Module 1: Introduction to Models Quiz Quiz, 10 questions Question 1 1. Question 1 1 point Which of the following features is typically NOT associated with a quantitative model for a business process? Mathematical equations A formal description of a business process A 100?curate representation of the business process Assumptions Question 2 2. Question 2 1 point For which activity(ies) might you use a quantitative model? • (i) Forecasting • (ii) Targeting • (iii) Optimization (i) (i), (ii), and (iii) Schlumberger-Private (ii) and (iii) Schlumberger-Private (i) and (ii) Question 3 3. Question 3 1 point Which of the following activities is typically NOT a part of the modeling process? Model formulation Sensitivity analysis Validation Creating a model, so that the output always agrees with our prior expectations Question 4 4. Question 4 1 point If a model gives a different output even when the inputs are the same, then what sort of model must it be? Deterministic Probabilistic Dynamic Discrete Question 5 1 point Schlumberger-Private 5. Question 5 From a modeling perspective, what is the key difference between a digital and an analog thermometer? The digital thermometer provides a discrete reading of the temperate, whereas the analog provides a continuous one The digital thermometer provides a continuous reading of temperature, whereas the analog provides a discrete one The digital thermometer always provides a more accurate reading of the temperature There is no difference, because they will always provide identical readings of temperature Question 6 6. Question 6 1 point In the model y=3 e^(0.02 t) , where t is measured in months and y measures the number of customers in thousands, what is the best interpretation of the coefficient 0.02? The monthly customer growth rate is approximately 2% Two-thousand extra customers are added every month The annual customer growth rate is approximately 2% For every 1% increase in months there will be a 2% increase in customers Question 7 7. Question 7