Intro to Operations Research

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Which characteristic distinguishes the operations research approach to managerial decision-making?

Reliance on qualitative assessments and subjective judgments.
Prioritization of intuitive decision-making over data-driven analysis.
Exclusive focus on short-term, tactical decisions.
Use of mathematical models and quantitative analysis. (correct)

In what scenario is the application of Operations Research (OR) most beneficial?

When there is a need to reconcile quantifiable factors with qualitative measures. (correct)
When decisions are based purely on gut feeling without quantifiable data.
When uncertainties are minimal and outcomes are easily predictable.
When problems involve straightforward choices without complex interactions.

What is the primary role of an OR analyst in addressing real-world problems?

To only focus on data collection without interpreting results.
To directly implement solutions without prior analysis.
To create theoretical frameworks that are not tested with real-world data.
To translate problems into models, provide insights and suggest applicable solutions. (correct)

Considering the OR process, which of the following represents the correct sequence of steps?

Real World -> Abstraction -> OR MODELS -> Results and Recommendation (C) Signup and view all the answers

In what capacity can Operations Research be applied to the public sector or non-profit organizations?

Across diverse areas such as agriculture, water resources, transportation and health. (D) Signup and view all the answers

What is the primary objective of Operations Research (OR) as it was initially applied during World War II?

To determine the most effective utilization of limited military resources. (C) Signup and view all the answers

Which statement accurately describes the relationship between Operations Research (OR) and management science?

OR and management science are often used interchangeably, with management science emphasizing managerial decision-making. (B) Signup and view all the answers

How does Operations Research (OR) primarily aid decision-makers in organizations?

By offering a systematic and logical approach to decision-making. (D) Signup and view all the answers

What was a key outcome that led to the broader adoption of Operations Research (OR) beyond military applications?

The success of military OR teams during World War II. (A) Signup and view all the answers

What is the significance of the Simplex Method, developed by George B. Dantzig, in the field of Operations Research?

It was the first widely accepted mathematical technique in Linear Programming. (A) Signup and view all the answers

In what way does Operations Research (OR) contribute to communication within an organization?

By fostering consultation among experts from various fields. (C) Signup and view all the answers

A company is trying to decide on the optimal inventory level for a product with uncertain demand. How can Operations Research (OR) assist in this scenario?

By enabling the evaluation of situations involving uncertainty to determine the best course of action. (A) Signup and view all the answers

An organization wants to determine the appropriate amount of resources to allocate to different projects, but resources are limited. Which aspect of Operations Research makes it suitable for this situation?

Its primary focus on the allocation of scarce resources. (C) Signup and view all the answers

Which of the following is NOT typically considered a limitation of Operations Research (OR)?

OR studies always require extensive data collection, making smaller problems unsuitable. (C) Signup and view all the answers

What is the primary purpose of establishing control over the solution in an Operations Research (OR) study?

To monitor and adjust the solution as conditions within the system change. (A) Signup and view all the answers

In the context of mathematical models, what do parameters primarily represent?

Controlled variables representing fixed values within the system. (D) Signup and view all the answers

What role do structural constraints play in a mathematical model?

They represent limitations on the decision variables, reflecting the system's physical or logical boundaries. (A) Signup and view all the answers

Which type of model is considered the LEAST abstract representation of a system?

Iconic models (B) Signup and view all the answers

What is a key advantage of using models to experiment with different alternatives in Operations Research?

Models eliminate the costs associated with errors during experimentation. (B) Signup and view all the answers

Consider the following mathematical model:

Maximize: $Z = 3x + 5y$ Subject to: $2x + y \leq 8$ $x + 2y \leq 10$ $x, y \geq 0$

What does the equation $Z = 3x + 5y$ represent?

The objective function. (B) Signup and view all the answers

Which phase of an OR study involves converting the formulated problem into mathematical relationships?

Construction of the Mathematical Model (A) Signup and view all the answers

Operations Research (OR)

The application of scientific methods to optimize system operations.

OR Study

Using math to study and develop techniques for decision-making.