucks longer than 2 years and has estimated the annual operating costs and trade-in values for trucks during each of the 2 years as: Age in years \(\begin{array}{lll} &0-1&1-2\\
\hline\text { Operating Cost } & \$ 15,000 & \$ 16,500 \\ \text { Trade-in Value } & \$ 20,000 & \$ 16,000 \end{array}\)
Draw the network representation of this problem
Q2) Which balance of flow rule should be applied at each node in a network flow problem when Total Supply > Total Demand?
A)Inflow Outflow Supply or Demand
B)Inflow Outflow Supply or Demand
C)Inflow Outflow = Supply or Demand
D)Inflow Supply Outflow or Demand
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Chapter 6: Integer Linear Programming
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Sample Questions
Q1) A practical way of dealing with the complexity of IP problems is to:
A)stop searching for a better solution when the current best solution is within specified suboptimality tolerances
B)continue searching for the optimal solution until no further objective function improvement can be achieved
C)use a B&B technique
D)use LP relaxation and round the values of the decision variables to the nearest integers
Q2) Refer to Exhibit 6.2.What formula would go into cell E14?
Q3) The LP relaxation of an ILP problem
A)always encompasses all the feasible integer solutions to the original ILP problem.
B)encompasses at least 90% of the feasible integer solutions to the original ILP problem.
C)encompasses different set of feasible integer solutions to the original ILP problem.
D)will not contain the feasible integer solutions to the original ILP problem.
Q4) Refer to Exhibit 6.2.What formula would go into cells B11:E11 and cells F8:F10?
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8
Chapter 7: Goal Programming and Multiple Objective
Optimization
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Sample Questions
Q1) Refer to Exhibit 7.4.Given the solution indicated in the spreadsheet,which trucks,if any,are under an equal weight amount,and which trucks are over an equal weight amount?
Q2) An investor wants to invest $50,000 in two mutual funds,A and B.The rates of return,risks and minimum investment requirements for each fund are: \(\begin{array}{lrrr}&&&\text { Minimum }\\ \text { Fund } & \text { Rate of return } & \text { Risk }&\text { investment }\\
\hline\mathrm{A} & 12 \% & 0.5 & \$ 20,000 \\ \mathrm{~B} & 9 \% & 0.3 & \$ 10.000 \end{array}\)
Note that a low Risk rating means a less risky investment.The investor can invest to maximize the expected rate of return or minimize risk.Any money beyond the minimum investment requirements can be invested in either fund.
Formulate the MOLP for this investor.
Q3) Refer to Exhibit 7.4.The spreadsheet model has scaled all the weights from pounds into 100s pounds.How does this scaling effect the solution obtained using the Risk Solver Platform RSP)?
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Page 9
Chapter 8: Nonlinear Programming and Evolutionary Optimization
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Sample Questions
Q1) The Reduced Gradient is similar to which of these terms from linear programming?
A)Shadow Price
B)Allowable Decrease
C)Allowable Increase
D)Reduced Cost
Q2) Refer to Exhibit 8.2.What values would you enter in the Analytic Solver Platform task pane for the above Excel spreadsheet?
Objective Cell: Variables Cells: Constraints Cells:
Q3) The total annual cost for the economic order quantity model is
A)purchase cost + ordering cost + holding cost.
B)fixed ordering cost + holding cost.
C)purchase cost + fixed ordering cost.
D)unit cost + variable ordering cost + holding cost.
Q4) Refer to Exhibit 8.1.What formula is used in cell D12 of the spreadsheet for this problem?
A)=SUMPRODUCTB3:C3,B12:C12)
B)=SUMPRODUCTB4:C4,B12:C12)
C)=SUMPRODUCTB5:C5,B12:C12)
D)=SUMPRODUCTB7:C7,B12:C12)
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Chapter 9: Regression Analysis
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Sample Questions
Q1) A pattern resulting from random variation or unexplained causes is called
A)noise
B)trend
C)seasonality
D)time series
Q2) R<sup>2</sup><sup> </sup>measures
A)the percentage of variability in the dependent variable,Y,explained by the model
B)the unexplained variability
C)the ratio of RSS/ESS
D)the model sophistication
Q3) Which of the following cannot be negative?
A)coefficient of determination
B)coefficient of correlation
C)coefficient of the independent variable,x,in the regression equation
D)y-intercept in the regression equation
Q4) Refer to Exhibit 9.2.Predict the mean pressure for a temperature of 120 degrees.
Q5) Refer to Exhibit 9.5.Predict the mean value based on X<sub>1</sub>,X<sub>2</sub>,X<sub>3</sub>)= 3,32,50).Use the best predictive model based on data from the table.
