TUTORIAL SHEET #1 - Models & Modeling -Sem 1 2010 11(2)

TUTORIAL SHEET #1 - Models & Modeling -Sem 1 2010...

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UNIVERSITY OF TECHNOLOGY, JAMAICA DECISION SCIENCE – SEMESTER 2 AY09/10 TUTORIAL SHEET #1 MODELS AND MODELING True-False 1. T F The more complicated the model, the more useful it generally is. 2. T F Models usually ignore much of the world. 3. T F Decision models produce numerical values for decision variables. 4. T F A decision model often captures interactions and trade-offs between certain variables or quantities of interest. 5. T F There is usually no single correct way to build a model of a management situation. 6. T F One advantage of the modeling process is that it often eliminates the need to be very familiar with the environment being studied. 7. T F In practice, models are sometimes built by teams of individuals drawn from different disciplines. 8. T F By definition, optimization models always provide the best decision for the real-world situation. 9. T F A model is a good substitute for a manager’s judgment and experience. 10. T F An important role of management can be the evaluation of a model (determining whether a model should be used and its results implemented). 11. T F Although spreadsheets make calculations easy, they have no real impact on decision making. 12. T F “What if” models are only useful for examining changes in the values of decision variables. 13.
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This note was uploaded on 02/26/2012 for the course ECON 101 taught by Professor Adam during the Three '11 term at University of Technology, Sydney.

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TUTORIAL SHEET #1 - Models & Modeling -Sem 1 2010...

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