Management Science
Mock Exam
Course Introduction
Management Science is an interdisciplinary field that utilizes analytical methods, mathematical modeling, and statistical techniques to aid decision-making processes within organizations. This course introduces students to the foundational concepts and tools used to solve complex business problems, optimize resource allocation, and enhance operational efficiency. Key topics include linear programming, decision analysis, simulation, forecasting, project management, and applications of quantitative analysis in real-world management scenarios. Through case studies and practical exercises, students learn to apply management science methodologies to improve organizational performance and support strategic decision-making.
Recommended Textbook
Business Analytics Data Analysis and Decision Making 5th Edition by S. Christian Albright
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Page 2
Chapter 1: Introduction to Data Analysis and Decision Making
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Sample Questions
Q1) Data are usually meaningless until they are analyzed for trends,patterns,relationships,and other useful information.
A)True
B)False
Answer: True
Q2) Data analysis includes
A) data description
B) data inference
C) the search for relationships in data
D) All of these options
Answer: D
Q3) Which of the following is not one of the steps in the modeling process?
A) Select scale for model.
B) Collect and summarize data.
C) Verify the model.
D) Present the results to the organization.
E) Implement the model and update it over time.
Answer: A
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Chapter 2: Describing the Distribution of a Single Variable
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Sample Questions
Q1) Categorizing age variables as "young," "middle-aged," and "elderly" is an example of
A) counting
B) ordering
C) value adding
D) binning
E) categorizing
Answer: D
Q2) Which of the following are the three most common measures of central tendency?
A) Mean,median,and mode
B) Mean,variance,and standard deviation
C) Mean,median,and variance
D) Mean,median,and standard deviation
E) First quartile,second quartile,and third quartile
Answer: A
Q3) The median is one of the most frequently used measures of variability.
A)True
B)False
Answer: False
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4
Chapter 3: Finding Relationships Among Variables
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Sample Questions
Q1) To form a scatterplot of X versus Y,X and Y must be paired variables.
A)True
B)False
Answer: True
Q2) Changing the location of fields in a pivot table is known as A) slicing
B) dicing
C) sorting
D) pivoting
Answer: D
Q3) We study relationships among numerical variables using A) correlation
B) covariance
C) scatterplot charts
D) all of these options
E) none of these options
Answer: D
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Page 5
Chapter 4: Probability and Probability Distributions
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Sample Questions
Q1) Two events are said to be independent when knowledge of one event is of no value when assessing the probability of the other.
A)True
B)False
Q2) The number of cars produced by GM during a given quarter is a continuous random variable.
A)True
B)False
Q3) Given that events A and B are independent and that P(A)= 0.8 and P(B/A)= 0.4,then P(A and B)= 0.32.
A)True
B)False
Q4) The formal way to revise probabilities based on new information is to use:
A) complementary probabilities
B) conditional probabilities
C) unilateral probabilities
D) common sense probabilities
Q5) If P(A and B)= 0,then A and B must be collectively exhaustive. A)True
B)False
6
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Chapter 5: Normal, Binomial, Poisson, and Exponential
Distributions
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Sample Questions
Q1) The Poisson random variable is a:
A) discrete random variable with infinitely many possible values
B) discrete random variable with finite number of possible values
C) continuous random variable with infinitely many possible values
D) continuous random variable with finite number of possible values
Q2) We assume that the outcomes of successive trials in a binomial experiment are:
A) probabilistically independent
B) probabilistically dependent
C) identical from trial to trial
D) random number between 0 and 1
Q3) The binomial probability distribution is used with
A) a discrete random variable
B) a continuous random variable
C) either a discrete or a continuous random variable,depending on the variance
D) either a discrete or a continuous random variable,depending on the sample size
Q4) The total area under the normal distribution curve is equal to one.
A)True
B)False
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Chapter 6: Decision Making Under Uncertainty
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Sample Questions
Q1) A spider chart shows both the range (as a percentage)of the variability of the input variables as well as the resulting changes in the expected value
A)True
B)False
Q2) Decision trees are composed of nodes (circles,squares,and triangles)and branches (lines).
A)True B)False
Q3) Expected monetary value (EMV)is:
A) the average or expected value of the decision if you knew what would happen ahead of time
B) the weighted average of possible monetary values,weighted by their probabilities
C) the average or expected value of the information if it was completely accurate
D) the amount that you would lose by not picking the best alternative
E) a decision criterion that places an equal amount on all states of nature
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Chapter 7: Sampling and Sampling Distributions
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Sample Questions
Q1) If systematic sampling is chosen as the sampling technique,it is probably because:
A) Systematic sampling has better statistical properties than simple random sampling
B) Systematic sampling is more convenient
C) Systematic sampling always results in more representative sampling than simple random sampling
D) None of these options
Q2) The Central Limit Theorem (CLT)says that as long as the sample size is reasonably large,there is about a 95% chance that the magnitude of the sampling error for the mean will be no more than two standard errors.
