Management Science
Exam Practice Tests
Course Introduction
Management Science is an interdisciplinary course that focuses on the use of analytical methods to solve complex organizational and business problems. The course introduces students to quantitative modeling, decision analysis, optimization, simulation, and statistical techniques that support effective decision-making in areas such as operations, resource allocation, logistics, and risk management. By leveraging mathematical models and computational tools, students learn how to analyze real-world scenarios, interpret data, and provide data-driven recommendations to improve efficiency and achieve organizational objectives. The course emphasizes problem-solving skills, critical thinking, and the application of management science principles to both strategic and operational issues in a variety of industries.
Recommended Textbook
Spreadsheet Modeling and Decision Analysis 7th Edition by Cliff Ragsdale
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15 Chapters
1208 Verified Questions
1208 Flashcards
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Page 2
Chapter 1: Introduction to Modeling and Decision Analysis
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74 Verified Questions
74 Flashcards
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Sample Questions
Q1) In order to be useful to a decision-maker,decision problems need to be A)solved.
B)analyzed.
C)simplified.
D)tested.
Answer: A
Q2) The goal of the modeling approach to problem solving is to
A)help individuals make good decisions.
B)ensure optimality of decisions.
C)determine a set of optimal decisions.
D)determine feasibility of decisions.
Answer: A
Q3) Operations Research got its start
A)during World War II.
B)with the first Univac computers in the early 1950's.
C)from roots in Operations Management.
D)from Frederick Taylor's Scientific Management.
Answer: A
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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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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) Spreadsheet modeling is an acquired skill because A)there is generally only one correct way to build a model. B)the spreadsheet is free-form providing many modeling options. C)using Analytic Solver Platform requires lots of experience. D)spreadsheets are not very easy to use.
Answer: B
Q2) Refer to Exhibit 3.5.What formula should be entered in cell C18 in the accompanying Excel spreadsheet to compute the quarterly carrying costs?
A)=C15*C3+C6
B)=C15*C3+C6)
C)=C15*C3/2
D)=C15*C3+C6)/2
Answer: D
Q3) Which function is equivalent to =SUMPRODUCTA1:A3,B1:B3)?
A)=SUMPRODUCTA1:A3,B1:B3))
B)=PRODUCTSUMA1:A3,B1:B3))
C)=PRODUCTA1+B1,A2+B2,A3+B3))
D)=A1*B1+A2*B2+A3*B3
Answer: D
Page 5
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Chapter 4: Sensitivity Analysis and the Simplex Method
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Sample Questions
Q1) What needs to be done to the two constraints in order to convert the problem to a standard form?
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
A)a slack variable needs to be added to each constraint to convert them to equalities. B)nothing.
C)they need to be combined to a single constraint.
D)they need to be subtracted side-by-side
Q2) Refer to Exhibit 4.1.Are there alternate optimal solutions to this problem?
Q3) Given an objective function value of 150 and a shadow price for resource 1 of 5,if 10 more units of resource 1 are added assuming the allowable increase is greater than 10),what is the impact on the objective function value?
A)increase of 50
B)increase of unknown amount
C)decrease of 50
D)increase of 10
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6
Chapter 5: Network Modeling
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84 Flashcards
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Sample Questions
Q1) Demand quantities for demand nodes in a transshipment problem are customarily indicated by
A)positive numbers.
B)negative numbers.
C)imaginary numbers.
D)either positive or negative numbers.
Q2) The supply nodes in the graphical representation of the transshipment problem:
A)have total available quantities expressed as negative numbers
B)have all directed arcs terminating at them
C)have some unidirectional arcs
D)have total demanded quantities expressed as positive numbers
Q3) The demand nodes in the graphical representation of the transshipment problem:
A)have all directed arcs originating at them
B)have all directed arcs terminating at them
C)have some unidirectional arcs
D)are greater than the demand nodes
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Chapter 6: Integer Linear Programming
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Sample Questions
Q1) ILP formulations can be used to model:
A)production problems
B)personnel scheduling problems
C)investment allocation problems
D)all of the above
Q2) How are binary variables specified in the Analytic Solver Platform ASP)?
