Which of the Following Descriptions of Management Science Applications Is

question 31

Multiple Choice

Which of the following descriptions of management science applications is NOT accurate?

• A) Linear programming is used to help allocate service personnel or workstations to minimise customer waiting time and service cost.
• B) Network models break large tasks into smaller components to allow for better analysis, planning, and control of complex projects.
• C) Simulation makes models of problems so different solutions under various assumptions can be tested.
• D) Inventory modelling helps to establish how much to order and when to order.
• E) Mathematical forecasting helps make future projections that are useful for planning.

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Definitions:

Upsloping Supply

This describes a supply curve that slants upward from left to right, indicating that the quantity of goods supplied increases as the price rises.

Consumer Income

The total earnings of consumers, including salary, wages, and other income sources, influencing their purchasing power.

Production Costs

The total expenses incurred in the manufacture of products or services, including labor, materials, and overhead.

Equilibrium Price

The cost at which the amount of products available for sale matches the amount of products consumers want to buy.