A)True
B)False
Q3) When a portion of the sample does not respond to the survey,results.
A) measurement error
B) nonresponse bias
C) sampling error
D) systematic failure
E) nonlinear error
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Chapter 8: Confidence Interval Estimation
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Sample Questions
Q1) An example of a problem where the sample data would be paired is:
A) Difference between the means of appraised and sales house prices
B) Difference between the proportion of defective items from two suppliers
C) Difference in the mean life of two major brands of batteries
D) Difference in the mean salaries for graduates in two different academic fields at a university
E) None of these options
Q2) We can form a confidence interval for the population total T by finding a confidence interval for the population mean \(\mu\) in the usual way,and then multiplying the lower and upper limits the confidence interval by the population size N.
A)True
B)False
Q3) The general form of a confidence interval is:
A) Point Estimate = Multiple × Standard Error
B) Point Estimate = Multiple +Standard Error
C) Point Estimate ± Multiple × Standard Error
D) Point Estimate = Multiple ± Standard Error
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Chapter 9: Hypothesis Testing
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Sample Questions
Q1) A null hypothesis is a statement about the value of a population parameter.It is usually the current thinking,or "status quo".
A)True
B)False
Q2) Lilliefors test for normality compare two cumulative distribution functions (cdf's): the cdf from a normal distribution and the cdf corresponding to the given data (called the empirical cdf).
A)True
B)False
Q3) Which of the following statements are true regarding the chi-square goodness-of-fit test for normality?
A) The test does depend on which and how many categories we use for the histogram.
B) The test is not very effective unless the sample size is large,say,at least 80 or 100.
C) The test tends to be too sensitive if the sample size is really large.
D) None of these options
E) All of these options
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11
Chapter 10: Regression Analysis: Estimating Relationships
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Q1) In regression analysis,if there are several explanatory variables,it is called:
A) simple regression
B) multiple regression
C) compound regression
D) composite regression
Q2) The term autocorrelation refers to:
A) the analyzed data refers to itself
B) the sample is related too closely to the population
C) the data are in a loop (values repeat themselves)
D) time series variables are usually related to their own past values
Q3) The covariance is not used as much as the correlation because
A) is not always a valid predictor of linear relationships
B) it is difficult to calculate
C) it is difficult to interpret
D) all of these options
Q4) Correlation is used to determine the strength of the linear relationship between an explanatory variable X and response variable Y.
A)True
B)False
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Chapter 11: Regression Analysis: Statistical Inference
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Sample Questions
Q1) The value k in the number of degrees of freedom,n-k-1,for the sampling distribution of the regression coefficients represents:
A) the sample size
B) the population size
C) the number of coefficients in the regression equation,including the constant
D) the number of independent variables included in the equation
Q2) Which of the following is the relevant sampling distribution for regression coefficients?
A) Normal distribution
B) t-distribution with n-1 degrees of freedom
C) t-distribution with n-1-k degrees of freedom
D) F-distribution with n-1-k degrees of freedom
Q3) If exact multicollinearlity exists,that means that there is redundancy in the data.
A)True
B)False
Q4) The Durbin-Watson statistic can be used to measure of autocorrelation.
A)True
B)False
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13
Chapter 12: Time Series Analysis and Forecasting
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Sample Questions
Q1) Econometric models can also be called:
A) judgmental models
B) time series models
C) causal models
D) environmetric models
Q2) Holt's model differs from simple exponential smoothing in that it includes a term for:
A) seasonality
B) trend
C) residuals
D) cyclical fluctuations
Q3) Winter's method is an exponential smoothing method,which is appropriate for a series with trend but no seasonality.
A)True
B)False
Q4) The cyclic component of a time series is more likely to exhibit business cycles that record periods of economic recession and inflation.
A)True
B)False
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Page 14
Chapter 13: Introduction to Optimization Modeling
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Sample Questions
Q1) When formulating a linear programming spreadsheet model,there is one target (objective)cell that contains the value of the objective function.
A)True
B)False
Q2) The divisibility property of linear programming means that a solution can have both:
A) integer and noninteger levels of an activity
B) linear and nonlinear relationships
C) positive and negative values
D) revenue and cost information in the model
Q3) Unboundedness refers to the situation in which the LP model has been formulated in such a way that the objective function is unbounded - that is,it can be made as large (for maximization problems)or as small (for minimization problems)as we like.
A)True
B)False
Q4) The optimal solution to any linear programming model is a corner point of a polygon.
A)True
B)False
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15
Chapter 14: Optimization Models
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Sample Questions
Q1) Many of the most successful applications of optimization in the real world have been in the areas of scheduling,blending,logistics and aggregate planning.
A)True
B)False
Q2) In a set-covering model,each member of a given set (set 1)must be "covered" by an acceptable member of another set (set 2).The objective of such problems is to minimize the number of elements in set 2 that are needed to cover all the elements in set 1.