A)By replacing RHS values in constraints with 0 or 1.
B)By specifying changing cells as INTEGER and as non-negative.
C)By specifying changing cells as BINARY in the Variable Type/Bound area of ASP.
D)By selecting Assume Binary Model in the ASP Options dialog box.
Q3) The concept of an upper bound in IP is associated with:
A)LP relaxation of a minimization problem
B)LP relaxation of a maximization problem
C)a cutting plane technique
D)explicit enumeration of corner point solutions
Q4) The feasible region for the pure ILP problem
A)is a subset of the feasible region for the LP problem
B)is a collection of extreme rays
C)is a k-dimensional hyperspace
D)is impossible to determine
Page 8
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Chapter 7: Goal Programming and Multiple Objective
Optimization
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65 Verified Questions
65 Flashcards
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Sample Questions
Q1) Which of the following are true regarding weights assigned to deviational variables?
A)The weights assigned can be negative.
B)The weights assigned must sum to one.
C)The weight assigned to the deviation under a particular goal must be the same as the weight assigned to the deviation above that particular goal.
D)All of these are false.
Q2) An optimization technique useful for solving problems with more than one objective function is
A)dual programming.
B)sensitivity analysis.
C)multi-objective linear programming.
D)goal programming.
Q3) The "triple bottom line" incorporates multiple objective decision-making by:
A)simultaneously considering profit,people and planet
B)environmental issues only
C)financial objectives only
D)wealth redistribution in the society
Q4) Refer to Exhibit 7.4.What formulas should go in cell E26 of the spreadsheet?
9
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Chapter 8: Nonlinear Programming and Evolutionary Optimization
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Sample Questions
Q1) A nonzero reduced gradient value indicates the approximate impact
A)on the objective function of very small changes in the value of a given variable
B)on the RHS of a constraint of a unitary change in the objective function value
C)on the objective function of very large changes in the value of a given variable
D)on the objective function of unitary change in the RHS of associated constraint
Q2) In NLP a local optimum is best described as
A)an interior point.
B)a corner point.
C)a point yielding no improving direction.
D)a good starting point for subsequent searches.
Q3) In the GRG algorithm the initial solution is called the A)originating point.
B)insertion point.
C)zero point.
D)starting point.
Q4) Refer to Exhibit 8.2.What formula would you place in cell B6 to calculate Total Lot Area?
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Chapter 9: Regression Analysis
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82 Flashcards
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Sample Questions
Q1) 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
Q2) The terms b<sub>0</sub><sub> </sub>and b<sub>1</sub><sub> </sub>are referred to as
A)population variables.
B)population parameters.
C)estimated population variables.
D)estimated population parameters.
Q3) Which of the following forecasting methodologies is considered a causal forecasting technique?
A)Linear regression
B)Market research
C)Historical analogy
D)Moving average
Q4) Refer to Exhibit 9.1.Interpret the meaning of R Square in cell B3 of the spreadsheet.
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11
Chapter 10: Data Mining
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) Logistic regression is a classification technique that A)outperforms other techniques acros a variety of data collections
B)is not reliable
C)is not robust
D)is not feasible for most data sets
Q2) Refer to Exhibit 10.1.What formula is entered in cell E4 and copied to cells E5:E25 of the spreadsheet?
A)= 7.452402 + 0.00694*C4 + 0.00232*D4
B)= 7.452402 ? 0.00694*C4 ? 0.00232*D4
C)= 1.157926 + 0.001545*C4 + 0.01297*D4
D)= 7.452402 ? 0.00694*D4 ? 0.00232*C4
Q3) The Fisher linear discriminant function
A)identifies a linear function for each of the groups in the classification problem
B)fits a nonlinear function for each of the groups in the classification problem
C)defines a hyperplane
D)defines a half-space
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Chapter 11: Time Series Forecasting
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81 Flashcards
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Sample Questions
Q1) Refer to Exhibit 11.1.What Excel function will compute the mean squared error in cell C18 of the spreadsheet?
