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Quantitative Tools for Decision Making Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. Hindsight bias, the overconfidence effect, and the misinformation effect are all types of what phenomenon?

Question 2 2. _____ are memories of events versus knowledge we have learned and memorized.

Question 3 3. Strategic decision making often includes running through possible scenarios, which is a form of what?

Question 4 4. What is the main purpose of the quantitative approach to decision-making?

Question 5 5. Which of the following is a quantitative decision-making method?

Page 2

Question 6 6. Simulation models are often used for _____.

Question 7 7. Which simulator is not a subcategory of a general simulator?

Question 8 8. A strong visual representation of a simulation can often be represented in the form of a _____.

Question 9 9. In project management, a simulation tool is designed to _____

Question 10 10. What is quantitative forecasting?

Page 3

Question 11 11. What is qualitative forecasting?

Question 12 12. Which of these is not a type of quantitative forecasting?

Question 13 13. A Monte Carlo Simulation can be used to:

Question 14 14. The Monte Carlo Simulation arose from a desire to:

Question 15 15. What can be expected at the end of a Monte Carlo Simulation?

Page 4

Question 16 16. Decision trees should have at least how many branches?

Question 17 17. What is true regarding decision trees?

Question 18 18. In which of the following situations would a decision tree be MOST appropriate?

Question 19 19. If we have an investment of $25,000, and will save $5,000 a year due to that investment, what is the payback time frame in years?

Question 20 20. Which of the following best defines payback analysis?

Page 5

Question 21 21. Why are simulations useful?

Question 22 22. What type of analysis assumes that a relationship exists between one or more variables and that a change in one variable will cause a change in the other variable?

Question 23 23. Which of the following methods involves asking experts their opinion about a product or service?

Question 24 24. Which of the following is NOT an example of a time series method?

Question 25 25. The concept of constructive memory holds that our memories may not be literal reproductions of events, but altered by what factor?

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Question 26 26. What are usually inserted as variables into an optimization model?

Question 27 27. Which is NOT one of the four phases of a simulation process?

Question 28 28. What is forecasting?

Question 29 29. In what scenario is application of the Monte Carlo Simulation most suitable?

Question 30 30. Which of the following best defines a decision tree?

Quantitative Tools for Decision Making Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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