A)True
B)False
Q3) Many organizations must determine how to schedule employees to provide adequate service.If we assume that an organization faces the same situation each week,this is referred to as
A) static scheduling problem
B) dynamic scheduling problem
C) transportation scheduling problem
D) All of these options
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Chapter 15: Introduction to Simulation Modeling
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Sample Questions
Q1) The three parameters required to specify a triangular distribution are the minimum,mean and maximum.
A)True
B)False
Q2) Some important characteristics of probability distributions in general include the following distinctions:
A) Discrete versus continuous
B) Symmetric versus skewed
C) Bounded versus unbounded
D) Positive (or nonnegative)versus unrestricted
E) All of these options
Q3) In order to generate random numbers in Excel from a discrete distribution with a finite number of possible values and corresponding probabilities,we can use
A) only the RAND function
B) only the VLOOKUP function
C) only the VLOOKDOWN function
D) the RAND function along with a VLOOKUP function
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Chapter 16: Simulation Models
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Sample Questions
Q1) Considering your answers for Questions 78 through 83,please state how many units of capacity you think the plant should be built for and explain why. An executive has been offered a compensation package that includes stock options.The current stock price is $30/share,and she has been offered a call option on 2000 shares,which can be exercised five years from now at a price of $42/share.Therefore,if the market price of the shares in five years is more than $42/share,she can buy 2000 shares at $42/share,and then immediately sell the shares at the market price,earning a riskless profit.If the market price of the shares was less than $42/share,she will obviously choose not to exercise the option,and would have zero profit. Assume the price of the stock can be modeled as exponential growth (compounding),which could be calculated as: \(P _ { t + 1
}\) where, \[P _ { t + 1 }\] stock price in next period (i.e. ,price next year) \[P _ { t }\] current stock price \(f\) annual growth rate of the stock price,which has been 10% \(\sigma\) annual volatility,which is estimated to be 18% \(N ( 0,1 ) =\) normal random variable with mean of zero and standard deviation of 1
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Chapter 17: Data Mining
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Sample Questions
Q1) Data mining is used to examine known,expected patterns and relationships among variables.
A)True
B)False
Q2) Clustering is considered a supervised data mining technique.
A)True
B)False
Q3) Megan is examining the likelihood of people riding the subway.The dependent variable takes on the value of 1 if the individual rides the subway and 0 otherwise.Therefore,she could use logistic regression to examine this question.
A)True
B)False
Q4) Bridget has partitioned data into two subsets.The original file contains 300,000 observations.The subset she is currently working with has 60,000 observations.Which subset is she most likely to be using?
A) The training set
B) The original set
C) The testing set
D) The prediction set
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Chapter 18: Importing Data Into Excel
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Sample Questions
Q1) Megan is currently working in a text file that contains a space as a delimiter.She is concerned because proper names,such as Alice Brown,should be considered one value,not two.How should these values appear in the text file to avoid being separated into two values when imported into Excel?
A) They should be surrounded by double quotes,as in "Alice Brown."
B) There should be no space between proper names,as in "AliceBrown."
C) The import wizard automatically knows these proper names are one value.
D) They should be eliminated from the text file.
Q2) Importing data from an external database into Excel using Microsoft Query is a three-step process.What are the steps?
A) Delete missing observations,use Microsoft Query to define a query,and return the data to Excel.
B) Define the source,use Microsoft Query to define a query,and return the data to the original,external database.
C) Define the sources,use Microsoft Query to define a query,and return the data to Excel.
D) Open Excel,use Microsoft Query to define a query,and return the data to Excel.
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Chapter 19: Analysis of Variance and Experimental Design
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Sample Questions
Q1) Moriah runs a one-way ANOVA to test differences in means in delivery time.The SSB is 109,400 and the total sum of squares is 715,460.What is the value of the SSW?
A) -606,060
B) 218,800
C) 606,060
D) 824,860
Q2) Samples with large within variation have boxplots with:
A) wide boxes and long lines extending from them
B) wide boxes and no lines extending from them
C) short boxes and no lines extending from them
D) short boxes and short lines extending from them
Q3) The smaller the p-value in an ANOVA table,the greater the likelihood that the effect:
A) is statistically insignificant
B) will be ignored
C) is statistically significant
D) has no practical impact
Q4) What is the logical next step once Mook Corp.has identified that workers attending different training programs have different productivity levels?
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Chapter 20: Statistical Process Control
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Sample Questions
Q1) Mohammed is monitoring the diameter of bolts that are being produced on one of his assigned production lines.During this process,he notices nine,consecutive measurements that jumped above the upper control limit.He immediately examines the machine,finds it to be misaligned,and makes a small adjustment.Mohammed has likely committed:
A) a type II error
B) both a type I and type II error
C) a type I error
D) neither a type I nor a type II error
Q2) Michael has incorporated a vigorous cross-training program within his department.This is an example of which of Deming's 14 points?
A) Improve Every Process.
B) Institute Training.
C) Drive Out Fear.
D) Encourage Education.
Q3) The two basic types of control charts are control charts for factors and control charts for treatments.
A)True
B)False
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Page 22