Operations Research Basics
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Questions and Answers

What is a key consideration when defining a problem according to the OR/QA/MS/DS Approach?

  • Relying solely on quantitative factors for problem definition.
  • Developing a vague statement to keep flexibility.
  • Focusing on as many problems as possible simultaneously.
  • Identifying the true causes beyond just symptoms. (correct)

    • Which of the following is NOT a common technique for developing a solution in quantitative analysis?

  • Guessing randomly. (correct)
  • Trial and error.
  • Solving equations.
  • Complete enumeration.

    • What is the purpose of sensitivity analysis in quantitative analysis?

  • To determine how much results will change based on model or input data changes. (correct)
  • To ensure the results are always accurate.
  • To completely change the direction of the analysis.
  • To confuse analysts by introducing irrelevant data.

    • Why is it important that input data for quantitative analysis models follow the GIGO rule?

    <p>To avoid garbage in, garbage out situations.</p> Signup and view all the answers

    What type of models are realistic, solvable, and understandable mathematical representations of a situation in quantitative analysis?

    <p>Quantitative Analysis Models</p> Signup and view all the answers

    What may be necessary during the step of developing a clear problem statement in the OR/QA/MS/DS Approach?

    <p>Concentrating on only a few of the problems.</p> Signup and view all the answers

    What type of models characterize or estimate system performance?

    <p>Stochastic Models</p> Signup and view all the answers

    Which modeling approach assumes all data are known with certainty?

    <p>Deterministic Models</p> Signup and view all the answers

    In the equation 'Asset - Liabilities = Capital', what does 'Capital' represent?

    <p>Owner's Equity + Income - Expenses</p> Signup and view all the answers

    Which area of study involves waiting lines and system optimization?

    <p>Queuing Theory</p> Signup and view all the answers

    What type of models explicitly represent uncertain data using random variables?

    <p>Continuous-Time Markov Chains</p> Signup and view all the answers

    What are the primary application areas of Operations Research?

    <p>Forecasting, production scheduling, inventory control, capital budgeting, and transportation</p> Signup and view all the answers

    What does Operations Research aim to provide in decision-making?

    <p>Rational bases for decision making</p> Signup and view all the answers

    Which of the following best describes the process of Operations Research?

    <p>A quantitative approach to decision making based on the scientific method</p> Signup and view all the answers

    What are the main components of Operations Research according to the text?

    <p>Mathematical modeling, solution techniques, communication of results</p> Signup and view all the answers

    How do OR professionals predict system behavior and improve system performance?

    <p>By using analytical and numerical techniques</p> Signup and view all the answers

    What is the key characteristic of the scientific method in Operations Research?

    <p>Observation and testing</p> Signup and view all the answers

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