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Chapter 10: Data Mining
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Sample Questions
Q1) A provides a visual summary of the improvements that a data mining project provides on a binary classification problem compared to a random guess
A)lift chart
B)Pareto chart
C)Gantt chart
D)histogram
Q2) Data mining tasks fall in the following categories
A)classification,prediction,association
B)categorization,segmentation
C)prediction,association,mining
D)observation,categorization,association
Q3) Refer to Exhibit 10.1.What is the quantitative test score value of the group centroid for group 2?
A)683.8
B)654.2
C)610.7
D)605.7
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12
Chapter 11: Time Series Forecasting
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Sample Questions
Q1) Which of the following describes an additive seasonal effect in times series data?
A)An occasional pattern of equal magnitude.
B)An occasional pattern of unequal magnitude.
C)A regular,repeating pattern of equal magnitude.
D)A regular,repeating pattern of increasing magnitude.
Q2) Refer to Exhibit 11.5.What formula should be entered in cell G13 to compute the forecast for time period 11?
A)=E13+F13
B)=E12+F13
C)=E12+F8
D)=E12+F9
Q3) The term "stationary data" means that
A)the mean is constant
B)there is an increasing linear trend over time
C)the fitted line goes through the origin
D)there is no change in the data
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13
Chapter 12: Introduction to Simulation Using Analytic Solver
Platform
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Sample Questions
Q1) The worst-case analysis approach to risk analysis
A)is optimistic
B)is pessimistic
C)is most likely
D)generally produces good outcomes
Q2) Uncertainty
A)is the most difficult thing about decision-making
B)simplifies decision-making
C)is easy to capture with computers
D)requires the use of quantitative models for supporting decision-making
Q3) A good way to fit the distribution to historical patterns when historical data is available is to
A)use the Fit icon in the Tools group of the Analytic Solver Platform
B)guess the distribution parameters
C)assume that the data distribution is Normal
D)assume that the data distribution is Weibull
Q4) What function should be used for generating random numbers from a normal distribution with mean and standard deviation between the values of a and b only?
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Chapter 13: Queuing Theory
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Sample Questions
Q1) Refer to Exhibit 13.1.What is the probability that a customer can go directly into service without waiting in line?
A)0.00
B)0.25
C)0.75
D)1.00
Q2) The standardized queuing system notation such as M/M/1 or M/G/2 is referred to as A)Kendall notation.
B)Erlang notation.
C)Poisson notation.
D)Queuing notation.
Q3) Refer to Exhibit 13.2.Based on this report what percent of the time is the barber busy cutting hair?
Q4) Refer to Exhibit 13.2.Based on this report what is the average number of customers waiting for a haircut?
Q5) Refer to Exhibit 13.2.Based on this report what is the average total time spent waiting for a haircut and getting a haircut?
Q6) Refer to Exhibit 13.7.What is the Kendall notation for this system?
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Chapter 14: Decision Analysis
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Sample Questions
Q1) Refer to Exhibit 14.8.The Consistency Ratio indicates consistency in the pairwise comparison matrix if the ratio is
A) 0.05
B)0.10
C)0.20
D) 0.30
Q2) Refer to Exhibit 14.4.What formula should go in cell D14 of the spreadsheet to compute the EVPI?
A)MAXD5:D8)-D12
B)D12-MIND5:D8)
C)SUMPRODUCTB12:C12,B10:C10)-MAXD5:D8)
D)D12-MAXD5:D8)
Q3) Refer to Exhibit 14.3.What formula should go in cell F5 and copied to F6:F8 of the spreadsheet if the expected regret decision rule is to be used?
A)=B$5-MAXB$5:B$8)
B)=MAXB$5:B$8)-MAXB5)
C)=MAXB$5:B$8)-MINB$5:B$8)
D)=MAXB$5:B$8)-B5
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Chapter 15: Project Management Online
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Sample Questions
Q1) CPM and PERT differ because of
A)activity time estimates
B)cost calculations
C)precedence relationship
D)network diagram
Q2) The purpose of the forward pass in the Critical Path Method CPM)technique is to
A)review each of the precedence relationships in the activity network.
B)calculate the slack time within each node on the activity network.
C)determine the earliest time each activity can start and finish.
D)determine the latest time each activity can start and finish.
Q3) One of PERT's bold assumptions is that
A)individual activity times are independent of each other.
B)individual activity times are dependent of each other.
C)individual activity times are constant.
D)individual activity times can be added together.
Q4) A weakness of Gantt charts is that they do not explicitly
A)indicate activity times.
B)show precedence relationships.
C)show activity start times.
D)show activity finish times.
Page 17
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