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    50 Multiple Choice Questions on Quantitative Methods

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    Question 1
    In a balanced transportation model where supply equals demand,
    a. all constraints are equalities
    b. none of the constraints are equalities
    c. all constraints are inequalities
    d. none of the constraints are inequalities

    Question 2
    In a transportation problem, items are allocated from sources to destinations
    a. at a maximum cost
    b. at a minimum cost
    c. at a minimum profit
    d. at a minimum revenue

    Question 3
    The assignment model is a special case of the ________ model.
    a. maximum-flow
    b. transportation
    c. shortest-route
    d. none of the above

    Question 4
    The linear programming model for a transportation problem has constraints for supply at each ______ and _______ at each destination.
    a. destination / source
    b. source / destination
    c. demand / source
    d. source / demand

    Question 5
    An assignment problem is a special form of transportation problem where all supply and demand values equal
    a. 0
    b. 1
    c. 2
    d. 3

    Question 6
    The transshipment model is an extension of the transportation model in which intermediate transshipment points are ______ between the sources and destinations.
    a. decreased
    b. deleted
    c. subtracted
    d. added

    Question 7
    Inventory costs include
    a. carrying
    b. ordering
    c. shortage costs
    d. all of the above

    Question 8
    In a(an) ____________ inventory system a constant amount is ordered when inventory declines to a predetermined level.
    a. optional
    b. economic
    c. periodic
    d. continuous

    Question 9
    EOQ is a(an) _________ inventory system.
    a. periodic
    b. continuous
    c. optimal
    d. economic

    Question 10
    As order size increases, total
    a. inventory costs will increase, reach a maximum and then quickly decrease.
    b. inventory cost will decrease, reach a minimum and then increase.
    c. ordering costs will initially increase while total carrying cost will continue to decrease
    d. carrying cost decreases while the total ordering cost increases

    Question 11
    If we roll 1 die the probability of any 1 of the 6 possible outcomes' occurring is 1/6. This is an example of a
    a. subjective probability
    b. classical probability
    c. conditional probability
    d. relative frequency probability

    Question 12
    A _________ probability is the probability that an event will occur given that another event has already occurred.
    a. subjective
    b. objective
    c. conditional
    d. binomial

    Question 13
    Farmer Green has a herd of cattle. Twenty percent of his herd are bulls. He has three different breeds of bulls--10 are Jerseys, 20 are Holsteins, and 20 are Guernseys. Given that you have selected a bull, what is the probability that the bull is also a Holstein?
    a. 0.02
    b. 0.20
    c. 0.40
    d. 0.80

    Question 14
    The events in an experiment are _________ if only one can occur at a time.
    a. mutually exclusive
    b. non-mutually exclusive
    c. mutually inclusive
    d. non-mutually inclusive

    Question 15
    Bayesian Analysis enables one to calculate posterior probabilities.
    a. True
    b. False

    Question 16
    A subjective probability reflects the feelings or opinions regarding the likelihood that an outcome will occur.
    a. True
    b. False

    Question 17
    The shipping company manager wants to determine the best routes for the trucks to take to reach their destinations. The problem can be solved using the
    a. shortest route solution technique
    b. minimum spanning tree solution method
    c. maximal flow solution method
    d. minimal flow solution method

    Question 18
    In the linear programming formulation of the shortest route problem, there is one constraint for each node indicating
    a. capacity on each path
    b. whatever comes into a node must also go out
    c. capacity on each arc
    d. a maximum capacity on a path

    Question 19
    The minimal spanning tree problem determines the ___________ total branch lengths connecting all nodes in the network
    a. selected
    b. maximum
    c. minimum
    d. divided

    Question 20
    The objective of the maximal flow solution approach is to _________ the total amount of flow from an origin to a destination
    a. minimize
    b. maximize
    c. discriminate
    d. divide

    Question 21
    Once a project is underway, the project manager is responsible for the
    a. people
    b. cost
    c. time
    d. all of the above

    Question 22
    If an activity cannot be delayed without affecting the entire project, it is a _______ activity
    a. completed
    b. critical
    c. conjugated
    d. none of the above

    Question 23
    A ____________ represents the beginning and end of activities, referred to as events.
    a. path
    b. arc
    c. branch
    d. node

    Question 24
    When an activity is completed at a node, it has been
    a. finished
    b. ended
    c. realized
    d. completed

    Question 25
    Project management differs from management for more traditional activities mainly because of
    a. its limited time frame
    b. its unique set of activities
    c. a and b
    d. none of the above

    Question 26
    The critical path is the ____________ time the network can be completed.
    a. maximum
    b. minimum
    c. longest
    d. shortest

    Question 27
    Attributes of decision-making techniques include all of the following except:
    a. payoffs
    b. constraints
    c. alternatives
    d. states of nature

    Question 28
    With the criterion ____________, the decision maker attempts to avoid regret.
    a. minimax regret
    b. equal likelihood
    c. Hurwicz
    d. maximin

    Question 29
    To lose the opportunity to make a defined profit by making the best decision is referred to as:
    a. equal likelihood criterion
    b. state
    c. payoff
    d. regret

    Question 30
    When is it most appropriate to use a decision tree?
    a. if the decision maker wishes to minimize opportunity loss
    b. if a decision situation requires a series of decisions
    c. if the decision maker must use perfect information
    d. if all states of nature are equally likely to occur

    Question 31
    The coefficient of optimism may be selected to being a value between:
    a. 0 and -1
    b. 0 and +1
    c. -1 and +1
    d. -6 and +6

