Introduction to Management Science 2023 Business & Finance

2023 101 EKA manufacturing company produces part 2206 for the aerospace industry The unit

101) EKA manufacturing company produces part #2206 for the aerospace industry. The unit production cost of part #2206 is $3. The fixed monthly cost of operating the production facility is $3000. Next month’s demand for part #2206 is 200 units. How much should the company charge for each unit of part #2206 to break even?

A) $12

B) $15

C) $18

D) $20

102) A bed-and-breakfast breaks even every month if they book 30 rooms over the course of a month. Their fixed cost is $6000 per month and the revenue they receive from each booked room is $180. What is their variable cost per occupied room?

A) $130

B) $140

C) $148

D) $160

103) Administrators at a university will charge students $150 to attend a seminar. It costs $3000 to reserve a room, hire an instructor, and bring in the equipment. Assume it costs $25 per student for the administrators to provide the course materials. How many students would have to register for the seminar for the university to break even?

A) 18

B) 20

C) 24

D) 30

104) A university is planning a seminar. It costs $3000 to reserve a room, hire an instructor, and bring in the equipment. Assume it costs $25 per student for the administrators to provide the course materials. If we know that 20 people will attend, what price should be charged per person to break even?

A) $120

B) $150

C) $175

D) $200

105) It costs $50,000 to start a production process. Variable cost is $25 per unit and revenue is $45 per unit. What is the break-even point?

A) 1000 units

B) 1111 units

C) 2000 units

D) 2500 units

106) Which of the following statements is ** false**?

A) Decision models selectively describe the managerial situation.

B) Decision models consider all factors from the real world.

C) Decision models designate performance measures that reflect objectives.

D) Decision models designate decision variables.

107) Decision support systems and sensitivity analysis are useful management science tools for answering the question:

A) by when?

B) who else?

C) how much?

D) what if?

108) A difficult aspect of using spreadsheets to solve management science problems is

A) obtaining the solution to standard management science problems.

B) data entry.

C) performing sensitivity analysis.

D) setting up a spreadsheet with complex models and formulas.

109) A technique that assumes certainty in its solution is referred to as

A) stochastic.

B) probabilistic.

C) deterministic.

D) parametric.

110) Classification of management science techniques ** does not **recognize

A) linear mathematical programming.

B) probabilistic techniques.

C) network techniques.

D) computer programming.

111) Linear mathematical programming techniques assume that all parameters in the models are

A) known with certainty.

B) unknown.

C) predictable.

D) unpredictable.

112) Decision analysis is a ________ technique.

A) linear mathematical programming

B) probabilistic

C) network

D) non-linear programming technique

113) Which one of the following techniques is ** not **a mathematical programming technique?

A) linear programming models

B) transportation models

C) analytical hierarchy process

D) integer linear programming technique

114) Which one of the following management science methods is ** not **a probabilistic technique?

A) assignment models

B) decision analysis

C) queuing analysis

D) statistical analysis

115) A baker uses organic flour from a local farmer in all of his baked goods. For each batch of bread (*x*1), he uses 4 pounds of flour. For a batch of cookies (*x*2), he uses 3 pounds, and for a batch of muffins (*x*3) he uses 2 pounds. The local farmer can supply him with no more than 24 pounds per week. The constraint that represents this condition is:

A) *x*1 ≤ 8, *x*2 ≤ 8, *x*3 ≤ 8

B) *x*1 + *x*2 + *x*3 ≥ 24

C) *x*1 +* x*2 + *x*3 ≤ 24

D) 4*x*1 + 3*x*2 + 2*x*3 ≤ 24

116) An objective function

A) shows where the break-even point is.

B) describes how much of a resource can be used.

C) can represent costs or profits.

D) describes something to be maximized.

117) Larry’s Fish Market buys salmon (S) for $5 per pound and a local whitefish (W) for $3.50 per pound. Larry wants to minimize his cost, but he cannot spend more than $160. The objective function that minimizes these costs for Larry is:

A) 5S + 3.5W ≤ 160

B) Min 5S + 3.5 W

C) Max 5S + 3.5 W

D) Min 5S + 3.5W ≥ 160

118) It’s time to buy pet food again and Lisa heads to the grocery store with $40 in her purse, leaving her seven hungry cats and four hungry dogs at home. Dog food costs $1 per can and cat food costs $0.50 per can. Dogs eat two full cans of food each day but cats eat only one can. Lisa would like to buy enough food to last through her three-day weekend. What is an appropriate objective function for this scenario?

A) Min Z = 1D + 0.5C

B) Min Z = 2D + 1C

C) Min Z = D + C ≤ 40

D) Min Z = D + C ≥ 3

119) It’s time to buy pet food again and Lisa heads to the grocery store with $40 in her purse, leaving her seven hungry cats and four hungry dogs at home. Dog food costs $1 per can and cat food costs $0.50 per can. Dogs eat two full cans of food each day but cats eat only one can. Lisa would like to buy enough food to last through her three-day weekend. What is one appropriate constraint for this scenario?

A) 7C + 4D ≥ 3

B) 1C + 2D ≤ 40

C) .5C + 1D ≤ 40

D) 7C + 4D ≥ 1.5

120) Marriott used which of the following management science techniques to help improve profit by $120 million over two years?

A) optimization, decision analysis, and forecasting

B) forecasting, queuing theory, and inventory analysis

C) queuing theory, optimization, and inventory analysis

D) forecasting, simulation, and optimization

121) Which of these decision support systems is the most comprehensive with respect to an entire organization?

A) an Excel spreadsheet

B) an ERP

C) QM for Windows

D) OLAP

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