introduction to qunantitative analysis key answer

$s=$ selling price per unit

$f=$ fixed cost

$u=$ variable cost per unit

$x=$ number of units sold

An equation to determine the break$-$even point $($BEP$)$ in

units as a function of the selling price per unit $(s),$ fixed

cost $(f),$ and variable cost $($

$u).$

An equation to determine profit as a function of the sell$-$

ing price per unit, fixed cost, variable cost, and number

of units sold.

Self$-$Test

Before taking the self$-$test, refer to the learning objectives at the beginning of the chapter, the notes in the margins, and the

glossary at the end of the chapter.

Use the key at the back of the book $($see Appendix H$)$ to correct your answers.

Restudy pages that correspond to any questions that you answered incorrectly or material you feel uncertain about.

In analyzing a problem, you should normally study

a$.$ the qualitative aspects.

b$.$ the quantitative aspects.

c$.$ both a and $b.$

d$.$ neither a nor b$.$

Quantitative analysis is

a$.$ a logical approach to decision making.

b$.$ a rational approach to decision making.

c$.$ scientific approach to decision making.

d$.$ all of the above.

Frederick Winslow Taylor

a$.$ was a world$-$class golfer and tennis player.

b$.$ pioneered the principles of scientific management.

c$.$ is known as the "Father of Industrial Engineering."

d$.$ all of the above.

An input $($such as variable cost per unit or fixed cost$)$ for

a model is an example of

a$.$ a decision variable.

b$.$ a parameter.

c$.$ an algorithm.

d$.$ a stochastic variable.

The point at which total revenue equals total cost

$($meaning zero profit$)$ is called the

a$.$ zero$-$profit solution.

b$.$ optimal$-$profit solution.

c$.$ break$-$even point.

d$.$ fixed$-$cost solution.

Quantitative analysis is typically associated with the use

of

a$.$ schematic models.

b$.$ physical models.

c$.$ mathematical models.

d$.$ scale models.

Sensitivity analysis is most often associated with which

step of the quantitative analysis approach?

a$.$ defining a problem

b$.$ acquiring input data

c$.$ implementing the results

d$.$ analyzing the results

A deterministic model is one in which

a$.$ there is some uncertainty about the parameters used in

the model.

b$.$ there is a measurable outcome.

c$.$ all parameters used in the model are known with com$-$

plete certainty.

d$.$ there is no available computer software.

The term algorithm

a$.$ is named after Algorismus.

b$.$ is named after a ninth$-$century Persian mathematician.

c$.$ describes a series of steps or procedures to be repeated.

d$.$ all of the above.

An analysis to determine how much a solution would

change if there were changes in the model or the input

data is called

a$.$ sensitivity or postoptimality analysis.

b$.$ schematic or iconic analysis.

c$.$ futurama conditioning.

d$.$ both $b$ and $c.$

Decision variables are

a$.$ controllable.

b$.$ uncontrollable.

c$.$ parameters.

d$.$ constant numerical values associated with any complex

problem.

Which of the following categories of business analytics

involves the use of optimization models?

a$.$ descriptive

b$.$ predictive

c$.$ prescriptive

d$.$ none of the above