economics data bank

| August 14, 2017

SHORT ANSWER

1. Should the problem solving process be applied
to all problems?

2. Explain the difference between quantitative
and qualitative analysis from the manager’s point of view.

3. Explain the relationship among model
development, model accuracy, and the ability to obtain a solution from a model.

4. What are three of the management science
techniques that practitioners use most frequently? How can the effectiveness of
these applications be increased?

5. What steps of the problem solving process are
involved in decision making?

6. Give three benefits of model development and
an example of each.

7. Explain the relationship between information
systems specialists and quantitative analysts in the solution of large
mathematical problems.

8. Discuss two developments that occurred during
the post-World War II period that led to the growth and use of quantitative
methods in nonmilitary applications.

.

9. Discuss at least three characteristics of a
problem that make it a good candidate for using a quantitative approach to
analyze it.

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