    Question 32
    According to the _____, the defensive player will select the strategy that has the smallest of the maximum payoffs.
    a. maximax strategy
    b. minimin strategy
    c. maximin strategy
    d. minimax strategy

    Question 33
    The expected opportunity loss criterion will always result in the same decision as the expected value criterion.
    a. True
    b. False

    Question 34
    A cereal company that is planning on marketing a new low-cholesterol cereal should be concerned about the states of nature--that is the probability that people will stay interested in eating healthy foods.
    a. True
    b. False

    Question 35
    The length of a queue
    a. could be finite
    b. could be infinite
    c. can constantly change
    d. all of the above

    Question 36
    Items may be taken from a queue
    a. on a first-come-first-serve basis
    b. on a last-come-first-serve basis
    c. according to the due date of the item
    d. all of the above

    Question 37
    Which of the following items is not a part of the queuing system?
    a. arrival rate
    b. service facility
    c. waiting line
    d. activity flow

    Question 38
    In a single-server queuing model, the average number customers in the queuing system is calculated by dividing the arrival rate by:
    a. service rate
    b. service time
    c. service rate minus arrival rate
    d. service rate plus arrival rate

    Question 39
    The most important factors to consider in analyzing a queuing system are
    a. the service and arrival rate
    b. the nature of the calling population
    c. the queue discipline
    d. all of the above

    Question 40
    Queuing analysis is a deterministic technique.
    a. True
    b. False

    Question 41
    The operating characteristics of a queuing system provide information rather than an optimization of a queuing system.
    a. True
    b. False

    Question 42
    The applicability of forecasting methods depends on
    a. the time frame of the forecast
    b. the existence of patterns in the forecast
    c. the number of variables to which the forecast is related
    d. all of the above

    Question 43
    _________ is a gradual, long-term, up or down movement of demand.
    a. seasonal pattern
    b. cycle
    c. trend
    d. prediction

    Question 44
    ___________ is good for stable demand with no pronounced behavioral patterns.
    a. longer-period moving average
    b. shorter-period moving average
    c. moving average
    d. weighted moving average

    Question 45
    The Delphi method for acquiring informed judgments and opinions from knowledgeable individuals uses a series of questionnaires to develop a consensus forecast about what will occur in the future.
    a. True
    b. False

    Question 46
    ___________ methods assume that what has occurred in the past will continue to occur in the future.
    a. Time series
    b. Regression
    c. Quantitative
    d. Qualitative

    Question 47
    In exponential smoothing, the closer alpha is to ___________, the greater the reaction to the most recent demand.
    a. -1
    b. 0
    c. 1
    d. 5

    Question 48
    Time series methods tend to be most useful for short-range forecasting.
    a. True
    b. False

    Question 49
    An exponential smoothing forecast will react more strongly to immediate changes in the data than the moving average.
    a. True
    b. False

    Question 50
    Longer-period moving averages react more quickly to recent demand changes than do shorter-period moving averages.
    a. True
    b. False

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    Solution Preview

    Question 1

    In a balanced transportation model where supply equals demand,
    a. all constraints are equalities
    b. none of the constraints are equalities
    c. all constraints are inequalities
    d. none of the constraints are inequalities
    Answer: a. all constraints are equalities

    Question 2

    In a transportation problem, items are allocated from sources to destinations
    a. at a maximum cost
    b. at a minimum cost
    c. at a minimum profit
    d. at a minimum revenue
    Answer: b. at a minimum cost

    Question 3

    The assignment model is a special case of the ________ model.
    a. maximum-flow
    b. transportation
    c. shortest-route
    d. none of the above
    Answer: b. transportation

    Question 4

    The linear programming model for a transportation problem has constraints for supply at each ______ and _______ at each destination.
    a. destination / source
    b. source / destination
    c. demand / source
    d. source / demand
    Answer: d. source / demand

    Question 5

    An assignment problem is a special form of transportation problem where all supply and demand values equal
    a. 0
    b. 1
    c. 2
    d. 3
    Answer: b. 1

    Question 6

    The transshipment model is an extension of the transportation model in which intermediate transshipment points are ______ between the sources and destinations.
    a. decreased
    b. deleted
    c. subtracted
    d. added
    Answer: d. added

    Question 7

    Inventory costs include
    a. carrying
    b. ordering
    c. shortage costs
    d. all of the above
    Answer: d. all of the above

    Question 8

    In a(an) ____________ inventory system a constant amount is ordered when inventory declines to a predetermined level.
    a. optional
    b. economic
    c. periodic
    d. continuous
    Answer: b. economic

    Question 9

    EOQ is a(an) _________ inventory system.
    a. periodic
    b. continuous
    c. optimal
    d. economic
    Answer: d. economic

    Question 10

    As order size increases, total
    a. inventory costs will increase, reach a maximum and then quickly decrease.
    b. inventory cost will decrease, reach a minimum and then increase.
    c. ordering costs will initially increase while total carrying cost will continue to decrease
    d. carrying cost decreases while the total ordering cost increases
    Answer: b. inventory cost will decrease, reach a minimum and then increase.

    Question 11

    If we roll 1 die the probability of any 1 of the 6 possible outcomes' occurring is 1/6. This is an example of a
    a. subjective probability
    b. classical probability
    c. conditional probability
    d. relative frequency probability
    Answer: b. classical probability

    Question 12

    A _________ probability is the probability that an event will occur given that another event has already occurred.
    a. subjective
    b. objective
    c. ...

    Solution Summary

    Answers to 50 Multiple Choice Questions on Quantitative Methods

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