6) A measurable quantity that is suhject to schange is known an akm A) problem p
ID: 381000 • Letter: 6
Question
6) A measurable quantity that is suhject to schange is known an akm A) problem parameter 11) variable C) model D) assumption E) factor 7) Which of the following is NOT part of the "what-if" section in Analysis tab in Exot? A) Solver B) Data Table C) Scenario Manager D) Goal Seek E) None of the above 5) Dctermining how much the solution will change if there are changes in the input das of referred to as the model is A) Pricing out a new variable B) Sensitivity analysis C) Reduced cost D) Shadow price E) Allowable range 9) When are we the most likely to overplace our performance relative to others? A) When we are in a good mood. B) When we are trying to impress others. C) When we are working on an easy task. D) None of the above. 10) In dealing with business models, managers should only consider quantitative data while making decisions in practice (True False). 11) Consider the following linear programming model: Min 2X1 +3X2 +X3 Subject to: XI + 2X2 s7 X1. X2. X320 What is the optimal solution for this problem? A)X1-2, X2 .. 3, X3 = 1 c) x1 = 3, x2 = 1,X3=0 12) The main disadvantage of system 2 thinking is its high resource consumption.Explanation / Answer
Q6)A measurable quantity that is subject to change is known as a variable - Option b
Q7) Three kinds of tool come with What-if analysis: Scenarios, Goal seek and Tables.
Therefore the answer is Solver - Option a
Q8) Option b - Sensitivity Analysis
Under senstivity analysis, input values to variables are changed and then how these impact the output are analysed.
Q9) Option c - When we are working on an easy task
When we are working on a easy task relative to others, we outperform relative to others
Q10) In dealing with business models, manager should consider both qualitative and quantitative inputs. All inputs can't be quantified.
Therefore, the statement in the question is FALSE
Q11) Option D
The minimum possible value is 0 and it is when X1=0 ; X2=0 and X3=0 and also the solution satisfies both the constraints.
12) System 2 thinking is used for complex decisions , is a slow process, effortful and uses high amount of resources.
Therefore the statement in the question is correct
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