"With the Computing Power Available Today, I'm Surprised That the Quantitative

question 29

Multiple Choice

"With the computing power available today, I'm surprised that the quantitative management approach is not widely used to make management decisions and solve management problems," said Guy. "I believe that there are several explanations for the limited use of quantitative management. For example, ________," replied his manager.

• A) all managers have been trained to use quantitative management
• B) many of the decisions managers face are nonroutine and unpredictable
• C) all management decisions can be expressed with mathematical symbols and formulas
• D) managers will use results obtained by quantitative management even if the results are not consistent with the managers' experience, intuition, and judgment
• E) quantitative management is never used in production or quality control

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Definitions:

Circular-Flow Diagram

An economic diagram that maps out the journey of money as it passes through markets, involving both households and businesses.

Household

An economic unit consisting of all the individuals who live together in one housing arrangement.

Market

A venue or mechanism through which buyers and sellers interact to trade goods, services, or securities.

Business

An economic system where goods and services are exchanged for one another or for money, on the basis of their perceived value.