A)=SUMXMY2B7:B14,C7:C14)
B)=SUMXMY2B3:B14,C3:C14)/COUNTC3:C14)
C)=SUMXMY2B7:B14,C7:C14)/COUNTC7:C14)
D)=SUMPRODUCTB7:B14,C7:C14)/COUNTC7:C14)
Q2) As the number of periods in the forecast,k,increases
A)the moving average prediction will be smoother.
B)it is harder to get a good forecast.
C)the forecast will respond more quickly to changes in the data.
D)the moving average will increase in value.
Q3) Refer to Exhibit 11.4.What formula should be entered in cell F7 to compute the seasonal factor using the additive seasonal effects model?
A)=$J$3*D4+1-$J$3)*E3+F3)
B)=$J$4*D7-E7)+1-$J$4)*F3
C)=$J$4*E7-E6)+1-$J$4)*E6
D)=$J$3*G3+1-$J$3)*D3+G3)
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Chapter 12: Introduction to Simulation Using Analytic Solver
Platform
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70 Flashcards
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Sample Questions
Q1) Worst case analysis is an)view of the problem.
A)pessimistic
B)optimistic
C)risky
D)certain
Q2) What function should be used for generating random numbers between a and b from a symmetric triangular distribution when the most likely value is a + b)/2?
Q3) What method is used to generate observations from a distribution?
A)random number generator
B)sample generator
C)problem generator
D)steady state generator
Q4) Methods for analyzing risk that are discussed in the textbook include
A)best-case/worst case analysis
B)what-if analysis
C)simulation
D)all of the above
Q5) What gallery distribution should be used for generating the number of times "tails" come up over 15 flips of a "fair" coin?
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Chapter 13: Queuing Theory
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87 Flashcards
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Sample Questions
Q1) Refer to Exhibit 13.2.What is the Kendall notation for this system?
Q2) Refer to Exhibit 13.5.What is the Kendall notation for this system?
Q3) 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
Q4) Refer to Exhibit 13.3.What is the average number of customers in the service line?
Q5) The M/M/s model with finite capacity queue can be used to model
A)a machine breakdown process in a shop with 10 identical machines
B)traffic in a dentist's office
C)a process of patient departure from a dentist's office
D)a process of installing new machines in a shop
Q6) The M/D/1 model with infinite capacity queue can be used to model
A)a machine breakdown process in a shop with 10 identical machines
B)a process of washing a car in an automatic car wash
C)a process of patient departure from a dentist's office
D)a process of installing new machines in a shop
Page 15
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Chapter 14: Decision Analysis
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Sample Questions
Q1) The scores in a scoring model can be thought of as subjective assessments of A)usefulness.
B)worthiness.
C)utility.
D)payoff.
Q2) Refer to Exhibit 14.1.What formula should go in cell D5 to implement the maximin decision rule?
A)=MAXMINB5:C5))
B)=MINB5:C5)
C)=AVERAGEB5:C5)
D)=MAXB5:C5)
Q3) A course of action intended to solve a problem is called an) A)alternative.
B)option.
C)decision.
D)criteria.
Q4) Refer to Exhibit 14.10.Complete the table using the expected monetary value decision rule and indicate which decision should be made according to that rule.
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Chapter 15: Project Management Online
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Sample Questions
Q1) In CPM,the duration of the project
A)is equal to the duration of the critical path
B)is determined by managers
C)is determined by investors
D)is determined by a supervising government agency
Q2) CPM and PERT differ because of
A)activity time estimates
B)cost calculations
C)precedence relationship
D)network diagram
Q3) The purpose of the backward 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.
Q4) Slack for activity I is computed as
A)LFT<sub>i </sub> EST<sub>i</sub>
B)LST<sub>i </sub> EST<sub>i</sub>
C)EST<sub>i </sub> LST<sub>i</sub>
D)EFT<sub>i </sub> LFT<sub>i</sub>
Page 17
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